云汉芯城（上海）互联网科技股份有限公司（以下简称"云汉芯城"、"发行人"或"公司"）首次公开发行 1,627.9025万股人民币普通股（A股）并在创业板上市（以下简称"本次发行"）的申请已经深圳证券交 易所（以下简称"深交所"）上市审核委员会审议通过，并已经中国证券监督管理委员会（以下简称"中 国证监会"）同意注册（证监许可〔2025〕1615号）。 经发行人与保荐人（主承销商）国金证券股份有限公司（以下简称"国金证券"或"保荐人（主承销 商）"）协商确定，本次发行数量为1,627.9025万股，占本次发行后公司股份总数的比例为25.00%，全 部为公开发行新股，发行人股东不进行老股转让。本次发行的股票拟在深交所创业板上市。 本次发行价格27.00元/股对应的发行人2024年扣除非经常性损益前后孰低的归属于母公司股东的净利润 对应的摊薄后市盈率为20.91倍，低于中证指数有限公司2025年9月15日（T-4日）发布的"F51 批发业"最 近一个月平均静态市盈率25.98倍；低于可比上市公司2024年扣除非经常性损益前后孰低的归属于母公 司股东的净利润对应的的平均静态市盈率（剔除极端值后）61.54倍，但仍存在 ...

Core Viewpoint - Yunhan Chip City (Shanghai) Internet Technology Co., Ltd. has received approval for its initial public offering (IPO) of 16.279025 million shares on the ChiNext board, with the issuance price set at 27.00 yuan per share, resulting in a diluted price-to-earnings (P/E) ratio of 20.91 times for 2024, which is lower than the industry average [1][2][7]. Group 1: IPO Details - The IPO will consist of 16.279025 million shares, accounting for 25.00% of the total shares post-issuance, with all shares being newly issued and no existing shares being sold [1]. - The final issuance price of 27.00 yuan per share corresponds to a diluted P/E ratio of 20.91 times, which is below the recent average static P/E ratio of 25.98 times for the wholesale industry [2][7]. - The issuance will be conducted through a combination of strategic placement, offline inquiry, and online issuance to public investors [2][3]. Group 2: Strategic Placement and Pricing - The strategic placement will involve the company's senior management and core employees, with the final strategic placement quantity being 1.559259 million shares, approximately 9.58% of the total issuance [6]. - The initial strategic placement was set at 2.441853 million shares, but the final amount was adjusted, with the difference being allocated to offline issuance [6]. - The pricing process considered various factors, including remaining bids, subscription amounts, effective subscription multiples, industry conditions, and fundraising needs [4][5]. Group 3: Competitive Advantages - The company possesses significant advantages in big data resources and application capabilities, having accumulated extensive data since its online marketplace launch in 2011, including 44.489 million SPU product data and 9.30231 million parameter replacement relationships [8][9]. - The company has developed a leading business middle platform information system to enhance operational efficiency and support rapid business growth [9]. - The internet service capabilities are strong, with a search matching rate of around 90% from 2022 to 2024, providing a seamless procurement experience for users [9].