1, coupon rate is low, compensation interest is high, and pure debt value is acceptable. If the discount rate is 6.62%, the value of pure debt is 82.43 yuan.
2. The dilution pressure of total share capital of A shares is 65,438+06.20%, and the dilution pressure of circulating share capital is 32.65,438+04%, which is relatively high. In 2023, the company lifted the ban on June 2023 12. This time, 68 million shares were lifted, accounting for 88.54% of the outstanding shares before lifting the ban.
3. As of the announcement date of this prospectus, the controlling shareholder and its concerted parties have pledged 27.8 million shares, accounting for 465,438+0.13% of their shares and 65,438+08.36% of the total share capital.
4. The current annualized volatility of Zhongtian Hardcover is about 39.36%, and the long-term 240-day annualized historical volatility is about 42.70%, which is at a medium and low level among convertible bonds. The annualized volatility on 20th is 5 1.57%, which is higher than the historical average (4 1.60%).
5. When the stock price of Zhongtian Hardcover is 22.5 yuan, the converted value is 95.66 yuan, and the corresponding convertible bond price is 1 15.85 yuan ~ 1 17.22 yuan. When the stock price of Zhongtian Hardcover ranges from 17.5 yuan to 28.5 yuan, the reasonable market positioning of the corresponding convertible bonds is about
6. At the current market valuation level, it is unlikely that hardcover convertible bonds will be broken.
7. Assuming that the first-day increase of convertible bonds is 65,438+07%, and the placing income per share is about 0.65 yuan, the comprehensive placing income is 2.46% based on the share price cost of 22.5 yuan, and the placing income is low.
8. It is roughly estimated that the remaining subscription amount is 80 million yuan to 200 million yuan. The subscription funds range from 10.3 trillion to 10.7 trillion. The winning rate is estimated to be between 0.0007% and 0.0019%. When the nominal subscription amount of hardcover convertible bonds is 65,438+00.5 trillion yuan and the remaining subscription amount is 654,380.4 million yuan, the winning rate is 0.0065,438+03%. When the first day's increase is 17%, the expected return of investors who fully subscribe online is 2 yuan.
Company profile:
1. Shenzhen Zhongtian Hardcover Co., Ltd. was established on September 28th, 2000. It has the first-class qualification of national architectural decoration specialty, is one of the top 100 enterprises in China, and is the top three in residential fine decoration specialty market segment. The company was officially listed on the small and medium-sized board of Shenzhen Stock Exchange on June 28th, 2020.
2. Registered capital: 65,438+0,565,438+0.4 million yuan. Core business: Fine decoration of residential buildings in batches.
The company mainly provides batch fine decoration services for large domestic real estate developers, and belongs to the leading fine decoration service provider in China. Its specific business includes architectural decoration engineering construction and architectural decoration engineering design, which has strong market competitiveness in the field of fine decoration.