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WeiMa Auto has suspended its IPO application in Kechuang Board, Sina Technology reported, citing people familiar with the matter. According to the information of WeiMa's listing guidance materials, SDIC's SDIC Chuangyi Industry Fund financed the capital before WeiMa IPO, and SDIC said that many problems were found in the review of WeiMa's listing materials.

It is reported that WeiMa Automobile has been questioned that the scientific and technological content of Kechuang Board is insufficient, the proportion of R & D investment in revenue is not high, coupled with continuous huge losses, and many problems appear in the review of listed materials, resulting in many difficulties on the way to listing Kechuang Board.

It is understood that Kechuang Board opened in June 2019, and the first batch of companies went public in July. As a registration system plate independent of the existing main board market, Kechuang Board has always been famous for its advantages such as low threshold, convenient financing, low cost of information disclosure, short review period and controllable expected listing time, which has also become the first choice for financing and listing of technology companies. However, due to changes in the market environment, the implementation of the new securities law and a large number of financial fraud cases similar to Le.com, IPO reviews are being tightened across the board. Guotai Junan Securities analysts said that Kechuang Board not only has higher requirements for scientific and technological level and innovation ability, but also considers the landing of business model and enterprise development prospects.

In response to the above reports, Weimar Automobile responded that the so-called "problems in the review of listed materials" were false news. At present, the preparation work for listing is progressing in an orderly manner. For details, please refer to the publicity of Shanghai Stock Exchange. For those who deliberately spread false information, Weimar Automobile reserves the right to pursue responsibility according to law. The founder of Weimar Automobile also expressed "rumors".

In 2020, the new energy automobile market is extremely hot, and the market value of NIO Automobile rises, surpassing many traditional automobile enterprises. Xiaopeng Automobile and Ideal Automobile will also be successfully listed in 2020. With Wei Lai, Ideal and Xiaopeng going to the United States for six consecutive times,"listing" seems to have become an admission ticket for the second half of the car-making brand. Industry insiders said, Car-building brand urgently need to get the second half of the "admission ticket," If not on the market means that capital demand will be difficult to solve, Capital also can not find exchange export.

According to relevant statistics, in 2021, there will be at least 7 automobile enterprises on the sixth Kechuang Board, including Geely Automobile, Zero Run Automobile, Aichi Automobile, Weima Automobile, Evergrande Automobile, etc. Among them, Weima Automobile and Evergrande Automobile move faster, and both of them will seize the first share of the concept of new energy automobile of Kechuang Board.

On January 29, the website of Shanghai Bureau of China Securities Regulatory Commission published the summary report of CITIC Construction Investment on the listing guidance work of WeiMa Automobile, which has completed the listing guidance at the end of January 2021. The report pointed out that after this guidance, WeiMa Automobile has completed the preparation of applying to the CSRC for initial public offering and listing, and plans to go to Liuke Innovation Board.

According to the listing guidance report, the operating income of Weima Automobile in the first three quarters from 2017 to 2020 is 14.872 million yuan, 7.2 billion yuan, 1.78 billion yuan and 1.68 billion yuan respectively; the net loss is 1.696 billion yuan, 2.453 billion yuan, 3.608 billion yuan and 3.649 billion yuan respectively. It is not difficult to see that the loss range of Weima Automobile is much higher than its operating income, and the loss in less than four years has reached 10 billion yuan. For the current Weima Automobile,"financing listing" seems to be the only breakthrough point, and the capital demand becomes the biggest problem at present.

At present, it is not clear what kind of development opportunities WeiMa Automobile will usher in after the listing of Kechuang Board, but from the current development of WeiMa Automobile, it is not optimistic.

In 2020, the accumulated sales volume of WeiMa Automobile will reach 22495 vehicles, ranking fourth among car-making enterprises. The sales volume of NIO, Ideal and Xiaopeng ranked in the top three is 43728, 32624 and 27041 respectively. However, according to the number of risks, NIO, Ideal, Xiaopeng three brands of risk for 43331,33492 and 27343 vehicles respectively, the delivery volume and the number of risks are not much different, while WeiMa cars are 17477 vehicles, and the official data gap is large, temporarily unable to understand the reasons for the difference between the two data.

In the first quarter of this year, NIO, Xiaopeng and ideal delivery volume were 20060 vehicles, 13340 vehicles and 12579 vehicles respectively, and the number of dangerous vehicles was 19867 vehicles, 12648 vehicles and 12318 vehicles respectively. The three automobile enterprises were firmly at the head of the brand. As for Weimar Automobile, the delivery volume for the first quarter has not been announced as of press time.

In addition to sales without bright spots, the product also has no bright spots. At present, Weimar Automobile has Weimar EX5 and Weimar EX6 models on sale, but the main sales product is Weimar EX5, which has no big bright spots in appearance or configuration, and there are many competitors at the same level. For this reason, WeiMa Automobile will launch the third production model, WeiMa W6 will be officially launched and delivered at the Shanghai Auto Show in 2021. According to the available information, the price of Weimar W6 is higher than that of Weimar EX5, but the bright spots are still not obvious compared with competitors of the same level.

NIO, Ideal and Xiaopeng successively went to six U.S. stocks. Driven by the market and policy, the market value of these three brands rose unexpectedly in 2020, and the channel for seizing funds by a large margin was opened up. As a new car-making enterprise established in 2015, it has obviously lagged behind NIO and Xiaopeng.

Financing listing became the admission ticket for the second half of the car-making enterprises, and WeiMa Automobile continued to be listed to realize survival. However, although the new energy automobile market is still hot in 2021, including Baidu, Xiaomi and other six consecutive announcements to enter the bureau to build cars, the market sentiment will gradually calm down. After entering 2021, the market value of "Wei Xiaoli" will shrink greatly, and the three car-making brands begin to plan to return to Hong Kong for listing. In addition, the automobile market is not short of automobile brands. If Weimar Automobile does not have enough competitiveness, it must not be easy to obtain financial support from the market.

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