Changxin Technology: Issue price set at 8.66 yuan per share, online and offline subscriptions to open on July 16

Odaily reported that Changxin Technology (688825.SH) announced that the company will conduct its initial public offering and listing on the STAR Market, with an issue price of 8.66 yuan per share. Investors are requested to subscribe online and offline at this price on July 16, 2026 (T day), without needing to pay subscription funds at the time of subscription. The offline subscription period is from 9:30 to 15:00, while the online subscription period is from 9:30 to 11:30 and 13:00 to 15:00. The initial number of shares issued is 6,688,088,608 shares, accounting for approximately 10.00% of the total share capital after issuance. Additionally, CICC has been granted an over-allotment option of up to 15.00% of the initial shares issued.

The price-to-earnings ratio corresponding to the issue price, based on the lower of the diluted earnings before and after extraordinary items for 2025, is 308.92 times (without exercising the over-allotment option). This 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 expected proceeds from the offering are approximately 57.919 billion yuan (before exercising the over-allotment option), with net proceeds of approximately 57.638 billion yuan after deducting issuance expenses.