AP, June 1 (Editor Zhou Xinyang) Weima Holdings submitted its prospectus to the Hong Kong Stock Exchange in the morning of Wednesday (June 1).
According to the Insight Consulting Report, in 2021, the sales volume of Weima's electric SUVs will rank first among all pure electric vehicle manufacturers in the mainstream market of China. In 2021, the sales volume of electric vehicles and smart electric vehicles will rank third among all local automobile manufacturers in the mainstream market of China. In 2021, the sales volume of Weima will be 44152 vehicles.
Weima delivered 3309 electric vehicles in April 2022, an increase of 48.9% year on year, which is better than the data that most of the new car building forces cut their share in April.
By the end of April 2022, since the launch of the first model in September 2018, Weima has sold more than 98000 electric vehicles in total.
According to the latest financing rounds of Weima, the company's pre IPO valuation is about 4.1 billion dollars.
Haitong International, CMB International and BOC International are its lead underwriters
After the second half of 2022, Weima is expected to have a total of 5 models. According to Insight Consulting data, Weima will become the company with the largest number of electric vehicle models among all pure electric vehicle manufacturers in China from 2018 to 2022.
As of the last practical date, Weima has the following models: EX5 EX6, W6, E5 and M7.
Weima believes that it has advanced technology in the industry. By the end of 2021, Weima has 1141 R&D personnel, about 91.0% of whom have bachelor's degree or above, and have rich experience in the automotive or Internet industry.
Its core technologies include electronic and electrical architecture, autopilot/advanced driving assistance system, intelligent cockpit, electric powertrain and digital platform
According to the prospectus, Weima is the first pure electric vehicle manufacturer in China to establish its own production facilities from the very beginning. The maximum annual production capacity of the two self owned production facilities in Zhejiang and Hubei Province is 250000 vehicles.
The cumulative sales volume is less than 100000
During the past record period, the sales volume of Weima electric vehicles increased significantly from 12799 in 2019 to 21937 in 2020 and 44152 in 2021.
The Company's revenue increased rapidly by 51.6% from 1.762 billion yuan in 2019 to 2.672 billion yuan in 2020, and further increased by 77.5% from 2020 to 4.743 billion yuan in 2021.
Like all new car making forces, Weima's annual loss increases year by year before reaching enough production capacity and sales volume. From 2019 to 2021, the losses were about 4.145 billion yuan, 5.084 billion yuan and 8.258 billion yuan respectively.
Weima's business history is limited, and the prospectus frankly says that it is difficult to assess the company's business and future prospects; The competition in China's passenger car market is fierce, and the demand for electric vehicles may be cyclical and volatile.
Weima stressed that technology development and investment may not produce the expected results; Or be subject to risks related to AD/ADAS (intelligent/unmanned driving) solutions, including risks related to personal hazards;
During the period of record of past performance, the Company recorded significant losses from operating activities and will continue to do so in the future; At the same time, the operation of the company needs a lot of funds. Failure to obtain adequate financing on acceptable terms may have a material adverse impact on business performance,
As for the proceeds from the post listing fundraising, Weima said: it will be used to research and develop the vehicle development platform and the next generation of intelligent electric vehicles; Expand sales and service network; Will be used in connection with manufacturing; Repayment of syndicated loans and use for general corporate purposes and working capital.
