Comparative Analysis Of IPO Pricing Cases Of Listed Companies In Science And Technology Innovation Board

The science and technology board has just been established in 2019.The most notable features are the implementation of a registration system and allowing unprofitable companies that meet the listing conditions to be listed.Under this background,the previous valuation method has a great effect on the pricing of newly listed companies Big limitations.This paper combines the traditional pricing methods of absolute valuation and relative valuation,and uses comparative analysis to select three cases of CRSC,UCloud,and Suzhou Zelgen Biopharmaceuticals Co.,Ltd.on the science and technology board.It is in a fast-growing period,and China Connect is in a mature stage,so these three cases can more effectively cover the different development stages of companies that will soon be listed on the science and technology board.At the same time,these three companies have strong industry representation.The rail transportation industry,information technology and pharmaceutical manufacturing are all industries supported by the science and technology board.UCloud is the first listed company with the same stock and different rights in the Science and Technology Innovation Board.Suzhou Zelgen Biopharmaceuticals Co.,Ltd.is the first company to go public at a loss.A reasonable valuation of these companies will have a great reference for future listed companies.This article briefly introduces the case from the perspective of their respective main financial indicators and the equity changes when the science and technology board is listed.According to the brief description of the case,it is concluded that CRSC is large in scale and stable in profit;UCloud has high operating income,rapid growth,and large profit fluctuations;Suzhou Zelgen Biopharmaceuticals Co.,Ltd.has small assets,operating income has not yet been generated,and these companies have negative net profits.Features.Based on the characteristics of the respective companies,the three companies are compared horizontally,and they are compared from the different pricing methods of their industry development and prospects,company size,operating conditions,profit models and IPO pricing options.CRSC and UCloud used the price-earnings ratio pricing method at the time of listing,and Suzhou Zelgen Biopharmaceuticals Co.,Ltd.adopted the market value / R & D expense method.Based on the comparative analysis,two conclusions were drawn.One is that the price-earnings ratio method is applicable to CRSC but not Applicable to UCloud,the second is that market value / R & D expenses have a certain reference value for Suzhou Zelgen Biopharmaceuticals Co.,Ltd..Based on the previous analysis,and combined with thecharacteristics of the respective companies,the appropriate pricing methods were derived.That is to say,the conclusion that China Unicom applies P / E ratio pricing,and that the price-to-sales ratio pricing is suitable,and that Suzhou Zelgen Biopharmaceuticals Co.,Ltd.s is suitable for the combination of market value / R & D expenses and the revised discounted cash flow model.The conclusions drawn by the individuals in these three cases will be extended to the companies that will be listed on the science and technology board.If the development is mature and the profit is stable,they can follow the China Panasonic to adopt price-earnings ratio pricing;high operating income,in the rapid growth period,sales This type of company with a large market share and so on can be compared with UCloud,using a price-to-sales ratio pricing method;it is not yet profitable,is in a loss state,and even the growth rate of loss has accelerated,and the investment in research and development is high.High-tech companies can combine Suzhou Zelgen Biopharmaceuticals Co.,Ltd.’s pricing method with market value / R & D expenses and a revised discounted cash flow model.