Futures
Access hundreds of perpetual contracts
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Nanchang Sanrui Intelligent Technology Co., Ltd. First Public Offering of Shares and Listing on the Growth Enterprise Market Investment Risk Special Announcement
Log in to Sina Finance APP and search for [Information Disclosure] to see more evaluation levels
Sponsor (Lead Underwriter): Guotai Haitong Securities Co., Ltd.
Nanchang Sanrui Intelligent Technology Co., Ltd. (hereinafter referred to as “Sanrui Intelligent,” “Issuer,” or “Company”)'s application for the initial public offering of RMB common stock (A-shares) (hereinafter referred to as “this issuance”) and listing on the Growth Enterprise Market has been approved by the Shenzhen Stock Exchange (hereinafter “SZSE”) Listing Review Committee, and has been registered with the China Securities Regulatory Commission (hereinafter “CSRC”) with registration number (ZJXK〔2026〕96).
After negotiation and confirmation between the issuer and the sponsor (lead underwriter) Guotai Haitong Securities Co., Ltd. (hereinafter “Guotai Haitong,” “Sponsor,” or “Sponsor (Lead Underwriter)”), the total number of shares to be issued is 40.01 million shares, accounting for 10.00% of the total share capital after issuance, all of which are new shares issued publicly, with no transfer of old shares by the issuer’s shareholders. The shares are planned to be listed on the Shenzhen Stock Exchange’s ChiNext Market.
The issuance price is 24.68 yuan per share, corresponding to a diluted forward price-to-earnings ratio (PE) of 30.80 times based on the issuer’s net profit attributable to shareholders of the parent company in 2024, before and after deducting non-recurring gains and losses. This PE ratio is higher than the recent one-month average static PE of 29.25 times for the “Electrical machinery and equipment manufacturing industry (C38)” published by China Securities Index Co., Ltd. on March 24, 2026 (T-3 days), but lower than the average static PE of comparable listed companies in the same industry, which is 39.19 times after excluding outliers. There remains a risk of future decline in the issuer’s stock price leading to investor losses. The issuer and sponsor (lead underwriter) advise investors to pay attention to investment risks, carefully assess the reasonableness of the issuance price, and make rational investment decisions.
This issuance is subject to the “Administrative Measures for Securities Issuance and Underwriting” (CSRC Order No. 228), the “Registration Management Measures for Initial Public Offerings of Stocks” (CSRC Order No. 205), the “Implementation Rules for the First Public Offering of Securities (2025 Revision)” issued by SZSE, the “Implementation Rules for the Offline Offering of Initial Public Shares (2025 Revision)” (SZSE Order No. 267), the “Implementation Rules for the Online Offering of Initial Public Shares” (SZSE Order No. 279), the “Rules for Securities Underwriting Business” issued by the China Securities Industry Association (CSIA, No. 18, 2023), the “Rules for Management of Offline Investors in Initial Public Offerings” (CSIA, No. 57, 2025), and the “Guidelines for Classification Evaluation and Management of Offline Investors in Initial Public Offerings” (CSIA, No. 277, 2024). Investors are advised to pay attention to changes in relevant regulations.
The issuer and sponsor (lead underwriter) especially draw investors’ attention to the following:
Preliminary inquiry and offline issuance are organized and implemented by the sponsor (lead underwriter) through an electronic platform; online issuance is conducted via the SZSE trading system.
After the preliminary inquiry ends, the issuer and sponsor (lead underwriter) will, according to the “Preliminary Inquiry and Promotion Announcement for the Initial Public Offering of Nanchang Sanrui Intelligent Technology Co., Ltd. and Listing on the ChiNext Market” (hereinafter “Preliminary Inquiry and Promotion Announcement”), apply exclusion rules to the preliminary inquiry results, removing investors whose quotes do not meet requirements. Investors with a proposed subscription price above 25.31 yuan/share (excluding) will be excluded; those with a subscription price of 25.31 yuan/share and proposed subscription quantity less than 12 million shares (excluding) will be excluded; among investors with a subscription price of 25.31 yuan/share, proposed quantity exactly 12 million shares, and subscription time at 14:53:22.394 on March 24, 2026, one investor will be excluded based on the order generated automatically by the electronic platform. In total, 113 investors are excluded, with a proposed total subscription of 1,097.70 million shares, accounting for approximately 1.0037% of the total proposed subscription after invalid quotes are removed (10,936.810 million shares). The excluded investors are not eligible to participate in offline or online subscription.
Based on the preliminary inquiry results, considering remaining quotes, proposed subscription quantities, effective subscription multiples, industry position, market conditions, valuation levels of comparable listed companies, fundraising needs, and underwriting risks, the issuer and sponsor (lead underwriter) agree to set the issuance price at 24.68 yuan/share, with no further cumulative bidding for the offline issuance.
Investors are invited to subscribe online and offline at this price on March 27, 2026 (T day). No subscription funds are required at the time of subscription. The offline and online subscription days are both March 27, 2026, with offline subscription from 9:30 to 15:00, and online from 9:15 to 11:30 and 13:00 to 15:00.
Based on the final price, the strategic placement shares are allocated to senior management and core employees through a dedicated asset management plan (Guotai Haitong Junxiang ChiNext Sanrui Intelligent No. 1 Strategic Placement Collective Asset Management Plan, hereinafter “Junxiang No. 1 Asset Management Plan”) and large enterprises or their subsidiaries with strategic cooperation or long-term cooperation visions. The final number of strategic placement shares for Junxiang No. 1 is 4.001 million shares, about 10.00% of the total issuance; other strategic investors will also receive approximately 4.001 million shares, about 10.00%.
The initial strategic placement amount is 8.002 million shares, accounting for 20.00% of the total issuance. The final strategic placement amount remains the same at 8.002 million shares, with no need for a backstop to the offline issuance.
(1) 26.72 times (based on 2024 earnings per share calculated from net profit attributable to shareholders of the parent before and after deducting non-recurring gains and losses, divided by total share capital before issuance);
(2) 27.72 times (based on 2024 earnings per share after deducting non-recurring gains and losses);
(3) 29.69 times (based on 2024 earnings per share before deducting non-recurring gains and losses, calculated after issuance);
(4) 30.80 times (based on 2024 earnings per share after deducting non-recurring gains and losses, calculated after issuance).
(1) According to the “Guidelines for Industry Classification of Listed Companies” (2023) issued by the China Association of Listed Companies, the industry of the issuer is “C38 Electrical machinery and equipment manufacturing.” As of March 24, 2026 (T-3 days), the recent one-month average static PE for C38 industry is 29.25 times, published by China Securities Index Co., Ltd.
(2) As of March 24, 2026 (T-3 days), the valuation levels of comparable listed companies in the same industry, disclosed in the “Intention to Offer” document for the IPO of Nanchang Sanrui Intelligent Technology Co., Ltd., are as follows:
■
Data source: Wind Information, as of March 24, 2026 (T-3 days).
Note 1: Calculation of PE before/after non-recurring gains and losses in 2024: net profit attributable to shareholders of the parent before/after non-recurring gains and losses divided by total share capital before issuance.
Note 2: When calculating the arithmetic mean of static PE, PE > 100 is considered an outlier and excluded.
Note 3: Differences in decimal points in PE calculations are due to rounding.
The PE ratio of 30.80 times based on the issuance price of 24.68 yuan/share exceeds the recent industry average of 29.25 times but is below the average PE of comparable listed companies (39.19 times after excluding outliers). There remains a risk of future stock price decline, leading to potential investor losses. Investors are advised to pay attention to investment risks, carefully assess the reasonableness of the pricing, and make rational decisions.
Compared to other companies in the industry, Sanrui Intelligent has certain advantages:
The company relies on a comprehensive R&D system and sustained high-intensity investment, breaking through technical bottlenecks in power system integration, high efficiency, high reliability, lightweight design, and high-precision technology. Through years of independent R&D, it has formed 13 core proprietary technologies covering hardware design, software development, algorithm upgrades, manufacturing processes, and testing, including integrated power modules, electromagnetic design and optimization, thermal management, FOC vector control, lightweight composite materials, high-precision servo control, etc. This deep technical accumulation provides a key competitive advantage.
The company has achieved rich R&D results, with 368 authorized patents (including 45 invention patents, 149 utility model patents), 4 foreign invention patents, and 26 registered software copyrights, all related to core business. As a leader in drone electric power systems, it participated in drafting the “Supplementary Requirements for Electric Aircraft Power Units” in China’s civil aviation regulations. With independent controllable technology systems and system-level product innovation, it has obtained multiple certifications such as national high-tech enterprise, “Key Little Giant” enterprise, intellectual property advantage enterprise, green factory, and provincial manufacturing champion. It has also received industry honors like the “Global Unmanned System Industry Golden Wing Award,” “5th World Drone Conference - Innovation Product Award,” and “6th World Drone Conference - Little Giant Award.”
The company adheres to a customer demand-oriented product development and marketing strategy, successfully promoting products to over 100 countries and regions worldwide, including Asia, Europe, America, Africa, and Oceania, serving about 1,800 customers annually with high-quality products and services. In drone and robot power systems, it has established deep cooperation with many industry leaders.
Through multiple channels and with high market recognition, the issuer has accumulated a large customer base. According to the “Drone Manufacturers Ranking 2023” published by Drone Industry Insights in November 2023, 19 of the top 23 global drone manufacturers are clients of the issuer; similarly, the “Connected Commercial Drones” report by Berg Insights in April 2025 shows 30 of the top 45 industrial drone manufacturers are clients, indicating high market recognition.
In the field of drone electric power systems, the company offers over 60 series and 400 models, including motors, electronic speed controllers, propellers, and integrated power systems, widely used in agriculture, industrial inspection, mapping, logistics, emergency rescue, security, model sports, FPV racing, aerial photography, and light shows. The products support operation in extreme environments like cold, high altitude, deserts, and strong winds. In robotics, it has over 70 models across more than 10 series, applied in humanoid robots, quadruped robots, exoskeletons, and wearable devices, providing precise and efficient power output. The company is also actively expanding into eVTOL-related products, becoming one of the most comprehensive and well-structured professional drone power system manufacturers domestically. Its strategic multi-field layout and diversified product matrix form a solid foundation for sustained growth and competitive advantage.
With over ten years of development, the company has invested heavily in quality control, establishing comprehensive quality management systems and accumulating rich experience. It has obtained certifications such as AS9100D aerospace quality management, ISO9001 quality management, and ISO14001 environmental management. Its products have passed CE, UL, and other international certifications, qualifying them for global drone power system sales. The company integrates quality requirements into procurement, materials, environment, and production management to ensure stability and reliability, building long-term trust with customers and establishing a high-end, trustworthy brand image.
Given the broad application of drones and robots, the power system must be highly adaptable. After over ten years of R&D, the company has built an engineering database and modular development system integrating cross-industry design and manufacturing data, enabling precise customer needs analysis and rapid response. It continuously innovates to optimize performance, structure, and appearance, meeting diverse customer requirements within strict delivery schedules, forming a complete service system from demand analysis to product delivery, with industry-leading customization ability.
The company has 10 production lines with annual capacities of 1.85 million motors, 500,000 electronic speed controllers, and 200,000 carbon fiber propellers, becoming one of the largest domestic manufacturers of civilian drone power systems. Its scale advantages reduce unit costs, strengthen bargaining power, and enhance profitability and market position.
Its products are characterized by “variety, small batch, and customization,” requiring frequent parameter adjustments. The company has built an intelligent information management platform and improved key process management and hardware facilities, achieving flexible production lines and organizational modes. This integration allows quick response to customer needs, ensuring high efficiency and customization. The flexible production system can efficiently meet large-scale and diverse delivery demands.
(3) After the final strategic placement price is set, 304 investors with valid bids participated in offline issuance, managing 9,726 placement objects, accounting for about 98.04% of all placement objects after excluding invalid bids; the total valid subscription amount is approximately 107,348.40 million shares, about 98.15% of the total after excluding invalid bids, with an effective subscription multiple of 4,192.23 times the initial offline issuance scale before the online/offline backstop.
(4) Investors are advised to note the difference between the issuance price and offline investor quotes. Details of offline investor quotes are published in the same day’s “Issuance Announcement” on CNINFO.
(5) The “Intention to Offer” discloses a fundraising amount of 768.8829 million yuan. The total amount at the issuance price of 24.68 yuan/share is approximately 987.4468 million yuan, with estimated issuance costs of about 97.1356 million yuan (excluding VAT), resulting in net proceeds of approximately 890.3112 million yuan, which exceeds the disclosed fundraising amount due to rounding.
(6) The issuance follows a market-oriented pricing principle. During the preliminary inquiry, offline investors quote based on genuine subscription intentions. The issuer and sponsor (lead underwriter) determine the final price considering the issuer’s fundamentals, industry, market conditions, valuation levels of comparable companies, fundraising needs, and underwriting risks. The final price of 24.68 yuan/share does not exceed the median and weighted average quotes after removing the highest quote from offline investors, nor the median and weighted average quotes from public funds, social security, pension, enterprise annuities, insurance funds, and qualified offshore investors (which is 25.0175 yuan/share). Participation in subscription implies acceptance of this price. Those with objections are advised not to participate.
(7) There is a risk that the stock may fall below the issuance price after listing. Investors should be aware of the risks associated with market-based pricing, understand that stock prices may decline, and strengthen risk awareness and value investing. The regulatory authorities, issuer, and sponsor do not guarantee that the stock price will not fall below the issuance price.
Based on the issuance price of 24.68 yuan/share and 40.01 million new shares, if successful, the issuer’s total fundraising will be approximately 987.4468 million yuan, net of about 89.0312 million yuan after costs, with rounding differences. The issuance may significantly increase net assets, affecting the issuer’s operational model, management, risk control, financial condition, profitability, and long-term interests.
The stocks issued in this round are freely tradable upon listing on SZSE, with no restrictions or lock-up periods for online shares. The offline shares are subject to a 6-month lock-up period, with 90% of the allocated shares being unrestricted from the listing date, and 10% locked for 6 months from the listing date.
Investors participating in initial inquiry and subscription do not need to arrange lock-up periods for their managed objects; acceptance of the quote implies acceptance of the lock-up arrangements disclosed.
Strategic investors’ shares are locked for 12 months from the listing date. After the lock-up period, their share reduction is subject to relevant regulations.
Online investors must independently express their subscription intentions and cannot delegate this to securities firms.
Offline investors should pay the final subscription funds by 16:00 on March 31, 2026, based on the final issuance price and preliminary allotment. Funds must be fully paid within the specified time; failure to do so will invalidate the allotment. If multiple IPOs occur on the same day, the same rules apply. Shared bank accounts must ensure sufficient funds; otherwise, all allotments will be invalid. Investors with multiple IPO allocations should pay separately for each.
Online investors must settle funds according to the “Results Announcement of Online Lottery for Nanchang Sanrui Intelligent Technology IPO,” ensuring sufficient funds by March 31, 2026. Shortfalls are deemed to be forfeited. Investors are responsible for compliance with their securities firms’ rules.
Unsubscribed shares from offline and online investors will be underwritten by Guotai Haitong.
If the total subscription amount (offline + online) is less than 70% of the final strategic placement amount, the issuer and sponsor (lead underwriter) will suspend the issuance and disclose reasons and subsequent arrangements.
Placement objects must strictly comply with the CSIA industry regulation requirements; subscription amounts must not exceed their asset scale. Investors who provide valid quotes but do not subscribe or pay in full, or who fail to pay timely, will be considered in breach and liable for breach. The sponsor will report breaches to CSIA. Violations by investors or their managed objects in the stock exchange’s various segments will be counted cumulatively. During restriction periods, they cannot participate in offline inquiries or placements. Repeated violations within 12 months may result in disqualification from participating in new offerings for 6 months.
Each placement object can only choose either offline or online subscription; participation in preliminary inquiry does not qualify for online subscription.
After offline and online subscription periods, the issuer and sponsor will decide whether to activate a backstop mechanism based on overall subscription results, adjusting issuance quantities accordingly.
After the issuance, listing on SZSE requires approval; if not approved, shares cannot be listed, and the issuer will refund subscription funds plus bank interest.
The existing share lock-up period and related commitments are detailed in the “Prospectus.” These arrangements are voluntary commitments made by shareholders for governance and stability reasons.
Any decisions or opinions by CSRC, SZSE, or other authorities do not constitute guarantees or substantive judgments on the issuer’s profitability or investment value. Investors should be aware of risks, assess reasonableness, and make independent decisions.
Investors should pay close attention to risks. The issuer and sponsor (lead underwriter) may suspend issuance if:
(1) offline subscription total is less than the initial offline issuance;
(2) online subscription is insufficient after backfill, and offline investors cannot subscribe fully;
(3) total offline and online subscriptions are less than 70% of the final issuance;
(4) significant post-issuance events affect the process;
(5) suspected violations or anomalies are found during the issuance process, leading to suspension or investigation.
In such cases, issuance will be suspended with timely disclosure. Refunds will be arranged for investors who have paid. The issuer and sponsor may restart issuance after registration and regulatory compliance.
Investors intending to participate should carefully read the full “Prospectus” disclosed on the CSRC website (CNINFO) on March 19, 2026, especially the “Major Matters Reminder” and “Risk Factors” sections, to understand all risks and make prudent decisions. The issuer’s operational status may change due to political, economic, industry, or management factors, and investors bear the risks.
This risk warning does not cover all risks. Investors should thoroughly understand market features and risks, evaluate their risk tolerance, and decide independently whether to participate.
Issuer: Nanchang Sanrui Intelligent Technology Co., Ltd.
Sponsor (Lead Underwriter): Guotai Haitong Securities Co., Ltd.
March 26, 2026