Svmuu News: Changxin Technology (688825.SH) announced that it will conduct an initial public offering (IPO) and list on the STAR Market at an offering price of 8.66 yuan per share.Investors are requested to subscribe online and offline at this price on July 16, 2026 (T-day); no subscription funds are required at the time of subscription.Offline subscriptions will be accepted from 9:30 a.m. to 3:00 p.m., while online subscriptions will be accepted from 9:30 a.m. to 11:30 a.m. and from 1:00 p.m. to 3:00 p.m.The initial number of shares to be issued is 6,688.088608 million shares, representing approximately 10.00% of the total share capital after the issuance, and an over-allotment option of no more than 15.00% of the initial offering has been granted to CICC.
The diluted price-to-earnings ratio for 2025, based on the lower of earnings before or after non-recurring items and calculated using the offering price, is 308.92 times (assuming the over-allotment option is not exercised),which is higher than the industry average P/E ratio of 76.32 times and the average P/E ratio of comparable companies of 134.62 times. The total proceeds are expected to be approximately 57.919 billion yuan (prior to the exercise of the over-allotment option), with net proceeds of approximately 57.638 billion yuan after deducting issuance expenses.