casinofreespinsonregistration| Soochow Securities sponsors Zhongyu Technology's IPO project quality rating B-level underwriting recommendation commission rate is high

Special topic: practice quality rating of securities firm IPO project

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(1) basic information of the company

Full name: Zhongyu hose Technology Co., Ltd.

Abbreviation: Zhongyu Science and Technology

Code: 871694Casinofreespinsonregistration.BJ

Date of declaration of IPO: August 26th, 2022

Listing date: April 24, 2023

Listed sector: Beijing Stock Exchange

Industry: rubber and plastic products industry (CSRC Industry 2012 version)

IPO sponsor: Soochow Securities

Sponsor representative: Li Kai, Xu Yan

IPO underwriter: Soochow Securities Co., Ltd.

Lawyer IPO: Shanghai Kone Law firm

IPO auditor: Zhongxinghua Accounting firm (Special General Partnership)

(2) Evaluation of practice

(1) letter cloak

The issuer does not disclose the relevant information of third-party payback in the prospectus; it is required to fully disclose the risk of inventory price decline; it is required to provide additional disclosure of the litigation risk of the company's products; raw material suppliers change greatly and the disclosure of outsourcing processing is insufficient; it is required to supplement the situation of the top ten suppliers in each period according to the main types of raw materials.

(2) Supervision and punishment: no deduction of points

(3) Supervision by public opinion: no deduction of points

(4) listing cycle

The average time from declaration to listing of listed A-share companies in 2023 is 487.83 days, and the listing cycle of Zhongyu Science and Technology is 241 days, which is lower than the overall average.

(5) whether to declare multiple times: no, no points deduction

(6) issuing expenses and issuing expenses rate

The underwriting and recommendation fee of Zhongyu Technology is 22.5344 million yuan, and the commission rate of underwriting recommendation is 7.58%, which is higher than the overall average of 6.35% and the average commission rate of IPO underwriting project of Soochow Securities in 2023.

(7) performance on first day of listing

On the first day of listing, the share price does not rise or fall compared with the issue price.

(8) three months' performance on the market

Three months after listing, the share price increased by 22.63% compared with the offering price.

(9) IPO price-to-earnings ratio

Zhongyu Technology's IPO price-to-earnings ratio is 14.49 times, the industry average is 22.30 times, the company is lower than the industry average of 35.02%.

(10) actual proportion of funds raised

It is expected to raise 356 million yuan, but the actual fund-raising is 297 million yuan, and the actual fund-raising amount has shrunk by 16.58%.

(11) short-term performance after listing

In 2023, the company's operating income increased by 9.93% over the previous year, net profit increased by 37.21%, and non-return net profit increased by 36.41% over the same period last year.

(3) Total score

The total score of Zhongyu Science and Technology IPO project is 85.5 points, classified as B grade. The negative factors affecting Zhongyu's science and technology score are: the quality of the company's letter coat needs to be improved, the rate of issuing expenses is high, and the actual amount of fund-raising has shrunk. This shows that although the company's performance is good in the short term, the quality of the letter coat needs to be improved, and investors are advised to pay attention to the authenticity behind its performance.