Core Viewpoint - Shanghai Yousheng Aluminum Industry Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board of the Shanghai Stock Exchange [1] Group 1: IPO Details - The total number of shares to be issued is 48,267,111 shares, all of which are new shares for public offering [1] - The IPO will be conducted through a combination of strategic placement, offline inquiry, and online issuance [1][2] - The issuance price has been set at RMB 46.36 per share, which corresponds to a price-to-earnings (P/E) ratio of 16.57 times based on the 2024 earnings before non-recurring gains and losses [4][5] Group 2: Pricing and Valuation - The determined issuance price is lower than the median and weighted average of the remaining quotes after excluding the highest bids from offline investors [5] - The average static P/E ratio for the automotive manufacturing industry, to which the company belongs, is 29.08 times as of September 9, 2025 [5][6] - The expected total fundraising amount is RMB 223,766,330, which is below the company's stated fundraising requirement of RMB 247,085,450 [7][8] Group 3: Subscription and Allocation - The offline subscription period is from 9:30 AM to 3:00 PM, while the online subscription period is from 9:30 AM to 11:30 AM and 1:00 PM to 3:00 PM on September 12, 2025 [4] - Investors participating in the offline subscription must commit to a lock-up period of 6 months for 10% of their allocated shares, while 90% will be tradable immediately upon listing [8][9] - The number of effective bids from offline investors reached 470, with a total proposed subscription amount of 76,012,900,000 shares, indicating a subscription multiple of 3,280.85 times the initial offline issuance scale [6][8]

Core Viewpoint - Tongyu New Materials (Guangdong) Co., Ltd. is set to issue an initial public offering (IPO) of 10 million shares at a price of 84.00 yuan per share, with a diluted price-to-earnings (P/E) ratio of 23.94 times based on the 2024 net profit, which is lower than the industry average P/E ratio of 38.62 times as of June 26, 2025 [1][9][10]. Company Overview - Tongyu New Materials operates in the "C39 Computer, Communication and Other Electronic Equipment Manufacturing" industry, focusing on the research, production, and sales of electronic resins, primarily used in copper-clad laminate production [1][8][9]. - The company's product range includes MDI modified epoxy resins, DOPO modified epoxy resins, high-bromine epoxy resins, BPA phenolic epoxy resins, and phosphorus phenolic resin curing agents, which are essential components in modern electronic products [8][9]. Financial Metrics - The IPO price of 84.00 yuan per share corresponds to a diluted static P/E ratio of 23.94 times based on the lower of the non-recurring profit for 2024, which is significantly lower than the recent industry average static P/E ratio of 38.62 times [9][10][15]. - The rolling P/E ratio for the first four quarters (April 2024 to March 2025) is calculated at 24.00 times, also below the industry average rolling P/E ratio of 36.03 times [10][15]. Market Context - The average static P/E ratio for the C39 industry as of June 26, 2025, is 38.62 times, while the average rolling P/E ratio is 36.03 times, indicating that Tongyu's pricing is positioned favorably within the market context [9][10][15]. - The company has been compared with peers such as Dongcai Technology, Hongchang Electronics, and Shengquan Group, which have similar product lines and applications in the copper-clad laminate sector [11][12][13]. IPO Details - The IPO will be conducted through an online direct pricing method, with no lock-up arrangements for the shares, and is scheduled for July 1, 2025 [2][3]. - The total expected fundraising amount is 840 million yuan, with a net amount of approximately 760 million yuan after deducting estimated issuance costs [16][17].