The strategy of inquiry for new shares in this issue

On September 5, 2019, the construction shares opened an offline inquiry.

There is no transfer of old shares in Jiaojian shares. According to the disclosure of the estimated raising funds, issuance expenses and issuance quantity in the prospectus, the estimated issue price of the construction shares is 5.14 yuan, corresponding to a price-earnings ratio of 22.99 times, which is higher than the one-month average price-to-earnings ratio of 8.7 times for the civil engineering construction industry and lower than the red line of 23 times earnings ratio. Take the two trading days before the initial inquiry date of this issue (that is, September 3, 2019, T6) as the benchmark date The securities investment funds, basic old-age insurance funds and social security funds managed by investment managers of social security funds that participate in the preliminary inquiry of this issue shall have an average daily market value of more than 10 million yuan (including) in the Shanghai market for 20 trading days before the benchmark (including base days). The average daily market value of unrestricted A shares and unrestricted depositary receipts held by other investors participating in this issue and their managed allotment targets in the 20 trading days before the benchmark date (including the base day) shall be more than 60 million yuan (inclusive). The minimum number of shares to be purchased by each placement object managed by offline investors is 4 million shares, and the minimum number of shares to be purchased is set at 100000 shares. that is, the portion of each placement object managed by offline investors that is more than 4 million shares must be an integral multiple of 100000 shares and not more than 8 million shares.