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Special topic: practice quality rating of securities firm IPO project

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(1) basic information of the company

Full name: Changzhou Xun'an Technology Co., Ltd.

Abbreviation: Xunan Technology

Code: 834950Scratchgithub.BJ

Date of IPO declaration: June 28th, 2022

Listing date: January 11, 2023

Listed sector: Beijing Stock Exchange

Industry: computer, communications and other electronic equipment manufacturing (CSRC Industry 2012 version)

IPO sponsor: Everbright Securities (rights protection)

Sponsor representative: Liu Ying, Wang Xuefei

IPO underwriter: Everbright Securities Co., Ltd.

Lawyer IPO: Beijing Dacheng Law firm

IPO auditor: Lixin Accountants (Special General Partnership)

(2) Evaluation of practice

(1) letter cloak

Issuers are required to disclose the independent R & D and production of core components.ScratchgithubThe disclosure of customer rebates is insufficient; the basic information of the top five customers and suppliers is required to be disclosed; the issuer is required to explain whether there is any difference between the disclosure of information and Terma's information; the issuer is required to explain the rationality of selecting welding equipment products as comparable companies in the same industry.

(2) Supervision and punishment: no deduction of points

During the reporting period, the issuer and its subsidiaries were subject to a total of 1 administrative penalty.

(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 Xunan Technology is 197days, 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 Xunan Technology is 11.2 million yuan, and the commission rate of underwriting recommendation is 7.94%, which is higher than the overall average of 6.35%, which is higher than the average commission rate of IPO underwriting project of Everbright 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 is 14.54% lower than the offering price.

(9) IPO price-to-earnings ratio

Xunan Technology's IPO price-to-earnings ratio is 11.29 times, the industry average is 26.94 times, the company is lower than the industry average of 58.09%.

(10) actual proportion of funds raised

It is estimated that 292 million yuan will be raised, but 141 million yuan will be actually raised, and the actual amount of capital raised has shrunk by 51.76%.

(11) short-term performance after listing

In 2023, the company's operating income increased by 16.69% over the previous year, net profit increased by 35.99% over the previous year, and non-return net profit increased by 29.47% over the previous year.

(3) Total score

The total score of Xun'an Science and Technology IPO project is 79.5 points, classified as C level. The negative factors affecting the score of Xun'an Technology are: the quality of the company's letter and clothing needs to be improved, the issue expense rate is higher, the stock price is lower than the issue price three months after listing, and the actual amount of capital raised 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.