Original title: Will the second Hong Kong listed new car manufacturing enterprise be born? ideal The car passed the Hong Kong Stock Exchange listing hearing, and "Weixiaoli" started a new round of slot race
Reporter/Sun Lei
Editor/Pei Jianru
After Xiaopeng Auto, Hong Kong shares will welcome a new force car manufacturing enterprise.
On July 26, the reporter of the Daily Economic News learned that Ideal Auto had passed the listing hearing of the Hong Kong Stock Exchange, Goldman Sachs CICC is the joint sponsor. Previously, it was reported that Ideal Auto had submitted its listing application to the Hong Kong Stock Exchange at the end of May and would return to Hong Kong shares in the form of dual listing. In this regard, the person in charge of Ideal Auto told the reporter: "We do not comment on the market rumors."
Image source: Daily economic news information map It is worth noting that the rumor of returning to Hong Kong stock market for many times has not been denied by Ideal Auto. Li Xiang, the founder, chairman and CEO of Ideal Auto, said in an interview with reporters earlier: "We don't mind getting more capital reserves in any way, including capital market, secondary market, bank loans and bond issuance."
In Li Xiang's opinion, Wei Lai The competitors of Auto, Ideal Auto and Xiaopeng Auto include Tesla 、 millet 、 Baidu New players and traditional car companies have sufficient capital reserves. Just like the importance of logistics reserves in the "war", the more abundant the capital, the more leisurely it will be.
Hong Kong shares will welcome the second new car manufacturer?
If things go well after that, Ideal Auto will become the second new force car manufacturing enterprise to land in Hong Kong shares after Xiaopeng Auto. As of the close on July 23, ETT, Ideal Auto (LI) closed at 30.28 dollars per share, with a market value of 27.393 billion dollars.
Some analysts believe that numerous cases have proved that if the enterprise fails to solve the problems such as sustainable operation ability, enterprise operation standard and financial authenticity, it will face a huge risk of losing capital trust after the failure of the IPO. The dual listing in Hong Kong stock market not only shows that the development of the ideal automobile enterprise continues to improve, but also reflects the full enthusiasm of the Hong Kong capital market for the smart electric vehicle enterprises of China Concept Stock.
According to the recently released retail data of the China Auto Data Terminal, the ideal ONE insured 7827 vehicles in June this year. With this model, Ideal Auto also won the first place in the sales ranking of Chinese new force brands. So far, the Ideal Car has delivered more than 63000 new cars.
Photo source: Photo Network citic securities It is believed that with the continuous improvement of domestic policies and systems and the gradual improvement of the market environment, the domestic market has become more attractive to some Chinese stocks in the United States. At the same time, the Listing Rules formulated by the Hong Kong Stock Exchange allow companies focusing on Greater China to retain the current VIE structure and different voting rights structures, which also removes many obstacles for the return of China Concept Shares.
Before that, Xiaopeng Auto was listed in Hong Kong shares on July 7. Previously, Reuters quoted insiders as saying that Weilai Automobile also planned to go to Hong Kong for listing this year to attract more investors, and was discussing listing plans with several banks. So far, Weilai Automobile has not commented on the rumors.
Like Xiaopeng Auto, Ideal Auto will choose the way of "dual main listing" to land in Hong Kong shares because it does not meet the requirement of having a good regulatory compliance record of at least two years in another eligible exchange. According to the Hong Kong Stock Rules, such companies Hong Kong Stock Exchange Both the Second Exchange and the Second Exchange are subject to all trading requirements, but are not subject to the two-year rule.
According to the rules, "dual main listing" enterprises can choose "Shanghai Hong Kong Stock Connect" and "Shenzhen Hong Kong Stock Connect", which is an advantage that "secondary listing" enterprises do not have. Through the Hong Kong Stock Connect, Ideal Auto can further close the market distance with A-share investors, activate stock transactions, and improve the growth space with more potential, which is also one of the biggest attractions of this IPO of Ideal Auto.
It is said that whether it is Xiaopeng Auto or Ideal Auto, the efficiency of their return to Hong Kong stock market is extremely high, which is far more than many Chinese concept stocks that have returned to Hong Kong for listing before. While filling the smart electric car track of Hong Kong stock market, the two will benefit the smart electric car concept stocks in the whole Hong Kong market.
"Weixiaoli" starts a new round of pit stops
It is worth noting that after the baptism of the epidemic, the domestic new power car manufacturing enterprises have undergone a new round of reshuffle. Bojun Auto, Sailin Auto, etc. have fallen, while Weilai Auto, Ideal Auto, and Xiaopeng Auto have been listed in the US stock market, forming the first echelon of new power car manufacturing.
It is believed that Weilai Automobile, Ideal Automobile and Xiaopeng Automobile, which have surmounted the production and delivery of the first car, are accelerating the layout of the second stage of car building. It is understood that the three new car makers are increasing their investment in research and development in order to seize more market shares.
Li Xiang told reporters that the ideal car would increase its investment in R&D in the future, and the R&D expenditure would increase to 3 billion yuan in 2021. "In the next few years, R&D investment will continue to increase, because the challenges (we) face in the next few years are completely different," Li Xiang said.
Photo source: Photographed by reporter Sun Tongtong (data picture) It is understood that the ideal car will launch a full-size extended program electric SUV next year, and it is also developing the next generation BEV platform and future models. According to the plan, the ideal car wants to reach the sales target of 1.6 million vehicles in 2025, and seize more than 20% of the market share of China's intelligent electric vehicles.
However, it should be noted that up to now, the three enterprises of Weilai Automobile, Ideal Automobile and Xiaopeng Automobile have failed to achieve "self hemopoiesis" and are still in a loss state. Financial report data shows that in the first quarter of 2021, the net losses of Weilai Auto, Ideal Auto and Xiaopeng Auto are 450 million yuan, 360 million yuan and 790 million yuan respectively. In this context, a large amount of R&D investment still needs external "blood transfusion".
Previously, an investor who did not want to be named told the reporter: "The new force of car building is about to usher in a new wave of IPO boom. Ideals and Xiaopeng's preemptive IPO is conducive to obtaining more financing, as well as the subsequent increase of stock prices. At present, whoever realizes this action first may seize the first opportunity."
It is understood that Xiaopeng Auto, which has been listed in Hong Kong shares, raised more than HK $13 billion in this IPO, and most of this money will also be used for research and development. According to the prospectus, Xiaopeng Automobile plans to use about 45% of the net proceeds from the Hong Kong stock listing to expand the company's product portfolio and develop more advanced technologies.
According to previous news, Ideal Auto may be listed in Hong Kong stock market before the end of August this year. How does its share price perform after listing? Can it stand out in a new round of competition of new car making forces after listing? The industry will continue to pay attention.
