Investment tips for this issue:

l Glinda expects that the issuance of PE will not exceed the industry. As of August 2, the 28th batch of new shares in the approved IPO market in 2020 has been completed, and the total amount of capital to be raised is 4.125 billion yuan. Among them, Glinda's expected issue price based on the amount of 544 million yuan to be raised is 21.38 yuan. The corresponding issuance did not exceed the static PE of the industry it belongs to in the past month.

l Under neutral expectations, the offline placement ratios of Grinda's offline placement targets in the three categories A, B, and C were: 0.0174%, 0.0170%, and 0.0072%, respectively. The corresponding top funds allocated to a single account were: 10,400 yuan, 102,200 yuan, and 0.43 million yuan l AHP model scores - Glinda was in the upper middle of the approved IPO score in January. After considering the level of the liquidity premium and absolute price, Glinda's AHP score was 2.13, which is at 32.6% of the total score, and is in the middle and upper reaches of the prospectus score under the approved IPO system for the most recent month as of August 2.

l Fundamental highlights in this round: Glinda is a leading manufacturer of wet electronic chemicals in China. The core product TMAH contrast liquid has reached SEMI G4 grade, effectively boosting the localization process of the high-definition display industry. The company's products have a good reputation and reputation in the industry. Product end users include well-known domestic and foreign companies such as BOE Group, Korea's LG Group, Huaxing Optoelectronics, Tianma Microelectronics, and CLP Panda. In 2019, the domestic market share of the company's wet electronic chemicals was about 3.46%, and the domestic market share of the company's imaging liquid reached 43.95% in 2018. We also need to be wary of risks such as price fluctuations and customer concentration of major raw materials.