How high is the gold content?After "Wei Xiaoli", the IPO of Zero Running Hong Kong Stocks was allowed

China Times (chinatimes.net.cn) reporter Liu Kai Zhai Yayan Beijing report

Recently, the reporter of Huaxia Times learned from the official website of the Securities and Futures Commission that Zhejiang Zero Running Technology Co., Ltd. (hereinafter referred to as "Zero Running Cars") has been approved and issued by no more than 291 million foreign listed foreign shares, with a face value of 1 yuan per share. All are ordinary stocks. After completing this issuance, Zero Running Cars can be listed on the main board of the Hong Kong Joint Exchange. In addition, the 59 shareholders of Zero Running will be transferred to foreign -listed foreign stocks in total 790 million domestic shares of 790 million shares. After the relevant shares conversion is completed, it can be listed on the main board of the Hong Kong Stock Exchange.

Under normal circumstances, after being approved by the Securities Regulatory Commission, the listed company will be listed within half a year, and some companies will even be faster. The industry generally believes that if the listing process of zero -running cars is smooth, it may be listed as soon as the end of the year. This also means that Zero Running Cars will become the fourth domestic car building for the Hong Kong Stock Exchange after "Wei Xiaoli".

Growth sales, increasing revenue

According to the prospectus, Zero Running Automobile was established in December 2015 with a registered capital of 1.012 billion yuan. The business scope covers the design, research and development, manufacturing, motor electrical control, battery system development, and cloud computing -based computing of smart electric vehicles. Internet solution. As of now, Zero Running Cars has completed a total of 6 rounds of financing. Investors include Sequoia China, CICC Capital, Shanghai Electric, and SDIC Innovation, etc., with a total financing amount of 11.56 billion yuan.

In terms of R & D, Zero Running Automobile has realized the independent R & D design and manufacturing of the core system and electronic components of the smart electric vehicle. According to the information of Fhstrisana, Zero Running Cars is currently in China. Emerging electric vehicle companies.

In terms of products, the product layout of zero -run cars focuses on the mid -to -high -end new energy vehicle market with 150,000 to 300,000 yuan. As of now, 3 models have been delivered, namely Zero Run S01, TO3, and C11. At the same time, the medium and large -scale pure electric car running C01 also opened pre -sale in May this year, and is expected to be listed in the third quarter. In addition to the above 4 models, according to the prospectus, in the next five years, zero-running cars will launch 2-3 models each year, including new cars including cars, SUVs, MPVs and other models, covering two pure electric and additional process two Power system.

Accelerating the product layout has brought sales growth to zero -run cars, which may also be the confidence of zero -run cars to go public in Hong Kong. According to the prospectus, zero -running cars were delivered to 8050 electric vehicles in 2020; 43748 were delivered in 2021, an increase of 443.5%year -on -year. According to data from Fhstana, according to the cumulative vehicle sales in 2021, zero -running cars are the world's fifth largest and China's fourth largest pure electric vehicle company.

In 2022, the sales of zero-run cars continued to grow. From January to July, the cumulative delivery of 6,4038 vehicles in Zero-run cars surpassed Weilai Automobile and ranked fourth in the new forces of the car.

With the continuous growth of sales, the revenue of zero -run cars is also increasing. The prospectus shows that from 2019 to 2021, the total revenue of zero-run cars was 117 million yuan, 631 million yuan, and 3.132 billion yuan, respectively. At the same time, the gross profit margin of zero -run cars has also improved year by year. From 2019 to 2021, the gross profit margin of zero-running cars was -95.7%, -50.6%and -44.3%, respectively. In this regard, zero -run stating that the improvement of gross profit margin is mainly due to the increase in the amount of electric vehicle delivery year by year and the decrease in unit costs caused by scale economy.

However, Zero -run cars also have the same dilemma as other new forces of other cars, and more than many sold. From 2019 to 2021, the operating losses of zero-running cars were about 731 million yuan, 870 million yuan, and 2.868 billion yuan, respectively. The adjustment of net losses was 81 billion yuan, 935 million yuan, and 2.629 billion yuan, respectively. The cumulative loss of three years was as high as 4.374 billion yuan. In this regard, Zero Run said that due to the research and development investment of new models and smart electric vehicle technology, as well as the expansion of production facilities and sales networks, the company is expected to continue to generate net losses in 2022.

"The listing of zero running in this period is a wise choice." Car analyst Wang Kun told the "Huaxia Times" reporter that 2022 is a key year for the new forged long board and supplementing shortcomings. At this time, the listing of zero running is not only funds, but also brand influence, which is also conducive to the future development of zero running.

Why do new forces strive to go public in Hong Kong?

In recent years, listing in Hong Kong has become the optimal solution to the new forces of vehicles to broaden financing channels. In addition to zero -run cars, the new forces of Nezha Motors, Weimar Automobile, and Gaosa Motors have also reported the news of listing in Hong Kong. "IPO may be the key point of the new forces of vehicles." In Wang Kun's view, if you want to seek share in this fiercely competitive market, the first is to obtain the ability to make hematopoietic, and IPO is the best way to obtain funds.

Regarding why the new forces of car building chose to go public in Hong Kong stocks, Zhang Junyi, a partner of Aiwei Consulting Director, told the reporter of Huaxia Times: "As the requirements of A shares are tightened, it means that the conditions for listing of car companies will increase. The relationship between shareholders and foreign capital under the system will be considered. Under the comparison, the Hong Kong stock mechanism is more flexible. Generally, it only takes 114 days from the application of IPO materials to the first listing of listing. Therefore, Hong Kong stocks have become subjects. Effective undertaking the creation board and GEM. At the same time, compared with U.S. stocks, Hong Kong stocks are closer to the Chinese A -share market. To a certain extent, Hong Kong stocks are the best alternative to A shares. "However, in the view of automobile analyst Xu Jiaping, Hong Kong stocks are At present, the position in the market is declining. At this time, the new forces of cars are choosing to list in Hong Kong stocks. The liquidity may be poor, and the valuation will be lower than that of other markets.

Judging from the current market situation, new energy vehicles have entered the 2.0 era, and intelligence will become the focus of the fighting parties. The key point of supporting intelligent research and development is undoubtedly a large amount of investment. Therefore, how to seek capital's favor has also become the focus of car companies.

Chen Jihua, deputy secretary -general of the China Automobile Association, told the reporter of "Huaxia Times": "New power car companies play a very important role in my country's automobile industry. Although they have not been in the automotive field for a long time, and production capacity cannot be as traditional car companies. Compared with the scale of millions of vehicles, the ability or role of new forces can not be ignored. When they first entered the market a few years ago, both product maturity and market development are in the exploration stage. But now new forces companies today A certain production scale has been gradually formed, and there is a place in the market. Many traditional car companies have begun to learn and learn from new forces. In the future, the market is equal to any car company. The forward -looking layout in terms of intelligence, intelligence, and networking, otherwise it will inevitably fall behind. After all, there are also traditional car companies that have not kept the layout and have been eliminated. For new forces, in the "car building 2.0" era The competitive environment will be more intense, and the needs of specific development strategies, investment, and how to meet the needs of industrial development will all become the key to winning. "

Editor -in -chief: Editor Li Yanan: Yu Jianping

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