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Equity· IPO

Shaanxi Zhongtian Rocket Technology’s IPO debut on Shenzhen Stock Exchange today

CKN
minutes 2020/09/25 03:13:01
2,484

Sep 25, 2020 (China Knowledge) - Shaanxi Zhongtian Rocket Technology (003009) to start trading on the Shenzhen Stock Exchange - SME Board today, at a public offering price of RMB 12.94 per share, raising RMB 502.69 mln. Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.9.

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

Earlier, Shaanxi Zhongtian Rocket Technology said its IPO was 4,368 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.

Shaanxi Zhongtian Rocket Technology Co Ltd is a China-based company mainly engaged in the research and development, production and sales of small solid rockets and their extended products. The products include rain-enhancing and anti-hail rockets, sounding rockets, small guided rockets, carbon thermal field materials, solid rocket motors, ablation resistant components and intelligent weighing systems. The Company also produces and sells a small number of other products, including aircraft carbon/carbon brake discs, high-performance carbon/ceramic composite products, special alloy high-pressure contact materials, high-performance mold material products, and measurement and control system integration. The Company conducts its businesses within the China market and to overseas markets.

In financial year 2019, Shaanxi Zhongtian Rocket Technology garnered a total revenue of RMB 796.58 mln, up 19% YoY. In terms of net income, it achieved RMB 110 mln, up 27% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 15.19% and 7.59% respectively, earning per share (EPS) of 0.85 RMB.

 

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