(I) Company Overview Full Name: Guangzhou Huantou Yongxing Group Co., Ltd. Abbreviated Name: Grandtop Yongxing Group Co.,Ltd. Stock Code: 601033.SH IPO Application Date: September 30, 2022 Listing Date: January 18, 2024 Listing Board: Shanghai Stock Exchange Main Board Industry: Ecological Protection and Environmental Management IPO Sponsor: CITIC Securities Sponsor Representatives: Cheng Xin, Huang Yibin IPO Underwriters: Guotai Junan Securities, CITIC Securities IPO Legal Counsel: Zhonglun Law Firm (Beijing) IPO Auditor: Dahua Certified Public Accountants (Special General Partnership)
(II) Professional Evaluation Details
(1) Information Disclosure: Required to disclose relevant regulations regarding grid-connected electricity prices for waste incineration power generation projects in the "National Development and Reform Commission Notice on Improving Waste Incineration Power Generation Pricing Policy" under the sales price fluctuation section; Required to ensure accuracy and completeness of peer competition disclosures; Required to clarify whether contract renewal issues constitute obstacles to issuance and listing; Required to provide additional explanation on whether the basis for Bosco's lack of plans to engage in domestic waste incineration business is sufficient.
(2) Regulatory Penalties: No deductions
(3) Public Supervision: No deductions
(4) Listing Timeline: No deductions The average number of days from application to listing for A-share companies listed in 2024 was 629.45 days. Grandtop Yongxing Group's listing cycle was 475 days, below the overall average.
(5) Multiple Applications: Not applicable, no deductions
(6) Issuance Costs and Fee Rate Grandtop Yongxing Group's underwriting and sponsorship fees totaled 84.66 million yuan, with an underwriting and sponsorship commission rate of 3.48%, below the overall average of 7.71%.
(7) First-Day Trading Performance The stock price rose 37.10% above the issue price on the first trading day.
(8) Three-Month Performance The stock price declined 2.84% below the issue price after three months of trading.
(9) Issuance P/E Ratio Grandtop Yongxing Group's issuance P/E ratio was 21.76 times, with the industry average at 18.04 times. The company's ratio represents 120.62% of the industry average.
(10) Actual Fundraising Ratio Expected fundraising of 4.599 billion yuan, actual fundraising of 2.430 billion yuan, representing a 47.16% reduction in actual fundraising amount.
(11) Short-term Post-listing Performance In 2024, the company's operating revenue increased 6.45% year-over-year compared to the previous year, net profit attributable to parent company increased 11.67% year-over-year, and adjusted net profit attributable to parent company increased 15.57% year-over-year.
(12) Subscription Abandonment Rate and Underwriting Rate Subscription abandonment rate: 0.47%
(III) Overall Scoring Grandtop Yongxing Group's IPO project received a total score of 89.5 points, classified as Grade B. Negative factors affecting the company's rating include: information disclosure quality needs improvement, stock price declined below issue price after three months of trading, actual fundraising amount significantly reduced, and subscription abandonment rate of 0.47%. This comprehensively indicates that while the company demonstrates good short-term profitability, information disclosure quality requires improvement, and investors are advised to pay attention to the authenticity behind its performance metrics.
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