Announcement on Initial Public Offering of Shares and Listing on the Main Board
Sponsor (Lead Underwriter): China International Capital Corporation Limited
Special Notice
Shenzhen Supply Chain Management Co., Ltd. (hereinafter referred to as "Shenzhen Supply Chain," "the Issuer," or "the Company") is organizing the initial public offering of shares and listing on the main board in accordance with the relevant laws and regulations, including the "Measures for the Administration of Securities Issuance and Underwriting" (CSRC Order No. 228), the "Administrative Measures for the Registration of Initial Public Offerings" (CSRC Order No. 205), and the "Implementation Rules for the Issuance and Underwriting of Securities for Initial Public Offerings on the Shenzhen Stock Exchange (2025 Revision)" (Shenzhen Stock Exchange Document No. 267 [2025]). The lead underwriter for this issuance is China International Capital Corporation Limited (hereinafter referred to as "CICC," "the Sponsor," "the Lead Underwriter," or "the Sponsor (Lead Underwriter)").
The preliminary inquiry and offline issuance will be conducted through the Shenzhen Stock Exchange's offline issuance electronic platform and the registration and settlement system of China Securities Depository and Clearing Corporation Limited Shenzhen Branch (hereinafter referred to as "China Clearing Shenzhen Branch"). Offline investors are advised to read this announcement and the "Implementation Rules for Offline Issuance" carefully. The online issuance will be conducted through the Shenzhen Stock Exchange trading system, and online investors are also advised to read this announcement and the "Implementation Rules for Online Issuance" carefully.
The issuance price is set at 28.00 RMB per share, corresponding to a diluted static price-to-earnings ratio of 15.29 times based on the lower of the issuer's net profit attributable to the parent company for 2024, excluding non-recurring gains and losses. This is higher than the average static price-to-earnings ratio of 14.64 times for the same industry published by China Securities Index Co., Ltd. and lower than the average static price-to-earnings ratio of 24.94 times for comparable listed companies in the same industry. There is a risk of a decline in the issuer's stock price, which may result in losses for investors. The issuer and the sponsor (lead underwriter) remind investors to pay attention to investment risks and to prudently assess the rationality of the issuance pricing before making investment decisions.
Investors should focus on the issuance method, process, online and offline subscription, payment, and handling of unsubscribed shares. The specific details are as follows:
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This issuance will adopt a combination of offline inquiry and allocation to qualified investors (hereinafter referred to as "offline issuance") and online pricing issuance to public investors holding non-restricted A-shares and non-restricted depository receipts in the Shenzhen market (hereinafter referred to as "online issuance"). The preliminary inquiry and offline issuance will be organized and implemented by the sponsor (lead underwriter) through the offline issuance electronic platform; the online issuance will be conducted through the Shenzhen Stock Exchange trading system.
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After the preliminary inquiry, the issuer and the sponsor (lead underwriter) will determine the issuance price of 28.00 RMB per share based on the results of the preliminary inquiry and considering the remaining quotations, proposed subscription quantities, effective subscription multiples, the issuer's fundamentals and industry conditions, market conditions, valuation levels of listed companies in the same industry, funding needs, and underwriting risks. Investors are requested to subscribe online and offline at this price on January 23, 2026 (T day), without the need to pay subscription funds at the time of subscription. The offline subscription time is from 9:30 to 15:00, and the online subscription time is from 9:15 to 11:30 and 13:00 to 15:00.