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Markets · Equity · IPO
Jht Design’s IPO to debut on Shanghai Stock Exchange
2023/03/02 10:24:37

Mar 02, 2023 (China Knowledge) - Jht Design (603061) to start trading on the Shanghai Stock Exchange's Main Board Mar 3, tomorrow. The firm has issued 15.00 mln shares priced at RMB 58.58 per share raising RMB 878.7 mln. Its price-to-earnings ratio (PE) stands at 22.99. During subscription the IPO was 6,179 times oversubscribed.

Haitong Securities acts as the lead underwriter and sponsor for the IPO.

JHT Design manufactures and distributes semiconductor chip testing equipment. The Company produces integrated circuit sorting machines testing machines, probe stations, and other products. JHT Design also operates equipment leasing businesses.

In FY 2021, Jht Design garnered a total revenue of RMB 420 mln, up 127% YoY. In terms of net income, it achieved RMB 154 mln, rising 173% YoY. In H1 2022, the company reported revenue of RMB 211 mln, a YoY increase of 6%, and its net profits reached RMB 77 mln, up 12% YoY.

The company is in the electronics industry that is currently made of 264 counters in Shanghai and the Shezhen Stock Exchange with a total combined market capitalization of RMB 4,466 bln, industry’s average PE of 31 times. The electronics industry’s index is up 3.56% year-to-date, ranking it the 23rd place among all 29 broad industry groupings.

Foxconn Industrial Internet Co.,Ltd. (601138) takes up the top spot in terms of sales in the industry, reporting RMB 431.79 bln of sales in 2020, with a net profit of RMB 17.43 bln, at 10 times PE. The second largest is HNA Technology Co.,Ltd. (600751), a total revenue of RMB 336.69 bln. BOE Technology Group Co.,Ltd. (000725) ranked third. It garnered a total revenue of RMB 135.55 bln last year, and a net profit of RMB 5.04 bln, with 15 times PE.

The average industry’s PE for the same or similar stocks on Hong Kong Exchange (HKEx) and the U.S. stock markets for electronics is 21 times and 29 times, respectively. On a year-to-date basis, the industry’s index on the HKEx rises 5.33% and the U.S is up 11.51%.

There will be another 1 IPO debut tomorrow, Sichuan Rongda Gold Co.,Ltd. (001337).

Since January, a total of 34 companies have listed on either Shanghai or Shenzhen Stock Exchange, most are mainly in the machinery equipment, electronics and pharmaceutical and biological industries.

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