On April 13, 2021, CaiDa Securities opened an offline inquiry.

There is no transfer of old shares of Caida Securities. According to the capital raised disclosed in the prospectus, the estimated issue price of Caida Securities is 3.76 yuan. The estimated price-earnings ratio is 22.94 times, which is lower than the monthly average price-earnings ratio of 29.47 times the capital market service industry and below the 23 times price-earnings ratio red line.

Using the two trading days before the initial inquiry for this issue began (i.e. April 9, 2021, T-6 (including the same day)) as the benchmark date, investors who participated in the initial inquiry for the issuance of securities investment funds, basic pension insurance funds, and social security funds managed by investment managers of social security funds established through public fund-raising should have an average daily market value of not less than 10 million yuan (inclusive) of unrestricted A-shares and unrestricted depository receipts in the Shanghai market 20 trading days before the benchmark date (including the benchmark date). The average daily market value of unrestricted A-shares and unrestricted depository receipts in the Shanghai market held 20 trading days before the benchmark date (including the benchmark date) by other offline investors participating in the initial inquiry for quotation in this offering and their managed placement targets should not be less than 60 million yuan (inclusive). Taking into account the initial number of shares issued offline during this preliminary inquiry stage and the valuation of the issuer by the sponsor (lead underwriter), the sponsor (lead underwriter) set the minimum number of shares to be purchased by the offline investors to 5.4 million shares, and the unit with the minimum change in the proposed number of shares to be purchased was set at 100,000 shares, that is, the portion of the proposed purchase target of the offline investor that exceeds 5.4 million shares must be an integer multiple of 100,000 shares. The number of shares to be purchased for each placement target must not exceed 15.9 million shares.