what’s the situation? Geely Automobile suddenly terminated its IPO and tried its best to raise funds for this company! “Blood battle” of new energy car companies is in full swing #热复盘#
On June 25, Geely Automobile (0175.HK) announced on the Hong Kong Stock Exchange that due to the company’s business decisions and strategic adjustments, the company’s board of directors decided to withdraw its initial public offering on June 25, 2021 and was approved by the company’s board of directors on June 25, 2021. Application for listing on the board.
At the same time, Geely Automobile also announced on the same day that the board of directors of its subsidiary JiKr Intelligent Technology Holdings Co., Ltd. (hereinafter referred to as “KryR Smart Technology“) has decided to explore different external financing solutions for the sustainable development of JiKr Intelligent Technology.
The market competition of new energy vehicles has entered a critical stage, and the degree of capital adequacy has become a key factor in competition among various companies. At the same time that Geely Auto terminated its IPO on the Sci-tech Innovation Board, Xiaopeng Motors and others have already begun their Hong Kong IPO. With their respective abilities, it is worth paying attention to who can finally stand out.
Geely Auto terminates IPO
Geely Automobile announced on the evening of June 25 that in view of the company’s business decisions and strategic adjustments, it has been deliberated and approved by the board of directors at the board meeting to be held on June 25, 2021 after careful research and discussion with relevant intermediaries that proposed the issuance of RMB shares , The company decided to withdraw its application for the proposed listing of RMB shares on the Science and Technology Innovation Board.
Geely Automobile stated that the group’s business is operating well, and the withdrawal of the proposed application for listing of RMB shares on the Science and Technology Innovation Board will not have any material adverse impact on the financial condition or operations of the Group. When the relevant conditions are mature, the company will actively promote the listing of RMB shares.
On September 1, 2020, Geely Automobile submitted a listing application to the Science and Technology Innovation Board of the Shanghai Stock Exchange. Geely Automobile stated in its previous prospectus that the company will proactively embrace new trends in industry changes, continue to adhere to the basic policy of leading development with innovation, and occupy the commanding heights of technology by communicating, cooperating and sharing with leading global companies to create a new format for future automotive travel. , And gradually realize the strategic goal of transforming from an automobile manufacturer to an automobile travel technology enterprise.
At the same time, the subordinate companies controlled by the actual controller of the company include Cao Cao Special Car and Yao Travel, Taili Flying Car, Yigatong Technology, Space-Time Daoyu, Carbon Cycle and other intelligent three-dimensional travel business units. Networking/vehicle chips/operating systems, satellite communications, echelon utilization of lithium batteries, charging and replacement infrastructure, carbon cycle alcohol and other innovative business models and cutting-edge technologies have layouts.
Geely Automobile said that the above-mentioned major companies have explored and accumulated more business model innovation and technology research and development around the trend of change in the travel field, and will have good coordination and cooperation for the company’s future product technology development and business model transformation and optimization. Promoting role.
The company plans to raise more than 20 billion yuan, mainly for new model product research and development projects, forward-looking technology research and development projects, and industrial mergers and acquisitions.
Extreme Krypton Intelligence to find another way out
Geely Automobile also announced on the same day that the board of directors of Geek Smart Technology has decided to explore different external financing options for the sustainable development of Gee Kry Smart Technology.
On March 23 this year, Jikrypton Intelligent Technology officially announced its establishment. Geely Auto is jointly invested by Geely Automobile and Geely Holding Group (including employee co-investment platform and user equity platform), of which Geely Automobile holds 51% of the shares and Geely Holding Group holds 49%. Li Shufu, chairman of Geely Holding Group, served as chairman of Geely Intelligent Technology, and Geely Automobile Group President An Conghui became its CEO.
On April 15, Geely Auto’s first model of the Geekrypton brand, Geekrypton 001, was launched. A total of 3 models were launched, with a price range of 281,000 to 360,000 yuan.
The sales situation of the new car is optimistic after the launch. On June 15th, JiKr officially stated that the deliverable orders of JiKr001 in 2021 have been sold out. At present, due to the shortage of parts (mainly due to chip reasons), in order to ensure that users can deliver normally, JiKr It was announced that it would stop receiving money of intent from June 15th.
On June 25th, Geely Holding Group and Ningbo Municipal People’s Government signed a strategic cooperation agreement, announcing that the global headquarters of Jikrypton Intelligent Technology Co., Ltd. will be located in Ningbo.
The previous research report of Western Securities pointed out that Ultra Krypton plans to launch 2 models every year from 2022 to 2024. 25 Ultra Krypton centers and 200 Ultra Krypton spaces will be opened within 3 years. The first batch of stores will be the first to adopt a self-operated model. Choose Geely, Lynk & Co and other excellent brands to form a direct cooperation relationship. In terms of service system, the company may use the existing networks of Geely and Lynk & Co to reduce the capital investment of Geely and Lynk & Co, while increasing the income level of Geely and Lynk & Co, and exert synergistic effects.
The layout path of intelligent driving is gradually clear. There are chip companies Xinqing Technology, software companies Zenuity, and Ekatong in the ecology of krypton technology. As a vehicle product provider, Jikrypton focuses on core algorithms and software. Zenuity is leading the research and development of HWP L4 system. Currently, it mainly serves Volvo. In the future, the plan will be introduced into Ultra Krypton. Ekatong will connect more upstream chips, sensors, algorithm training, etc., and is responsible for the integration of the domestic product value chain. Extreme Krypton 001 uses the chip solution of eyeQ5, but the control algorithms are all from Extreme Krypton. The company will realize global integration on the basis of SEA OS in the future.
New energy car companies “blood battle” financing market
New energy vehicles have gradually been in good conditions in the past two years, especially domestic brands have been flourishing.
According to data from the China Automobile Association, in the first quarter of 2021, my country achieved sales of 515,000 new energy vehicles, a year-on-year increase of 352%. In the past three months, the production and sales of new energy vehicles have continued to be at a relatively high level, with sales of 226,000, 206,000, and 217,000 in March-May, second only to the monthly sales of 248,000 in December last year.
When the production and sales in the first half of the year exceeded the forecast period, the China Automobile Association and the Passenger Association have repeatedly raised their annual sales forecasts from 1.8 million vehicles at the beginning of the year to 2.5 million vehicles.
At the same time, the previous case of Weilai Automobile being close to bankruptcy due to insufficient blood supply was yesterday, and new energy automobile companies have also spared no effort in financing.
The sub-brands of traditional enterprises also urgently need funding. “A new brand needs a lot of investment before forming hematopoietic capabilities, especially in the development of new models, various research and development investments, the introduction of new talents, the construction of service networks, and the establishment of energy supplement systems. The subdivisions of new brands are facing fierce challenges. The competitive environment and planned new products failed to meet the needs of users and thus failed to produce the expected scale of production and sales, which dragged down corporate profits.” said Wang Dean, an analyst at Ping An Securities.
In fact, the war of various new energy companies in the capital market has never ended. On June 25th, Xiaopeng Motors announced on the Hong Kong Stock Exchange that Hong Kong stocks IPO shares were offered at 180 Hong Kong dollars per share. The Hong Kong public offering will start on the morning of June 25, 2021.
According to the prospectus, Xiaopeng Motors will launch its fourth model in 2022. The new car is positioned as a medium and large SUV. The new car will be built on the same P7 Edward platform, and the platform used by the vehicle can support 2800-3100mm  The wheelbase range of this new model can reach up to 3100mm.
Previously, the US Securities and Exchange Commission documented that Xiaopeng Motors plans to issue 85 million shares in the global issuance. The Hong Kong public offering accounts for 5%, the international offering accounts for 95%, and there is an over-allotment share of 15%.
As early as March of this year, it was reported that three new automakers, NIO, Ideal Motors, and Xiaopeng Motors, which have been listed on the US stock market, are negotiating with several banks to issue shares in Hong Kong and plan to be listed in Hong Kong as early as this year.
Li Xiang, founder and CEO of Ideal Auto, previously stated that “Ideal does not mind any form of financing, including secondary markets, bank loans, and bond issuance.”
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