Reporter of the Economic Business: Sun Lei Editor of the Economic Business: Pei Jianru
The fourth new car-making force that logs into Hong Kong stock is here.
htmlOn September 29, LePa Motor was listed on the Hong Kong Stock Exchange under the stock code 9863, becoming the fourth company to achieve a Hong Kong stock IPO after Xiaopeng Motor , Ideal Auto, and NIO . It is reported that LePan Automobile raised a net fund of HK$6.057 billion through this public offering of shares, which is expected to become the largest new IPO in Hong Kong stocks this year."Zero Racing is likely to be their last ticket (capital party)." LegPlay Technology founder, chairman and CEO of Zero Racing Technology once said that the performance of NIO, Xiaopeng and Ideal after its listing made many investors feel that there are good investment opportunities in new energy vehicles.
It is reported that in the dark trading on the 28th, Leapmotor broke the issue price. After the opening on the 29th, Leapmotor opened 14.58% lower, at HK$41 per share, falling below the issue price, and then the stock price continued to decline. As of the time of publication of the reporter of " Daily Economic News ", Leapmotor's share price fell 28.96% to HK$34.1 per share, with a total market value of HK$38.966 billion.
Image source: Tencent self-selected stocks
IPO financing amount is less than expected
For Leapmotor, this IPO was not smooth. On September 20, Leapmotor announced on the Hong Kong Stock Exchange that it would issue 131 million shares worldwide, with a price of between HK$48 and HK$62 per share. Judging from the final result of HK$48 per share, Leapmotor sets the pricing of its IPO at the lower limit of the IPO price. In addition, Leapmotor previously planned to raise US$1.5 billion, but the final financing amount was less than US$800 million, which was lower than expected.
Since the beginning of this year, due to multiple adverse factors, the scale of Hong Kong stock IPOs has been greatly reduced, and the final pricing of most Hong Kong stock IPOs is the lower limit of the IPO price. According to incomplete statistics from Wind data, as of September 16, a total of 53 companies have entered the Hong Kong Stock Exchange, and 30 companies have disclosed the issuance price and the Issuance price range, of which 20 are the lower limit of the Issuance price.
Image source: Photo Network-500767165
At the same time, the announcement issued by Leapmotor on September 29 showed that its Hong Kong public offering part recorded a total of 3,151 subscribers, and did not receive full subscription. The subscription was only equivalent to about 0.16 times the initial subscription under the Hong Kong public offering. The final number of offering shares allocated to the public offering is 2.1464 million shares, accounting for approximately 1.64% of the total number of offering shares (before any over-allotment is exercised).
Relevant research report recently released by Deloitte China Capital Market Services Department shows that due to the impact of Federal Reserve significantly hikes and balance sheet reduction , and the continued conflict between Russia and Ukraine, the Hong Kong new stock market has followed the trend of the global new stock market since this year, 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.
On the other hand, from the beginning of this year to the close of September 27, Xiaopeng Motors' stock price fell from about HK$186.3 per share to HK$56.05 per share, a drop of nearly 70%; Ideal Auto 's stock price fell from HK$122.7 per share to HK$103.5 per share, a drop of about 15.6%; NIO fell from HK$158.9 per share listed to HK$141 per share. New car-making forces are currently experiencing a pullback in Hong Kong stocks.
However, for Leapmotor itself, it is currently at a good time to go public, and delivery volume is rising steadily. According to Frost & Sullivan, Leapmotor's electric vehicle delivery volume in 2020 was 8,050 units, an increase of 676.3% from 2019, and a total of about 43,700 units were delivered in 2021, an increase of 443.5% from 2020. From January to August this year, LePa Motor delivered a total of about 76,600 new cars.
It is worth noting that with the successful listing of Hong Kong stocks, LePan Automobile has also become the first company to IPO in the second echelon of new car manufacturing forces. At the same time, 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, becoming the first domestic main body among new car manufacturers to list in Hong Kong.
wants to use C01 to increase the company's gross profit margin
Although Leapmotor's sales have gradually increased in the past two years and are in the first echelon of delivery of new car-making forces, its "blood-making" ability is far lower than that of "Wei Xiaoli".At present, the gross profit margins of NIO and Ideal Auto have exceeded 20%, and the gross profit margin of Xiaopeng Auto has also exceeded 10%. Although the gross profit margin of Leapmotor has increased year by year, it is still -44.3% in 2021.
negative gross profit margin also brings losses. According to the prospectus, from 2019 to 2021, Leapmotor's operating losses were approximately RMB 730 million, RMB 869 million and RMB 2.868 billion, respectively, and the losses attributable to equity holders in the year were approximately RMB 901 million, RMB 1.10 billion and RMB 2.846 billion, respectively. In addition, the adjusted net losses were RMB 810 million, RMB 935 million and RMB 2.629 billion respectively in three years, with a total loss of RMB 4.374 billion in three years.
Image source: Daily Economic News Data picture
Some analysts say that only higher models have more room for premiums, thereby improving the company's gross profit margin more efficiently. The prospectus shows that LePan Auto focuses on the mid-to-high-end mainstream new energy vehicle market with prices ranging from 150,000 to 300,000 yuan. The night before the IPO, Leapmotor C01, the fourth mass-produced product of Leapmotor, was launched, with a price range of 193,800 to 286,800 yuan, making it the model with the highest average selling price at Leapmotor.
It is reported that the Leapmotor C01 is equipped with a number of independent research and development technologies as a support for higher selling prices. For example, the power battery CTC technology used by the new car can increase the layout space by 14.5%, increase the vehicle's overall battery life by 10%, and use a self-developed intelligent battery management system; in terms of intelligent driving assistance, the Zero Race C01 is equipped with the Leap Race self-developed Lingxin 01 chip, which can realize L2+-level intelligent driving.
However, more and more car companies are currently making layouts in the market segment of LePlay C01, launching medium and large pure electric cars such as BYD Han EV, Zekr 001, NIO ET7, Zhiji L7, Jihu Alpha S and other medium and large pure electric cars. Among them, BYD Han EV sold over 10,000 units in August this year, and 7,166 units were delivered in the same period of , Zekr 001, an increase of 42.7% month-on-month, which means that the battle of Leapmotor's upward rise is not easy to fight.
At the same time, industry analysts believe that, with the high cost-effectiveness of the products and the layout of mainstream segments such as B-class pure electric SUVs in Zero-Play Car C11, Zero-Play Cars' sales have gradually increased, but the future path of cost-effectiveness is that the brand's upward path after the low-end starts is difficult, and the high-end will be even more difficult in the future.
In addition, while the company's product matrix is expanding, it may also have to face the contradiction between fighting between its own brands and fighting with the left and right hands. Against this background, how will the market performance of Leapmotor C11, which has a higher average selling price, be able to help Leapmotor improve the company's gross profit margin? The industry will continue to pay attention.
Daily Economic News
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