Nanchang Sanrui Intelligent Technology Co., Ltd. Announcement on Investment Risks of Initial Public Offering and Listing on the ChiNext Market
Sponsor (Lead Underwriter): Guotai Junan Securities Co., Ltd.
Nanchang Sanrui Intelligent Technology Co., Ltd. (hereinafter referred to as "Sanrui Intelligent," "the Issuer," or "the Company") has received approval from the Listing Committee of the Shenzhen Stock Exchange (hereinafter referred to as "SZSE") for its initial public offering of RMB ordinary shares (A shares) (hereinafter referred to as "this Offering") and listing on the ChiNext market. The China Securities Regulatory Commission (hereinafter referred to as "CSRC") has also approved the registration (CSRC Permit (2026) No. 96).
The Issuer and its sponsor (lead underwriter) Guotai Junan Securities Co., Ltd. (hereinafter referred to as "Guotai Junan," "the Sponsor," or "the Sponsor (Lead Underwriter)") have agreed that this Offering will be for 40.01 million shares, representing 10.00% of the total share capital after the issuance. All shares are newly issued public offerings, and no existing shareholders will transfer their shares. The shares offered are intended to be listed on the ChiNext market of the SZSE.
The offering price of RMB 24.68 per share corresponds to a diluted P/E ratio of 30.80 times based on the lower of the Issuer's net profit attributable to parent company shareholders before and after deducting non-recurring items for 2024. This is higher than the average static P/E ratio of 29.25 times for the "Electrical Machinery and Equipment Manufacturing (C38)" industry, as published by Wind Information on March 24, 2026 (T-3 days), and lower than the average static P/E ratio of 39.19 times (excluding extreme values) for comparable listed companies in 2024, based on net profit attributable to parent company shareholders after deducting non-recurring items. There remains a risk that the Issuer's stock price may decline after issuance, leading to potential losses for investors. The Issuer and the Sponsor (Lead Underwriter) remind investors to pay attention to investment risks, prudently assess the reasonableness of the offering price, and make rational investment decisions.
This Offering is subject to the "Administrative Measures for Securities Issuance and Underwriting" (CSRC Order No. 228), the "Administrative Measures for Registration of Initial Public Offerings of Securities" (CSRC Order No. 205), the "Shenzhen Stock Exchange Implementation Rules for Securities Issuance and Underwriting Business" (Shenzhen Stock Exchange [2025] No. 267), the "Shenzhen Market Implementation Rules for Offline Issuance of Securities in Initial Public Offerings" (Shenzhen Stock Exchange [2025] No. 224), the "Shenzhen Market Implementation Rules for Online Issuance of Securities in Initial Public Offerings" (Shenzhen Stock Exchange [2018] No. 279), and the "Administrative Measures for Initial Public Offering of Securities Underwriting Business" (China Securities Association [2023] No. 18), the "Administrative Measures for Offline Investors in Initial Public Offerings of Securities" (China Securities Association [2025] No. 57), and the "Guiding Principles for Classification and Management of Offline Investors in Initial Public Offerings of Securities" (China Securities Association [2024] No. 277). Investors are advised to pay attention to changes in relevant regulations.
The Issuer and the Sponsor (Lead Underwriter) particularly remind investors to pay attention to the following:
- This Offering will be conducted through a combination of: (1) directed placements to investors participating in strategic placements (hereinafter referred to as "Strategic Placement"); (2) offline price inquiries and placements to qualified offline investors (hereinafter referred to as "Offline Offering"); and (3) online fixed-price offerings to public investors holding non-restricted A shares and non-restricted depositary receipts in the Shenzhen market (hereinafter referred to as "Online Offering").
Preliminary inquiries and the Offline Offering will be organized by the Sponsor (Lead Underwriter) through the offline electronic platform for securities issuance. The Online Offering will be conducted through the SZSE trading system.