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This article is written based on public information and is only for information exchange purposes. It does not constitute any investment advice

01

Qiangda Circuit IPO: There are more than 30 A-share PCB companies, and the most competitive track welcomes new players

Qiangda Circuit, the full name of which is Shenzhen Qiangda Circuit Co., Ltd., was established in 2004. It is an enterprise focusing on the production, research and development, and sales of mid-to-high-end prototypes and small-batch PCBs.

Qiangda Circuit passed the review on March 31, 2023, more than a year after the deadline. It finally submitted its application for registration to enter the Growth Enterprise Market recently, with China Merchants Securities as the sponsor.

PCB is a type of circuit board, also known as printed circuit board or printed circuit board. PCB is made by electronic printing technology and is the support of electronic components and the carrier of electrical connection. The main product types include ordinary multi-layer PCB, rigid-flex board, HDI board and carrier board, etc. The downstream is mainly used in communications, optical modules, consumer electronics and servers, etc.

Figure: Downstream application areas of Qiangda Circuit products, source: prospectus

Qiangda Circuit's main products cover the vast majority of PCB product lines. Qiangda Circuit's mid-to-high-end PCB products with special processes or special materials mainly include: high-layer boards, high-frequency boards, high-speed boards, HDI boards, thick copper boards, rigid-flex boards, metal substrates, semiconductor test boards and millimeter-wave radar boards, etc.

PCB boards can be divided into sample boards, small batch boards and large batch boards according to the order area. The sample board order area is less than 5 square meters, the small batch board is about 5-50 square meters, and the large batch board is more than 50 square meters.

Samples and small batches are customized products with relatively high unit prices and smaller scale than large batches. The main application areas of sample and small batches are relatively few scenarios such as equipment development, communications, and industrial control. The main application scenarios of large batches are in consumer electronics and some automotive electronics products, with strong C-end attributes.

Figure: PCB product features by area, source: prospectus

Qiangda Circuit is a PCB board manufacturer that mainly deals in prototypes and small-batch boards. Measured by revenue, PCB prototypes account for 99.61% of the total revenue, of which prototypes account for 48.7%, small-batch boards account for 34.36%, and large-batch boards account for only 16.94%.

Qiangda Circuit mainly focuses on domestic sales, with nearly 3,000 customers. Well-known customers include Huaxing Yuanchuang (SH: 688001), Dafu Technology (SZ: 300134), Yibo Technology (SZ: 301366), etc., most of which are terminal electronic product manufacturers.

According to the "2023-2028 China Printed Circuit Board (PCB) Industry Development Trend and Forecast Report" released by China Business Industry Research Institute, the current PCB market size is about 300 billion. However, there are many players involved, and the overall prosperity of the PCB industry has declined significantly since the fourth quarter of 2022. Currently, there are more than 30 PCB companies listed on the A-share market, including well-known companies such as Dongshan Precision, Shenzhen South Circuit, and Shanghai Electric Co., Ltd.

PCB board is a relatively inward-looking industry. From 2021 to 2023, the overall operating income of the A-share PCB board industry will drop from 330.5 billion yuan to 308 billion yuan, with an average annual compound growth rate of about -3.5%, and the overall net profit attributable to the parent company will drop from 24.3 billion to about 4.4 billion. This also casts a shadow on the uncertainty of the future development of Qiangda Circuit.

In addition, with the development of the semiconductor industry and AI technology, the requirements for high-end and lightweight PCB boards are getting higher and higher. The market share of leading companies Dongshan Precision and Pengding Holdings is far higher than that of Qiangda Circuit, and the level of investment in R&D and capital expenditure is also higher. Qiangda Circuit will face very strong competition.

In terms of finance, from 2021 to 2023, Qiangda Circuit's operating income increased slightly from 710 million yuan to 713 million yuan, with the growth rate basically flat. Net profit increased from 74.5536 million yuan to 101 million yuan, mainly due to less asset impairment.

In terms of gross profit margin, the gross profit margins of Qiangda Circuit's main businesses were 25.44%, 26.92% and 28.74% respectively. After excluding the impact of transportation costs, the gross profit margins of the main businesses were 27.16%, 28.74% and 30.60% respectively, a slight increase.

Zhu Xiaohua, one of the company's founders, directly holds 24.228 million shares of the company, accounting for 42.86% of the total share capital, and Zhu Xiaohua is a general partner of Ningbo Hongchaoxiang. He can directly and indirectly control the voting rights of 28.976 million shares of the company (accounting for 51.26% of the total share capital of the issuer).

P/E ratio of comparable companies ttm: Jinbaize (SZ: 301041) 56x, Xinsen Technology (SZ: 002436) 66x.

02

Insurance intermediaries flock to go public, Xiaoyusan's parent company, Shouhui Technology, updates its prospectus

According to an announcement by the Hong Kong Stock Exchange on July 31, Shouhui Technology Co., Ltd. has again submitted its application to the Hong Kong Stock Exchange's main board. The Hong Kong stock prospectus submitted by Shouhui Technology on January 12 expired on July 12.

The sponsors of Shouhui Technology's IPO are China International Capital Corporation Hong Kong Securities Co., Ltd. and Huatai Financial Holdings Co., Ltd.

Shouhui Technology is a Chinese life insurance intermediary service provider. It is committed to providing insurance service solutions to insurance customers online through a digital life insurance transaction and service platform. The insurance products it distributes (including insurance products jointly developed with insurance companies) are underwritten by insurance companies. This is also the second reimbursement distribution agency to submit its application to the Hong Kong Stock Exchange this month.

Shouhui Technology distributes life insurance products mainly through three channels:

Sales through Xiaoyusan: As an online direct distribution platform, it provides customers with full-process support from product search, recommendation, purchase to follow-up services. The platform allows customers to complete the purchase of insurance products on a single interface, improving the user experience.

Sales through Kachabao: Distributed through insurance agents, with a sales network of more than 24,000 insurance agents covering 14 provincial administrative regions in China. These agents complete training, business development, transaction management and customer service processes on the Kachabao platform.

Sales through Niubao100: Distribution is carried out through cooperation with business partners. Partners include online traffic channels such as media, advertising companies and key opinion leaders, as well as licensed brokers and agencies. The Niubao100 platform provides support to these partners throughout the insurance transaction process. Currently, there are more than 1,000 partners.

Currently, Niubao 100 has the highest sales share, reaching 63.4%, followed by Xiaoyusan with 21.2% and Kachabao with 15.4%. In terms of the number of insured people, Xiaoyusan has 586,000, Niubao 100 has 937,000 and Kachabao has 377,000.

Figure: Illustration of business flow of three channels of Shouhui Technology, source: prospectus

In terms of total long-term life insurance premiums, Shouhui Technology is the second largest online insurance intermediary in China, with a market share of approximately 7.3%.

In terms of finance, the operating income in 2021-2023 was RMB 1.548 billion, RMB 806 million and RMB 1.634 billion respectively, with a large overall fluctuation. The revenue in the first five months of 2024 was RMB 603 million, a year-on-year decrease of 7.8%.

In terms of profit, the company recorded a loss of 204 million yuan, a profit of 131 million yuan and a loss of 356 million yuan in 2021-2023, respectively, and the scale of losses has a tendency to expand. In the first five months of 2024, it recorded a loss of 51.761 million yuan, a year-on-year increase of 6.9%.

It is particularly noteworthy that recently, insurance intermediaries have been listed in a concentrated manner. Yuanbao, Shouhui Technology, Yuanxin Technology, Hengguang Insurance Agency, Yishenxin Technology, Youjia Insurance, and Zhibao Technology are all in different stages of listing.

The insurance intermediary industry as a whole is in a red ocean of competition, with great competitive pressure and insufficient support for future sustained growth. The Internet financial insurance business of traditional large companies may intensify competition in the online insurance intermediary business in the future. For example, Ant Insurance and Tencent Micro Insurance, which are backed by Alibaba and Tencent, have much higher visibility and customer coverage than traditional intermediary platforms.

At present, Shouhui Technology's business model is relatively simple, mainly relying on commission income and is not stable. This is directly reflected in the expense level. Shouhui Technology's sales expenses in the same period of the past three years were as high as 123 million, 98 million and 139 million, and the sales expense ratio reached 7.9%, 12.2% and 8.5%.

Currently, the major shareholder of Shouhui Technology is Guangyao, one of the company's founders and largest shareholder, who holds approximately 29.68% of the company's shares through entities controlled by him.

03

After losing 1.2 billion in 3 years, Tencent-invested Taimei Medical updates its prospectus

Taimei Medical, whose full name is Taimei Medical Technology Co., Ltd., is a digital solution provider focusing on the medical science industry.

Taimei Medical's road to listing was quite bumpy. In December 2021, Taimei Medical submitted a listing application to the Science and Technology Innovation Board of the Shanghai Stock Exchange, and on March 17, 2023, the Shanghai Stock Exchange issued a letter to terminate the A-share listing application. On January 29, 2024, it submitted its prospectus to the Hong Kong Stock Exchange for the first time, and updated the prospectus on July 30 after the deadline.

The main sponsors of Taimei Medical's IPO are Morgan Stanley Asia Limited and China International Capital Corporation Hong Kong Securities Limited.

Taimei Medical's business mainly focuses on designing and providing industry-specific software and digital services to accelerate the research and development (R&D) and marketing of medical science products such as innovative drugs and medical devices.

Figure: Taimei Medical's business model and customers, source: prospectus

Taimei Medical's core business revolves around its two digital collaboration platforms:

TrialOS platform: Focusing on the field of medical science research and development, it provides cloud software and digital services to pharmaceutical companies, hospitals, CROs and other stakeholders. The platform enables all participants to efficiently manage and use various research and development tools and data, achieve seamless data transmission and collaboration, and thus improve research and development efficiency and data quality.

PharmaOS platform: Targeted at the field of medical science marketing, it supports a variety of cloud software and digital services to help companies optimize marketing processes and resource allocation, and improve marketing efficiency and effectiveness. The platform uses advanced digital technology to integrate industry data resources and provide customers with customized solutions.

Taimei Medical's revenue structure: Cloud software revenue accounted for 42.3%, 38.4%, 35.2% and 34.3% of total revenue in 2021, 2022, 2023 and Q1 2024, respectively. During the same period, digital service revenue accounted for 57.6%, 61.6%, 64.5% and 65.7% of total revenue, respectively.

Taimei Medical's main customers include multinational medical companies, domestic leading medical companies and innovative pharmaceutical companies. As of March 31, 2024, Zhejiang Taimei has provided services to more than 1,400 pharmaceutical companies and entrusted research institutions, covering 21 of the world's top 25 pharmaceutical companies and 90 of China's top 100 pharmaceutical innovation companies.

According to data from China Insights, Taimei Medical will be the largest digital solution provider for medical science research and development in China in terms of the number of sponsors served in 2023. From 2021 to 2023, the retention rate of core customers will reach 91.2%, 94.7% and 87.3% respectively.

In terms of finance, Taimei Medical's revenues in the 2021-2023 financial reporting years were RMB 466 million, RMB 549 million, and RMB 573 million, respectively, with an average annual compound growth rate of 10.9%. In Q1 2024, revenue was RMB 132 million, a year-on-year increase of 2.2%.

In terms of profit, the 2021-2023 financial reports recorded losses of 480 million yuan, 423 million yuan and 356 million yuan respectively, with the loss margin narrowing slightly. In Q1 2024, the company recorded a loss of 118 million yuan, a year-on-year increase of 10.05%.

The main reason for the loss is that Taimei Medical's three expenses are quite high. Taking 2023 as an example, Taimei Medical's sales expenses accounted for 26.3% of its revenue, administrative expenses accounted for 46.9% of its revenue, and R&D expenses accounted for 29.5% of its revenue.

As of the end of 2023, Taimei Medical's overall debt ratio was approximately 27.87%.

Obviously, Taimei Medical's current commercialization level is not enough to support its daily business development, and it is still in the early stage of exchanging losses for market share. Of course, almost all companies in the SaaS industry in China are currently facing excessive sales expenses and internal expenditures, which is a common problem in the industry.

The major shareholder of Taimei Medical is Zhao Lu. Taimei Medical has completed multiple rounds of financing, and its well-known investors include Tencent and Matrix Partners.

04

The fastest growing design institute, Digital Intelligence Institute, updates its prospectus

Zhejiang Digital Transportation Institute Technology Co., Ltd. is committed to providing professional technical services such as planning, consulting, survey and design, and project management in the fields of integrated transportation and urban construction. The company was formerly known as Zhejiang Provincial Transportation Design Institute.

The Digital Intelligence Institute was approved by the Listing Committee meeting on October 19, 2022, and its IPO was submitted for registration by the Shenzhen Stock Exchange on May 26, 2023. It recently updated its prospectus and plans to raise 1.5 billion yuan. The sponsor is Haitong Securities.

The main business of the Digital Intelligence Institute covers planning consultation, survey and design, testing and inspection, engineering management and engineering contracting, etc.:

Planning Consulting: Based on the geographical, cultural, economic, and transportation factors of regions and cities, we conduct research on regional integration, urban development, and integrated transportation, and develop strategies, solutions, and other consulting services.

·Survey and design: According to the requirements of construction projects and relevant laws and regulations, identify, analyze and evaluate the geological and geographical environment characteristics and geotechnical engineering conditions of the construction site, and prepare construction project survey documents.

·Testing and inspection: building material inspection, construction inspection and road and bridge maintenance inspection in transportation engineering construction.

· Engineering management and engineering contracting: Contracting the entire process or several stages of the survey and design, procurement, construction, and trial operation of engineering construction projects.

Figure: Illustration of the main business types of the Digital Intelligence Institute, source: prospectus

In terms of revenue share, the main revenue of the Digital and Intelligent Transportation Institute comes from survey and design. In 2023, the Digital and Intelligent Transportation Institute's survey and design business revenue was 1.995 billion yuan, accounting for 76.24%, and the planning consulting business revenue was 317 million yuan, accounting for 12.12%.

The main government orders for the Digital Intelligence Institute's business include 95.75%, 94.34% and 96.25% of the company's main business revenue from Zhejiang Province, and 96.62%, 97.13% and 97.46% of the company's main business revenue from state-owned investment projects.

It should be noted that the main business of the Digital Transportation Institute is relatively long, and government infrastructure investment and construction expenditures, especially local transportation infrastructure expenditures in Zhejiang. The prospectus also pointed out that if the overall prosperity of the transportation construction industry in Zhejiang Province is not high, the future slowdown in transportation infrastructure investment and construction will have a greater impact on operating performance.

Judging from the comparable companies listed on the A-share market, the overall revenue growth rate of surveying, design and engineering consulting related companies has stagnated in the past three years, with an average annual compound growth rate of less than 1%. In comparison, the Digital and Intelligent Transportation Institute has achieved relatively excellent growth.

In terms of finance, from 2021 to 2023, the Digital and Intelligent Transportation Institute recorded revenues of 1.947 billion yuan, 2.288 billion yuan and 2.634 billion yuan, respectively, with an average annual compound growth rate of 16.3%.

During the same reporting period, the net profit attributable to the parent company after deducting non-recurring items was RMB 380 million, RMB 428 million and RMB 513 million respectively, with the same average annual compound growth rate of 16.3%.

It should be noted that due to the limitations of customer types and business models, the Digital Intelligence Institute's accounts receivable (including contract assets) are relatively large, with net amounts of RMB 2.493 billion, RMB 2.939 billion and RMB 3.209 billion, respectively, accounting for 70.86%, 73.43% and 68.31% of current assets, respectively.

However, there is no problem with the overall liquidity of the Institute of Digital Communications. The net operating cash flow in 2023 reached 534 million yuan, and the net increase in cash and cash equivalents reached 400 million yuan. The overall debt ratio was 56.06%, of which the balance of short-term loans was only 2.2 million yuan. In the current liability structure, the main item is accounts payable, which reached 2.122 billion yuan.

The major shareholder of the Digital Transportation Institute is Zhejiang Transportation Investment Group, which directly holds 55.08% of the company's shares.

Price-to-earnings ratio (PETTM) of comparable companies: KES Group (SH: 603458) is in the red, and China Design Institute (SH: 603357) is 10x.

05

Huige Environmental's prospectus contains the most unique business model for 2024: How to make big money through ESG?

According to the Hong Kong Stock Exchange's announcement on July 31, Shanghai Huage Environmental Technology Group Co., Ltd. submitted its application to the Hong Kong Stock Exchange, with CITIC Securities and China Galaxy International as joint sponsors.

Huige Environmental Protection has a very unique business model. It is a leading global provider of marine environmental, social and governance (ESG) solutions. According to Frost & Sullivan data, Huige Environmental Protection ranks first among private marine desulfurization system providers in China and tenth among all marine desulfurization system providers in the world in terms of the cumulative number of completed and on-hand orders for marine desulfurization systems.

Huige Environmental was listed on the New Third Board on February 27 this year, and submitted the guidance filing materials for the public issuance of shares to unspecified qualified investors and listing on the Beijing Stock Exchange to the Shanghai Regulatory Bureau of the China Securities Regulatory Commission on December 20, 2023. However, on June 12 this year, Huige Environmental said that considering its own business organization, the listing plan was adjusted, and the IPO destination was finally placed on the Hong Kong Stock Exchange.

Huige Environmental Protection is one of the companies with the fastest revenue and profit growth among the recent Hong Kong IPO companies.

The source of the ship desulfurization business mainly relies on regulatory requirements. According to the prospectus of Huige Environmental Protection, the International Maritime Organization has set a 0.5% sulfur cap on fuel since 2020 and introduced measures such as EEXI and CII since 2023.

Specifically, EEXI (Energy Efficiency Index of Existing Ships) EEXI purely considers the design parameters of the ship and measures the CO2 emissions of transportation work. EEXI requires that all active ships must meet specific CO2 emission requirements, that is, grams of CO2 per ton of nautical mile, and ships that undergo annual inspections according to different ship types can obtain compliance certificates.

CII (Carbon Intensity Index) is a rating indicator derived from the annual efficiency ratio. This ratio measures the carbon emissions from ship operations over a one-year period (from A to E). If a ship is rated D or E, the shipowner will be required to update the ship's energy efficiency management plan to improve the rating. (Source: Fleet Online Hifleet)

Figure: IMO emission reduction measures timeline, Source: Clarksons Research, Fleet Online Hifleet

In addition, the International Maritime Organization and regional government organizations have introduced a series of emission reduction requirements based on the ESG rules framework. Huige Environmental's main business is to assist Chinese ships in meeting the requirements of the rules.

As policies and regulations become stricter, according to a report by Frost & Sullivan, the global ship ESG solutions industry is expected to reach US$11.384 billion by 2028, with an average annual compound growth rate of approximately 29.7% from 2023 to 2028.

According to the prospectus of Huige Environmental Protection, the current upstream of the ship ESG solution industry relies on raw material suppliers and manufacturers to manufacture equipment and raw materials, the midstream (Huige Environmental Protection) solution provider is responsible for the research and development of desulfurization, energy conservation and emission reduction solutions, sales and technology provision, and the downstream customers are shipowners and shipbuilders. Overall, it is a technology-driven industry.

It is somewhat similar to IC design in the chip industry, and also somewhat similar to integrators in the semiconductor industry. The following figure shows the operation process and key components of the ship desulfurization system of Huige Environmental Protection disclosed in the prospectus.

Figure: Operation flow chart of Huige Environmental Protection's ship desulfurization system, source: prospectus

Measured by revenue, in 2023, Huige Environmental Protection's ship desulfurization solution revenue was 341 million yuan, accounting for 66.8% of the total revenue, global maritime service revenue was 105 million yuan, accounting for 20.7% of the revenue, and ship energy conservation and emission reduction solution revenue was 58.031 million yuan, accounting for 11.4%.

In terms of finance, Huige Environmental Protection's operating income in 2021-2023 was RMB 141 million, RMB 267 million and RMB 510 million respectively, with an average annual compound growth rate of 90.5%. The revenue almost doubled year by year, with a rapid growth rate.

In the first four months of 2024, revenue was 247 million yuan, a year-on-year increase of 84.6%.

The gross profit margins excluding procurement costs and labor costs are 25.8%, 33.5% and 46.9% respectively, which to some extent shows that the value of ship ESG solution providers is higher than that of traditional semiconductor electronic solution providers.

In terms of profit, Huige Environmental Protection recorded RMB 12.769 million, RMB 36.777 million and RMB 121 million in 2021-2023, respectively, with a rapid growth rate, and the overall debt ratio is 35%.

Huige Environmental Protection's current revenue structure is relatively dependent on large customers. The prospectus shows that the revenue from the top five customers in 2021-2023 accounted for 90.5%, 76.1% and 84.3% respectively, which poses a relatively high risk.

The major shareholders of Huige Environmental Protection are Zhou Yang, Zhao Mingzhu and Chen Zhiyuan, and the three are persons acting in concert.

06

OLED evaporation material supplier Hipurun disclosed its prospectus, and BOE contributed almost all of its profits

According to the announcement of Shenzhen Stock Exchange, Changchun Hipurun Technology Co., Ltd. has publicly disclosed its prospectus and plans to list on the Growth Enterprise Market. Its sponsor is Guotai Junan Securities.

Hipurins is mainly engaged in the research and development, production, sales and purification services of OLED evaporation material technology. Its downstream customers are OLED panel manufacturers. It currently has cooperative relationships with well-known domestic OLED panel companies such as BOE, Tianma Group, CSOT, and Hehui Optoelectronics.

OLED evaporation materials are the core functional materials that enable OLED panels to emit light, and directly determine the display quality of OLED panels. OLED evaporation materials are used in the vacuum evaporation link in the OLED panel manufacturing process, that is, in a vacuum chamber, by heating the OLED evaporation material, it sublimates into molecular-level vapor and evenly adheres to the substrate according to the preset device structure.

Figure: Schematic diagram of OLED evaporation material application, source: prospectus

As one of the upstream links of panel display (development, packaging and testing, evaporation and driver IC circuit boards), the logic of domestic substitution has been relatively strong in recent years. Currently, Dow, Universal Display Corporation, LG Chem, DuPont, etc. have a high market share in the global market.

Hipurins' main business covers light extraction materials, functional materials and recycled material purification in organic materials; cathode evaporation materials and crystal packaging materials in inorganic materials.

In 2023, Haipurun's organic materials business and inorganic materials business will reach 217 million yuan and 132 million yuan in revenue, respectively, accounting for 62.11% and 37.89% of the total business revenue, respectively. In the organic materials business, the photoextraction materials, functional materials and recycled materials purification businesses accounted for 14.9%, 25.53% and 21.69% of the total revenue, respectively.

Figure: Illustration of various types of materials, source: prospectus

It is worth noting that Hipurins's revenue is extremely dependent on BOEIn 2021-2023, the sales revenue to BOE will account for 87.84%, 88.21% and 90.12% of the operating income respectively, and the gross profit contribution rate of BOE's main business will be as high as 94.86%, 96.81% and 99.44%.Almost all profits come from one panel maker, BOE.

In terms of the market, according to Omdia's estimated data, the total market demand for OLED evaporation materials in 2023 will be 117.59 tons, an increase of 33.32% from 2020. The global market space for OLED evaporation materials in 2023 is US$2.426 billion, and the market size is expected to reach US$2.9 billion in 2025, with a compound annual growth rate of 10.11%.

In terms of finance, Haipuruns' operating income in 2021-2023 was RMB 207 million, RMB 296 million and RMB 349 million respectively, with an average annual compound growth rate of 29.9%.

During the same reporting period, Haipu Runsi recorded net profits of RMB 45.444 million, RMB 84.741 million and RMB 102 million respectively.

In terms of gross profit, Haipurun's gross profit margin was 47.9%, 54% and 53.9% respectively during the same reporting period. In terms of R&D investment, Haipurun's R&D expense rate was only 12.3%, 10.7% and 10.9% during the same reporting period.

Compared with the same industry, Hipurun has the highest gross profit margin, and its revenue scale is between Alight and Light Optoelectronics. In terms of growth rate, except for Hipurun, the other two organic material suppliers, Alight and Light Optoelectronics, have an average annual compound growth rate of 6.3% and -5.4% respectively. Hipurun is much higher than the market average.

At the same time, the average annual compound growth rate of net profit of Alight and Light Optoelectronics was -5.3% and -15.6% respectively, while the average annual compound growth rate of net profit of Haipurunsi reached an astonishing 49.7%, and was not affected by the industry.

Figure: Comparison of revenue and gross profit of Hipuruns’ peers, source: IPO Gold List

Hipurins plans to raise 570 million yuan, and the funds raised will be used for the industrialization of organic electronic materials (capital expenditure for main business, production expansion), the construction of a high-performance organic electronic materials research and development platform, and to supplement working capital.

The controlling shareholder and actual controller of Haipurunsi is Li Xiaohua, who directly and indirectly controls a total of 35.94% of the company's shares.

P/E ratio of comparable companies: Alight (SH: 688378) 32x, Light Optoelectronics (SH: 688150) 69x.

(Author: Bangge, Source: IPO Gold List, Jinduan's IPO and financial report think tank)

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