special topic: brokerage IPO project practice quality rating

(I) company basic information

Full Name: Shandong Tianyue Advanced Technology Co., Ltd.

abbreviation: Tianyue Advanced

Code: 688234.SH

IPO filing date: May 31, 2021

listing date: January 12, 2022

Listed sector: CRE Board

Industry: Computer, Communications and Other Electronic Equipment Manufacturing (China Securities Regulatory Commission Industry 2012 Edition)

IPO Sponsor: Guotai Junan , Haitong Securities

Sponsor representatives: Jiang Huifen, Jiang Yong; Wu Kaicheng, Wu Yueyang

IPO Underwriters: Guotai Junan, Haitong Securities

IPO lawyer: Guohao Law Firm

IPO Auditor: Lixin Certified Public Accountants (Special General Partnership)

(II) practice evaluation

(1) letter situation

requires disclosure of the proportion of regular related party transactions in the same type of transactions in the current period according to regulations; Relevant expressions of market position require supplementary disclosure of specific basis and improvement; It is required to make a written explanation on the comparison of technical parameters and indicators of products in the prospectus; It is clearly pointed out that the "simplified" details of the prospectus information disclosure, such as accounting policies and accounting estimates; It is required to comprehensively sort out the contents of "major matters" and "and" and "and" and "and" and "and, highlight the significance, strengthen the risk orientation, delete the statement is not targeted, rank by importance, and point out the details of the supplement and improvement.

(2) regulatory penalties: no deduction

(3) supervision by public opinion: no deduction

(4) listing cycle: no deduction

the average number of days from declaration to listing for listed A- share enterprises in 2022 is 403.6 days, while Tianyue's advanced listing cycle is 227 days, which is lower than the overall average.

(5) whether to declare multiple times: do not belong to, do not deduct points

(6) Issuance fee and issuance fee rate

Tianyue advanced underwriting sponsorship commission rate of 8.97, higher than the overall average of 5.19, higher than the sponsor Guotai Junan, Haitong Securities 2022 IPO underwriting project average commission rate of 6.79, 6.86.

(7) First-day performance

3.27 per cent on its first day of trading.

(8) three-month performance

Shares are down 41.60 per cent in three months.

(9) Issue P/E: N/A

(10) Actual fundraising ratio

it is estimated that 2.354 billion yuan will be raised and 3.558 billion yuan will be actually raised, with an over-raised ratio of 51%.

(11) Post-IPO Short-Term Performance

In 2022, the company's total operating income, operating profit and net profit attributable to the parent company decreased by 15.56, 318.73 and 254.80 percent year-on-year compared with the previous year.

(12) Abandonment ratio and underwriting ratio

abandonment rate of 0.61 per cent.

(III) total score

the total score of Tianyue advanced IPO project is 81 , and the classification is B . The negative factors affecting Tianyue's advanced score are: the company's credit quality needs to be improved, the issuance cost rate is high, the stock price performance in the three months of listing is poor, and the operating profit in the first fiscal year after listing has fallen sharply. This shows that the company's short-term performance is poor, or not favored by the market, it is recommended that investors pay attention to this matter.