(I) Company Basic Information Full Name: Shanghai Longcheer Technology Co., Ltd. Abbreviated Name: Shanghai Longcheer Technology Co.,Ltd. Stock Code: 603341.SH IPO Application Date: January 6, 2023 Listing Date: March 1, 2024 Listing Board: Shanghai Stock Exchange Main Board Industry: Computer, Communications and Other Electronic Equipment Manufacturing IPO Sponsor: Huatai United Securities Sponsor Representatives: Zhang Xin, Liu Jun IPO Underwriters: Huatai United Securities, Guotai Junan Securities IPO Legal Counsel: Beijing DeHeng Law Offices IPO Auditing Firm: RSM China Certified Public Accountants (Special General Partnership)
(II) Performance Evaluation (1) Information Disclosure: Required to explain whether litigation constitutes substantial obstacles to the issuer's IPO listing and whether the issuer meets issuance conditions; required to explain the establishment of shareholding platforms and whether the issuer's information disclosure complies with relevant requirements; required to explain whether all related party relationships and transactions have been completely and accurately disclosed in accordance with relevant regulations; required to explain whether relevant information disclosure documents comply with the "Content and Format Guidelines for Information Disclosure by Companies Issuing Securities to the Public No. 57 - Prospectus" and related regulatory requirements; required to explain whether various circumstances constitute major violations and legal obstacles to this issuance; required to explain the specific reasons for the termination of the previous two applications and whether there are issues that do not meet issuance conditions.
(2) Regulatory Penalties: No points deducted (3) Public Supervision: No points deducted (4) Listing Timeline: No points deducted The average number of days from application to listing for A-share companies listed in 2024 was 629.45 days. Shanghai Longcheer Technology Co.,Ltd.'s listing cycle was 420 days, below the overall average.
(5) Multiple Applications: Yes, points deducted. (6) Issuance Costs and Issuance Cost Rate Shanghai Longcheer Technology Co.,Ltd.'s underwriting and sponsorship fees were 83.8302 million yuan, with an underwriting and sponsorship commission rate of 5.37%, lower than the overall average of 7.71%.
(7) First Trading Day Performance The stock price rose 99.69% above the issue price on the first trading day.
(8) Three-Month Post-Listing Performance The stock price rose 68.23% above the issue price three months after listing.
(9) Issue Price-to-Earnings Ratio Shanghai Longcheer Technology Co.,Ltd.'s issue P/E ratio was 24.13 times, compared to the industry average of 25.50 times, representing 94.63% of the industry average.
(10) Actual Fundraising Ratio Expected fundraising amount was 1.919 billion yuan, actual fundraising amount was 1.560 billion yuan, representing an 18.72% reduction in actual fundraising.
(11) Short-term Performance After Listing In 2024, the company's operating revenue increased 70.62% year-over-year compared to the previous year, while net profit attributable to shareholders decreased 17.21% year-over-year, and non-recurring net profit attributable to shareholders decreased 26.92% year-over-year.
(12) Subscription Abandonment Rate and Underwriting Rate Subscription abandonment rate: 0.41%
(III) Total Score Shanghai Longcheer Technology Co.,Ltd.'s IPO project received a total score of 82.5 points, classified as B-level. Negative factors affecting Shanghai Longcheer Technology Co.,Ltd.'s rating include: information disclosure quality needs improvement, repeated applications, reduced actual fundraising amount, revenue growth but profit decline in the first accounting year after listing, and a 0.41% subscription abandonment rate. This comprehensively indicates that the company's short-term profitability needs improvement and information disclosure quality requires enhancement. Investors are advised to pay attention to the authenticity behind its performance.
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