May 18, 2020 (China Knowledge) - Guangdong Haomei New Material (002988) to start trading on the Shenzhen Stock Exchange - SME Board today, at a public offering price of RMB 10.94 per share, raising RMB 636.86 mln. Its initial listing shares account for 25.01% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.98.
Everbright Securities acted as the lead underwriter and sponsor for the IPO.
Earlier, Guangdong Haomei New Material said its IPO was 2,862 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. We expect the IPO to hit limit of 44% increment in its first day of listing. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.
Guangdong Haomei New Material Co Ltd is a company engaged in research, development, manufacturing and sales of aluminum alloy profiles. The Company's main products and services include aluminum profiles used for construction, general industrial aluminum profiles, automotive lightweight aluminum profiles, system doors and windows, as well as the installation of doors and windows. The Company's products are applied in various industries and areas, such as public buildings, housing, transportation, mechanical equipment and automobile lightweight.
In financial year 2019, Guangdong Haomei New Material garnered a total revenue of RMB 2.97 bln, up 11% YoY. In terms of net income, it achieved RMB 167 mln, up 77% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 12.55% and 6.01% respectively, earning per share (EPS) of 0.96 RMB.
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