htmlOn September 29, Zhejiang Lingpao Technology Co., Ltd. (hereinafter referred to as " Leapmotor Auto ") was officially listed on the main board of the Hong Kong Stock Exchange with the stock code "9863.HK". Through this public offering, a net fundraising of HK$6.057 billion is expected to become the largest new IPO of Hong Kong stock this year.
At this point, LePan Automobile has become the fourth new car-making force to realize Hong Kong stock IPO after "Wei Xiaoli". However, unlike the overseas red chip architecture adopted by "Wei Xiaoli", LePan Automobile uses a domestic structure in China to issue H shares in Hong Kong. To a certain extent, LePan is the first domestic main stock among new car manufacturers listed in Hong Kong.
However, in the cold current of the capital market, the market conditions are sluggish, and the market value of new car manufacturers, including "Wei Xiaoli", has also shrunk significantly. Against this background, Leapmotor insists on listing to attract market attention. It encountered a market cold wave on the first day of listing, and its stock price suffered a sharp decline.
"Due to the current environment, the current listing of Leapmotor is indeed not a good time, but I don't care much about the stock market at this time. Because car manufacturing is a long-term running, and only through the later stage can the real value be reflected." On September 29, Leapmotor founder and chairman Zhu Jiangming said, "We hope to be better, constantly improve the core competitiveness of the product, continuously launch good products, provide good services, practice internal strength, and be in the rapid development of new energy vehicles. In the process of replacing fuel vehicles, we are most concerned about. "
Growth is recognized by capital
In fact, compared with other second-tier new cars failing or reverse backdoor listing, Leapmotor Automobile seems to be a smooth road to impact Hong Kong stocks - from submitting a prospectus to the Hong Kong Stock Exchange on March 17 this year, to being approved by the China Securities Regulatory Commission on August 19, and then to listing through the hearing, Leapmotor took the lead.
Research report released by Deloitte China's Capital Market Service Department recently showed that due to the impact of Feder 's significant hike rate and 's balance sheet reduction measures, as well as Eurasian geopolitical conflicts, the Hong Kong new stock market has followed the trend of the global new stock market, and the total amount and quantity of financing have both declined sharply. In the six months, the number of new Hong Kong stocks in the first half of this year was the lowest since 2013; the amount of fundraising was the lowest since 2012.
, especially this year, the scale of Hong Kong stock IPOs has been greatly reduced, , the new energy sector is in a stage of de-bubble adjustment, and it is even more difficult for Leapmotor to successfully go public. However, affected by the overall sector pessimism, Leapmotor encountered a cold wave on its first day of its listing. In addition, as the "newcomer of Hong Kong stocks", LePhant Auto, which has always been low-key, has entered the public's vision and has not been familiar with it. It is also one of the reasons why it is underestimated.
, founded in 2015, is the first new car manufacturing force in the same period as Wei Xiaoli. However, Leapmotor does not have a background in Internet car manufacturing, nor is it a traditional automobile artificial car at that time, but an IT artificial car with distinctive personality.
Zhu Jiangming, who has a technical background, has the ultimate pursuit of technology and has insisted on "all core technologies are self-developed". The prospectus shows that in addition to the battery cells and interior and exterior decorations from outside purchases, the software and hardware, electronic and electrical architectures, algorithms, etc. required for the production and manufacturing of new energy vehicles are all self-developed by Zero Run.
has been sharpening its sword for seven years. This year, Leapmotor Automobile has shown phenomenal development as a "dark horse": the delivery volume in March exceeded 10,000 Taiwan mark for the first time, and then hit a new high for four consecutive months. The cumulative delivery of more than 76,000 new cars from January to August, basically the same as "Wei Xiaoli", with a year-on-year growth of more than 222%. This growth rate is extremely fast among the emerging domestic electric vehicle companies.
Specifically for the product level, Leapmotor C11 has accounted for more than half of Leapmotor's sales in July and August; the sales of the five-door pure electric car T03, which mainly focuses on the sinking market, have always been the leader in the same level; the mid-to-large sedan Leapmotor C01, which was launched the night before the IPO, is rapidly moving towards a higher price range, and currently more than 100,000 users have placed orders.In the long run, Zero Run has outstanding growth value. While gross profit margin has improved significantly, delivery volume, revenue, and R&D investment have shown rapid growth simultaneously. Revenue in the first half of 2022 increased by 479.5% year-on-year, and R&D investment has increased by more than 100% year-on-year compared with last year.
With the acceleration of a new round of technological revolution and industrial transformation, automobiles have been fully reshaped from products to ecology, and capital has given high-end smart electric vehicles new power and unlimited imagination space. Short-term market performance does not represent the actual growth value of the enterprise.
In the second half of smart electric, the technological attributes are becoming increasingly prominent. Companies with core technology capabilities can obtain higher profit margins through the continuous expansion of the marginal cost of amortization, and thus gain the favor of capital.
In fact, after its establishment for 7 years, LePa Motor has been continuously introducing high-quality capital. Leapmotor completed seven rounds of financing before its IPO, and received support from investors such as Sequoia China, Shanghai Electric , CICC Capital, Hangzhou State-owned Assets, etc., with a total amount exceeding 10 billion yuan. Before going public, Leapmotor received a credit of 25 billion yuan from , Bank of Beijing on September 22, which also demonstrated the confidence of financial institutions in Leapmotor.
The whole region is self-developed and built a moat, and "luxury equality" is reflected in the reality
Leapmotor focuses on the "mid-to-high-end mainstream new energy vehicle market with prices ranging from 150,000 yuan to 300,000 yuan", which is also a sub-sector in the new energy market with larger capacity, faster growth rate and greater growth potential. Zhu Jiangming has repeatedly emphasized "luxury equality" and LePan Automobile is trying to bring consumers a luxury car quality experience at a price of 150,000 to 300,000 yuan.
The premise of "luxury equality" in reality is to have enough control over the product, and the answer given by Zero Run is the entire self-development. In fact, the independent control of core technologies, powerful global self-developed technology and the high level of vertical integration of capabilities have always been an important tag for Zero Run.
According to the definition of "super engineer" Zhu Jiangming, self-development in the whole region means starting from the bottom layer. In terms of hardware, the battery pack must start from the battery cell, and independently complete the research and development of components such as modules, PACK (battery package), BMS (battery management system) and other components; in terms of software, it is necessary to complete the self-developed power system, intelligent networking, and intelligent driving.
It is worth mentioning that the entire self-development of LePhantom Automobile is not a paper talk. It has achieved many results and has successfully achieved mass production: for example, it has successfully developed the industry's first mass-produced battery-free CTC technology, which has been first equipped on C01. In the future, all series of vehicles will use CTC technology; the electric drive level has successfully developed 200kW oil-cooled electric drive, equipped with C11 and C01; at the intelligent driving level, perception hardware and algorithm control software are self-developed, and 28 perception components have achieved 23 driving assistance functions...
It is not difficult to find that based on the entire self-development, LePhantom Automobile has a strong control over the upstream and downstream, and has little dependence on the external supply chain, reducing procurement costs while ensuring quality. In April this year, due to the impact of the epidemic, the supply chain was under pressure, and sales of many new car manufacturers decreased month-on-month. In comparison, the impact of LePan Automobile was not significantly affected, ensuring the smooth development and delivery of products.
In addition, based on comprehensive factors such as self-development of key components and improving supply chain bargaining power, Leapmotor continues to optimize the performance, quality and cost of products, creating a cost-effective smart electric vehicle product for users.
electrification is the first half, and intelligence is the second half. According to the prospectus, 40% of the funds raised by Leapmotor IPO will be used to expand the smart electric vehicle portfolio, expand the team, and develop and improve electrification technologies such as the autonomous driving system Leapmotor Pilot and the smart cockpit system Leapmotor OS.
"In the future, Zero Run will make more investments in intelligent driving, smart cockpits and algorithms, and establish a larger AI training center. This is a commanding height that needs to be fought for in the future. By the end of next year or the year after, Zero Run will enter the top three in the world." Zhu Jiangming is full of confidence.
In the vigorous wave of new car manufacturing, firmly grasping core technologies is undoubtedly the underlying logic of industry changes.Standing at the moment when the turning point of smart cars is approaching, Zero-Pony Automobile, which has a clear development strategy, will move more steadily on the smart car track, and its performance and value in the capital market are also worth looking forward to.
