The board of directors of TIANYE Innovation Corporation.issued a public announcement on March 6th, stating that the over-allotment option for the company's initial public offering of stocks and listing on the Beijing Stock Exchange has been exercised completely on March 3rd, 2023. Guohai Securities has, at the issuance price of 3.60 yuan per share on January 11th, 2023 (T day), over-allotted 750,000 shares to online investors, accounting for 15% of the initial issuance share quantity. 
The company, based on the issuance price of 3.60 yuan per share, increased the number of newly issued shares by 730,400 shares on the basis of the initial issuance scale of 50 million shares. The total number of issued shares expanded to 57.304 million shares, and the total share capital of the company increased from 320 million shares to 327.304 million shares. The total number of issued shares accounted for 17.51% of the total share capital after the issuance. The total amount of funds raised by the company due to this increase was 26.2944 million yuan. Together with the total amount of funds raised from the initial issuance of 5 million shares, which was 180 million yuan, the final total amount of funds raised from this issuance was 206.2944 million yuan. The amount of issuance expenses (excluding tax) was 15,935,587.90 yuan, and the net amount of funds raised was 190,358,812.10 yuan. 
It is known that the company mainly engages in the research, production and sales of tropical fruit and vegetable raw material products. Its main products include raw fruit juice, frozen fruits, fresh fruits, etc. 
In China, the consumption of fruit juice beverages mainly consists of orange juice, apple juice, etc. Under the background of消费升级， consumers' demands for personalized， scene-based and experiential fruit juice beverages have sharply increased. Fruit juice beverage manufacturers have increasingly regarded product differentiation as an important competitive means， and have intensified the launch of new products and accelerated their pace， which has driven the adjustment of product structure in the raw fruit juice industry. The consumption volume of tropical fruit juices such as mango juice and passion fruit juice has grown rapidly. 
According to the report by Sullivan disclosed by Fronius Water, in terms of retail sales, the market size of Chinese juice beverages in 2019 was 145.3 billion yuan. Among them, the retail sales of low-concentration juice (with juice content ranging from 5% to 29%) accounted for 75.3% of the total retail sales of juice beverages. From 2014 to 2019, the compound annual growth rates of pure juice (with juice content of 100%), medium-concentration juice (with juice content ranging from 30% to 99%), and low-concentration juice were 12.9%, 9.4%, and 0.4% respectively. It is expected that the compound annual growth rates of the market size of pure juice and medium-concentration juice from 2019 to 2024 will be 9.8% and 6.6% respectively. The market concentration of pre-packaged juice beverages has continued to increase. In 2021, the year-on-year growth of the fruit and vegetable juice and fruit and vegetable juice manufacturing industry in China was approximately 14%, and the sales revenue of juice beverages products of leading enterprise Fronius Water increased by 32.20%. The growth rate of leading enterprises was much higher than that of the industry. 
According to Sullivan's "White Paper on the New Tea Drink Supply Chain in China 2022", with the improvement in the freshness of raw materials in the tea drink industry and the growing popularity of fruit-based tea drinks among consumers, the market size of new tea drink fruit products will experience rapid growth. The cost of fruit in new tea drinks accounts for 20-25% of the overall raw material cost. The fruits used in the new tea drink industry come in various forms, such as fresh fruits, frozen fruits, concentrated fruit juices, fruit jams, NFC, etc. As consumers' emphasis on health continues to increase, fresh fruits, frozen fruits, NFC, etc. will be used more as raw materials in new tea drinks. In the future, the proportion of traditional concentrated fruit juices and fruit jams will decrease. 
The main competitors of the company include Guotou Zhonglu Juice Co., Ltd. (600962), Yantai Beifang Andeli Juice Co., Ltd. (605198), and China Haisheng Juice Holding Co., Ltd. 
The company's top five clients are Nayue Tea, Cha Baodao, Yiyi One, Nongfu Spring, and Shanghai Auntie. 
The company's five major suppliers are: Wuxin County Wu Niu Nutritional Vegetables Professional Cooperative Society, Dechang Xintai Agricultural Science and Technology Development Co., Ltd., Fujian Daladalu Fruit Trading Co., Ltd., Guangdong Guiyu Agriculture Co., Ltd., and Haikou Guangshunda Packaging Materials Co., Ltd. 
Based on the company's financial data over the past five years, the total operating revenue has shown a good increase in the past four years; the net profit attributable to the parent company has been excellent over the past five years; the return on net assets is relatively good, and the profit level is also good.