freetoplayandearncryptogames| Changjiang Securities sponsored Wuhan Landian IPO project quality rating B, actual fundraising amount shrank by 11.30% and the quality of information disclosure needs to be improved
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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: Wuhan Landian Electronic Co., Ltd.
Abbreviation: Wuhan Landian
Code: 830779Freetoplayandearncryptogames.BJ
IPO declaration date: September 26th, 2022
Listing date: June 1, 2023
Listed sector: Beijing Stock Exchange
Industry: instrument Manufacturing Industry (CSRC Industry 2012 version)
IPO sponsor: Changjiang Securities
Sponsor representative: fan Daojie, Wu Lihua
IPO underwriter: Cheung Kong Securities underwriting recommendation Co., Ltd.
Lawyer IPO: Beijing Dacheng Law firm
IPO auditor: Tianjian Accounting firm (Special General Partnership)
(2) Evaluation of practice
(1) letter cloak
The issuer is required to correct the mistakes in the presentation of cash dividends in the financial statements of the parent company from January to June 2022; the issuer is required to carefully review the prospectus and other application documents, especially the "management discussion and analysis" section, and adjust the language to fluency, clear and accurate disclosure of financial and non-financial information The issuer is required to specify the amount of sales to customers during the reporting period, the specific content and the proportion of the issuer's income, and check whether the relevant information disclosure is accurate to avoid exaggeration; according to the application documents andFreetoplayandearncryptogamesAccording to his information, the income recognition policy disclosed in the issuer's prospectus is inconsistent with the actual situation.
(2) Supervision and punishment: no deduction of points
(3) Supervision by public opinion: no deduction of points
(4) listing cycle
The average number of days from declaration to listing of listed A-share enterprises in 2023 is 487.FreetoplayandearncryptogamesIn 83 days, the listing cycle of Wuhan Blue Power is 248 days, which is lower than the overall average.
(5) whether or not to declare multiple times
It belongs to multiple declarations.
(6) issuing expenses and issuing expenses rate
The underwriting and recommendation fee of Wuhan Blue Power is 17.0503 million yuan, and the commission rate of underwriting recommendation is 5.99%, which is lower than the overall average of 6.35%, and the average commission rate of IPO underwriting project of Changjiang Securities in 2023 is 6.78%.
(7) performance on first day of listing
On the first day of listing, the share price increased by 3.61% compared with the offering price.
(8) three months' performance on the market
Three months after listing, the share price is 3.98% lower than the offering price.
(9) IPO price-to-earnings ratio
Wuhan Blue Power's IPO price-to-earnings ratio is 23.45 times, the industry average is 37.64 times, and the company is below the industry average of 37.70%.
(10) actual proportion of funds raised
It is estimated that 321 million yuan will be raised, but 285 million yuan will be actually raised, and the actual amount of capital raised will be reduced by 11.30%.
(11) short-term performance after listing
In 2023, the company's operating income increased by 22.23% over the previous year, net profit increased by 40.67% over the previous year, and non-return net profit increased by 34.13% over the same period last year.
(3) Total score
The total score of Wuhan Blue Power IPO project is 82 points, classified as B grade. The negative factors affecting Wuhan Blue Power's score are that the quality of the company's letter coat needs to be improved, the stock price of the company has dropped compared with the issue price three months after listing, which belongs to multiple declarations, 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.
