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According to Bloomberg, Xilai will hire an analyst from China International Capital Corporation as its next CFO. China International Capital Corporation auto analyst Beng Wei will join NIO as early as next week, according to people familiar with the matter. Fengwei will replace Xie Dongzhong, who resigned last month for personal reasons. At present, Xilai Motor and China International Capital Corporation declined to comment, while Fengwei could not immediately comment.

According to the data, Fengwei graduated from the Department of Automotive Engineering of Tsinghua University with a bachelor's degree and a master's degree from the Department of Automotive Engineering of Aachen University of Technology. He has served as China International Capital Corporation's research analyst, deputy general manager, general manager and other positions. And long-term tracking of NIO Automobile, is a well-known analyst in the automotive industry, joined the Everbright Securities Research Institute in 2010, prior to the top 10 German auto parts group engaged in supply chain management and market research for six years. Good at combining their own industry experience and technical background, from the perspective of industrial management to analyze the company and its development strategy.

Since Xie Dongzhong, known as the "magician", left Lai for personal reasons, Mr. Wang Dongning, vice president of finance, has also applied to leave. Although NIO quickly promoted Stanley Qu from within to replace the position of vice president of finance, NIO has been pushed to the forefront again and again, causing the share price to experience a roller coaster one after another. so far, it has closed at US $1.94 per share, up 4 per cent in the most recent day.

Today, it was revealed that NIO's companies had been included in the list of business anomalies, according to the national enterprise credit information publicity system, because "the registered residence or place of business could not be contacted." NIO Automotive Technology Co., Ltd. was listed in the list of business anomalies by the Beijing Economic and technological Development Zone Branch of the Beijing Municipal Market Supervision Administration.

However, it was soon clarified through the official Weibo that the subsidiary was not yet in operation and that everything was normal for now.

In addition, Wechat issued a statement on its official Weibo account, saying that Wechat published an article titled "NIO is discussing bankruptcy liquidation with a number of law firms" from the media Liu Yue, which was purely rumor-mongering and misleading the public. It seriously interfered with the normal operation of NIO. NIO has initiated the necessary legal proceedings.

In fact, as the "limelight" of the car company, the storm has never stopped, only a little bit of wind and grass will be crowned with the title of not far from extinction.

According to the latest financial report of Xilai Automobile, the operating income in the second quarter was 1.508 billion yuan, with a net loss of 3.285 billion yuan belonging to the shareholders of the listed company. Li Bin confirmed that NIO has actually lost about 22 billion yuan so far. It is inevitable that such performance will not be questioned by everyone.

It is worth mentioning that in October, Xilai delivered a total of 2526 new cars, an increase of 25 per cent month-on-month and 61 per cent year-on-year, a new high in 2019. In today's new energy market, which has fallen for four months in a row, the performance can rise against the trend. I have to say that this kind of news gives us more confidence to move forward.

In the face of an unprecedented decline in car sales in China, including electric vehicles, Feng Wei, who is about to take office as CFO, will face the challenge of helping the unprofitable car company tide over the difficulties. The company, backed by tech giant Tencent Holdings, was forced to raise $200 million from founder Li Bin and Tencent subsidiaries because of liquidity challenges, and plans to lay off and spin off some of its businesses.

According to Bloomberg data, Fengwei has a final rating of neutral, with a target price of $2.50 a share, 29 per cent higher than its latest closing price.

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