AutoBeta(AutoBeta.net)08/23 Report--

Following the listing of Ulay and ideal Motors in the United States, Xiaopeng accelerated the pace of listing and advanced the original listing plan for September, which also means that the Big three of China's new power will assemble US stocks. On the evening of August 21, Xiaopeng updated the documents submitted on the official website of the Securities and Exchange Commission SEC, and planned to formally list on the New York Stock Exchange in the United States under the symbol "XPEV" on the evening of August 27, Beijing time.

According to the updated prospectus, Xiaopeng intends to issue 85 million shares of ADS (American depositary receipts), each ADS represents two common shares, and is expected to be priced in the range of $11 to $13 per ADS. The fund-raising ranges from $1.075 billion to $1.105 billion, and Xiao Peng expects to raise up to $1.27 billion if the underwriter exercises the over-allotment right.

According to Xiaopeng, 50 per cent of the net income (about $486 million) will be spent on the research and development of smart electric vehicles and technologies; 30 per cent of the net income (about $292 million) will be used to expand sales channels; and the rest will be used for general corporate purposes. including the need for working capital.

Since its inception in 2015, Xiaopeng has completed 11 rounds of financing, with a cumulative financing amount of more than 16.3 billion yuan. Investors include Alibaba Group, IDG Capital, Morningside Capital, CICC Capital and so on. If the share issue is successful, he Xiaopeng, chairman of Xiaopeng Motor and CEO, will hold 27.8 per cent of the shares and 58.9 per cent of the voting rights, while Xia Yan, Gu Hongdi and he Tao will own 4.3 per cent, 2.5 per cent and 1.4 per cent respectively. Alibaba will have 12.7 per cent of the shares and 14.9 per cent of the voting rights, while IDG Capital, Morningside Capital, GGV GGV Capital and Chunhua Capital will hold 5.5 per cent, 3.7 per cent, 3.3 per cent and 2.8 per cent respectively.

With the gradual announcement of Xiaopeng's listing plan, it is expected to become the third domestic car-building new force to be listed in the United States after NIO Automobile and ideal Automobile, which will help the company to achieve more capital investment and development.

However, according to the price-to-earnings ratio of the two companies that have been listed, the price-to-earnings ratio of the two companies is still negative. Judging from Xiaopeng's current valuation, it is speculated that it will be similar to the first two.

According to Xiaopeng's prospectus, the company's operating income in 2018 was 9.706 million yuan; in 2019, Xiaopeng's operating income increased to 2.321 billion yuan; in the first half of this year, Xiaopeng achieved operating income of 1.003 billion yuan, down 18.52% from the same period last year. In terms of net profit, Xiaopeng posted a net loss of 3.692 billion yuan in 2019 and narrowed to 796 million yuan in the first half of 2020.

At the same time, compared with the other two new forces, Xiaopeng's delivery volume in the first half of the year is also significantly lower than the former. According to the data, the delivery volume of NIO, ideal and Xiaopeng in the first half of this year was 14169, 9500 and 5174 respectively.

Moreover, at present, the ideal and NIO car companies have achieved a full gross profit, while Xiaopeng's gross profit margin in the first half of this year is still-3.6%. Although the gross profit is narrowing by 92.3% compared with the same period last year, the loss is shrinking, but the gross profit has not yet become a regular one, obviously lagging behind the former two. This will also be full of a lot of uncertainty for Xiaopeng.

But it is worth mentioning that Xiaopeng Automobile is the only new car-building force that adopts contract manufacturing and self-built "double regulations". Xiaopeng has two existing models, Xiaopeng G3 and Xiaopeng P7, of which G3 is still co-operated by ST seahorse as Xiaopeng automobile OEM to maintain the existing production. Xiaopeng Motor acquired Guangdong Fudi Automobile, which is located in Zhaoqing, Guangdong, and also mastered the production qualification and built its own factory, and officially began to produce P7 in May this year.

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