To The Moon

Yushu Technology Co.,Ltd. announced on the evening of August 6 that its initial public offering (IPO) price is set at 150.80 yuan per share, with total proceeds expected to reach 6.099 billion yuan. The company's preliminary inquiry period ran from August 5 (T-3) from 09:30 to 15:00, during which its lead underwriter received price quotes from 367 institutional investors through 12,161 online allocation objects, with bids ranging from 15.20 yuan to 154.88 yuan per share. The total intended subscription volume reached 73.736 billion shares.

After excluding invalid quotes, the remaining 366 institutional investors, managing 12,141 allocation objects, met all conditions stipulated in the offering arrangement and preliminary inquiry notice. Their valid quotes spanned 15.20 yuan to 154.88 yuan per share, with a total intended subscription volume of 73.669 billion shares.

The offering price of 150.80 yuan per share does not exceed the lower of the median and weighted average of remaining quotes after removing the highest bids from institutional investors, nor the corresponding figures from public funds, social security funds, pension funds, annuity funds, insurance funds, and qualified foreign institutional investors, which stood at 152.1538 yuan per share. Based on the IPO price, Yushu Technology Co.,Ltd.'s diluted static price-to-sales ratio for 2025 is 35.89 times, higher than the industry average for comparable companies. The diluted price-to-earnings ratio (after deducting non-recurring gains and losses) for 2025 is 219.23 times, exceeding the industry's average static P/E ratio for the most recent month as reported by the China Securities Index Co.

The offering combines strategic placement, offline placement, and online placement. The total number of shares committed in strategic placements, based on the IPO price, is 8,089,286 shares, representing 20% of the total shares offered. As of August 5 (T-3), all strategic investors participating in the placement, including the National Council for Social Security Fund, China National Petroleum Corporation's Kunlun Capital Co., Ltd., China Southern Power Grid's Industrial and Financial Holdings Group Co., Ltd., and China Telecom's Tiantian Capital Holdings Co., Ltd., have paid their subscription funds in full and on time. Additionally, Tencent's Shanghai Qishan Investment Co., Ltd., Tencent Technology (Shanghai) Co., Ltd., and DeepSeek's parent company, Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd., have also become strategic investors in Yushu Technology Co.,Ltd.'s offering. Specifically, Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. has been allocated 933,400 shares, accounting for 2.31% of the total offering, with an allocated amount of 141 million yuan and a lock-up period of 36 months.