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Equity · IPO
Anhui Coreach Technology’s IPO debut on Shenzhen Stock Exchange today
CKN
2020/04/28 03:01:10
6,928

Apr 28, 2020 (China Knowledge) - Anhui Coreach Technology (002983) to start trading on the Shenzhen Stock Exchange - SME Board today, at a public offering price of RMB 12.97 per share, raising RMB 459.4 mln. Its initial listing shares account for 25.00% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.98.

Donghai Securities acted as the lead underwriter and sponsor for the IPO.

Earlier, Anhui Coreach Technology said its IPO was 3,118 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.

Anhui Coreach Technology Co Ltd is a company mainly engaged in the development, design, manufacturing and sales of new type display photovoltaic systems, as well as the provision of technical services. The Company's products comprise of new type display photoelectric systems and intelligent and healthy light source systems. The new type display photoelectric system includes direct backlight photoelectric systems, side backlight photoelectric systems and quantum dot display photoelectric systems. The Company sells its products both in the domestic and international markets, including India and other Southeast Asian countries.

In financial year 2019, Anhui Coreach Technology garnered a total revenue of RMB 522.65 mln, up 3% YoY. In terms of net income, it achieved RMB 94 mln, up 27% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 19.97% and 12.62% respectively, earning per share (EPS) of 0.88 RMB.

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