On November 18, 2021, Changjiang Materials opened an offline inquiry.

Changjiang Materials did not transfer old shares. According to the capital raised calculation disclosed in the prospectus, the estimated issue price is 25.56 yuan. The estimated price-earnings ratio is 18.78 times, which is higher than the price-earnings ratio of the non-metallic mineral products industry of 17.79 times, and below the red line of 23 times the price-earnings ratio of the first IPO on the market.

In addition to securities investment funds, basic pension insurance funds, and social security funds managed by the investment manager of the social security fund, offline investors participating in the initial inquiry for quotations and their managed placements should have an average daily market value of unrestricted A-shares and unrestricted depository receipts in the Shenzhen market 20 trading days (including the base date) before the benchmark date (including the base date).

Taking into account the initial number of shares issued offline and the valuation of the issuer, the sponsor (lead underwriter) set the lower limit of a single placement target designated by offline investors at 1.2 million shares, and the minimum unit of change in the proposed number of shares to be purchased was set at 100,000 shares, that is, the portion of the proposed subscription amount of a single placement target specified by an offline investor exceeding 1.2 million shares must be an integer multiple of 100,000 shares. At the same time, the proposed number of shares to be purchased by a single placement target must not exceed 2.3 million shares.