Auto-First|Liu Tianming
“Xiaopeng Motors has obtained the Hong Kong Stock Exchange listing permit and will be listed on the Hong Kong stock market as early as this year. It plans to raise financing of no more than 2 billion yuan.” On June 23, a person familiar with the matter also pointed out that as the deliberations proceed, relevant details still remain. May change.
Regarding the rumors of listing in Hong Kong, Xiaopeng Motors responded with “no comment.”
Xiaopeng Motor’s plan to land on the Hong Kong stock market can be seen as another expansion of financing channels. According to statistics, the financing of new car-building forces reached a high point in 2017, and the annual financing amount reached about 96 billion yuan. In the following years, the financing channels for new car-building forces became narrower and narrower. In 2018, the total financing amount reached 54.5 billion yuan. , The total amount of financing in 2019 exceeded 26.8 billion yuan, and the scale of financing also decreased significantly.
In the context of narrow financing channels and shrinking financing scale, new leading automakers have begun to go to the United States for IPO. Taking Xiaopeng Motors as an example, in August 2020, it officially landed on the New York Stock Exchange at a price of $15 per share. The total amount of funds raised by Xiaopeng Motors in this issuance is approximately US$1.72 billion. At the end of 2020, Xiaopeng Motors will issue additional ADS (American Depositary Shares) at a price of US$45, raising US$2.5 billion.
If Xiaopeng Motors’ landing in the Hong Kong stock market is successful, it will once again help Xiaopeng Motors complete a new round of financing and ensure that it has sufficient financial support for its technology research and development and corporate operations.
It is worth noting that since the easing of relevant policies in 2018, the return to Hong Kong stocks has become a “mind thing” for many Chinese concept stocks. In the past two years, Chinese concept stocks such as JD.com and Pinduoduo have all been preparing to return to Hong Kong for listing. In 2020 In June, NetEase announced the official launch of the Hong Kong IPO. As of April this year, 13 Chinese concept stocks have been listed in Hong Kong for the second time, with a fund-raising scale of 282 billion Hong Kong dollars.
However, unlike many Chinese concept stocks returning to Hong Kong stocks, Xiaopeng Auto’s US stocks have been listed for a short period of time, which does not meet the secondary listing requirements for the listed entity to have at least two years of good regulatory compliance records on another eligible exchange. Therefore, Xiaopeng Motors’ Hong Kong stock IPO will adopt a “dual primary listing” approach. Although it is said that “dual listing” needs to meet the regulatory requirements of two exchanges on listed companies at the same time, and the listing cost and compliance requirements are high, “dual listing” can be accessed under the conditions of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. A shares Investors can make use of Southbound Stock Connect to invest and stocks are more active.
In addition to Xiaopeng Automobile, Weilai Automobile and Ideal Automobile have also been reported to return. In March of this year, some media reported that NIO has contacted Credit Suisse and Morgan Stanley to issue shares in Hong Kong stocks and plans to enter the A-share market in the future. Ideal Motors is cooperating with Goldman Sachs and UBS to plan to return to the Hong Kong stock market. At the same time, Ideal Motors founder and CEO Li Xiang has stated to the public that Ideal does not mind any kind of financing, including secondary financing. Market, bank loans and bond issuance, etc.Return to Sohu to see more
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