The process of comprehensive registration system is constantly advancing! On the evening of March 23rd, Zhongzhong Technology and Dengkang Oral, which are scheduled to be listed on the main boards of Shanghai and Shenzhen stock markets, announced their IPO price. This is also the first batch of mainboard registered new shares to announce the issuance price since the implementation of the comprehensive registration system. The issuance price of Zhongzhong Technology was determined through a preliminary offline inquiry. Based on the preliminary inquiry results, the issuer and the sponsor (lead underwriter) Guotai Jun'an Securities negotiated and determined that the issuance price was 17.80 yuan per share, with a corresponding P/E ratio of 29.01 times, officially announcing the end of the era of "23 times P/E ratio" for new shares on the main board. Dengkang Oral adopts a combination of offline and online issuance, with an issuance price of 20.68 yuan per share. The corresponding issuer's diluted net profit attributable to shareholders of the parent company in 2021 after deducting extraordinary profits and losses is 36.75 times the price earnings ratio. This comprehensive reform of the registration system for the issuance of new shares through market-oriented inquiry. The main board underwriting system for the issuance of new shares fully draws on the successful experience of the pilot registration system on the Science and Technology Innovation Board and the Growth Enterprise Board in the early stage. There are no administrative restrictions on the price and scale of the issuance of new shares, and the mechanism of inquiry, pricing, and placement with institutional investors as the main participants is improved and implemented to achieve market-oriented issuance of new shares. On March 22, Zhongzhong Technology and Dengkang Oral conducted an offline inquiry. In terms of Zhongzhong Technology, 8608 placement objects managed by 562 offline investors participated in the preliminary inquiry, including 216 individual investors. The quotation range for offline investors is 6.10 yuan/share to 50.28 yuan/share, and the total number of shares to be subscribed is 181770.3 million shares. In terms of Dengkang Dental, the sponsor has received preliminary inquiry and quotation information from 8096 placement objects managed by 627 offline investors, with a quotation range of 1.68 yuan/share to 59.65 yuan/share, and the total number of proposed subscriptions is 88458.3 million shares. From the perspective of P/E ratio, the issuance price of Zhongzhong Technology corresponds to a P/E ratio of 29.01 times in 2021, which is lower than the average static P/E ratio of 35.52 times in the latest month of the issuer's dedicated equipment manufacturing industry (C35) industry. The diluted P/E ratio of the issuer's net profit attributable to shareholders of the parent company in 2021 after deducting extraordinary profits and losses corresponding to the issuance price of Dengkang Oral is 36.75 times, which is lower than the average static P/E ratio of the parent company's shareholders' net profit attributable to comparable listed companies in the same industry in 2021 after deducting extraordinary profits and losses, but higher than the static average P/E ratio of the same industry in the latest month published by China Securities Index Co., Ltd., which is 18.18 times. From the perspective of fundraising, the issuance price of Zhongzhong Technology corresponds to a total market value of 8.01 billion yuan after the issuance, with a total raised capital of 1.602 billion yuan. After deducting the issuance expenses, the net raised capital is 1.497 billion yuan, higher than the expected raised capital of 1.254 billion yuan. The total amount of funds raised by Dengkang Oral is expected to be 890 million yuan, and the net amount of funds raised is expected to be 826 million yuan after deducting the issuance expenses. From the perspective of finalists, after pricing, Zhongzhong Technology has 313 finalists and 6710 placements, with a finalist rate of 77.95%; Dengkang Oral has submitted a valid quotation for this offline release