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According to HKEx filings, the ideal car will start trading on the Stock Exchange at 09:00 (Hong Kong time) on August 12. 100m shares will be issued through Hong Kong IPO, with a maximum offering price of HK $150m per share. Ideal Motors said it plans to use Hong Kong IPO funding to develop high-power rechargeable battery-powered vehicle technologies, platforms and future models, smart and self-driving technologies, as well as future models of add-on electric vehicles; expand production capacity, open stores, deliver service centers, open high-power charging networks, marketing; and working capital and other general corporate uses. As of press time, ideal Motor (LI) was trading at $33.68 per share, with a market capitalization of $30.468 billion.

On July 26, ideal Motor was heard by the Hong Kong Stock Exchange, with Goldman Sachs and CICC as co-sponsors and UBS as financial advisors. Like Xiaopeng Motor before, ideal Motor will be listed in Hong Kong by dual listing. According to the prospectus, Li Xiang holds 23.79% of the shares, with voting rights up to 75.74%, Meituan 13.23%, voting rights 4.21%, Wang Xing holds 6.76%, voting rights 2.15%, Fan Zheng holds 4.46%, voting rights 1.42%.

In addition, the prospectus also shows that the revenue of ideal Automobile in the first quarter of 2021 was 3.575 billion yuan, the total revenue increased from 284 million yuan in 2019 to 9.566 billion yuan in 2020, and the cost of sales in the first quarter of 2021 was 2.958 billion yuan. The total cost of sales increased from 285 million yuan in 2019 to 7.834 billion yuan in 2020. From 2019 to 2020, the total income of ideal cars is about 284 million yuan and 9.457 billion yuan respectively, and the net losses attributed to ordinary shareholders are 3.282 billion yuan and 792 million yuan respectively. The total income in the first three months of 2021 was 3.575 billion yuan, while the net loss attributable to ordinary shareholders was 360 million yuan.

At present, the ideal car is on sale only the ideal ONE. According to the latest data released by ideal Automobile, 8589 ideal ONE were delivered in July, and the current cumulative delivery volume of ideal ONE has reached 72340. Ideal plans to launch the first full-size deluxe add-on electric SUV on the X platform in 2022 and two other SUV models on the X platform in 2023, according to the post-hearing documents of the Hong Kong Stock Exchange. In addition, at least two high-voltage pure electric models are planned to be launched each year from 2023.

Ideal car is a new energy car company founded by Li Xiang in July 2015. the company was previously named "car and Home" and changed its name to ideal car in March 2019. Ideal Automobile obtains the production qualification through the acquisition of Lifan passenger cars, and the self-built factory is located in Changzhou, Jiangsu Province. In August 2019, ideal Motor announced the completion of $530 million in round C financing, with nearly $300m invested by Wang Xing, founder of Meituan, and nearly $100m invested by Li Xiang, which valued the ideal car at about $2.93 billion. For the new forces of car building, capital is an important support for its follow-up product development and technological attack, and it is necessary to establish links with domestic capital markets and funds. Ideal Automobile officially landed on US stocks on July 30, 2020, and is the second new force of Chinese car-making to land on US stocks after Lulai Motors.

Earlier, ideal Motors said it would continue to expand its user base in the future, reaching a sales target of 1.6 million vehicles by 2025, covering a wider range of household users. If you want to achieve the target of 1.6 million vehicles by 2025, you need to speed up the launch of products, ensure the quality of products, and need sufficient financial support. As early as the end of May this year, several media quoted a document signed for Shunyi District, saying that ideal Automobile would add a new factory in Beijing's Shunyi District, with a total investment of 6 billion yuan, and planned to start production in 2023. And this factory is the first Hyundai factory in Beijing, which has been closed for two years. It is understood that the first Hyundai Factory in Beijing is the first manufacturing plant established by Hyundai Motor Company in China, with an annual production capacity of 300000 units. In June, according to the recruitment information published on ideal Automobile's official website, ideal Automobile is urgently looking for positions such as "Factory Manager-(Beijing) Manufacturing Base" and "Project Management Senior Manager (Beijing Factory)", all of which are based in Shunyi District, Beijing.

According to the attachment to the 14th five-year Plan for National Economic and Social Development of Shunyi District and the outline of long-term goals for 2035 released on the official website of the people's Government of Shunyi District on May 14, among the major projects to be implemented in Shunyi District during the 14th five-year Plan period, "the annual production capacity of the second ideal automobile production base is 250000, and the pure electric SUV production base is added to the" sophisticated industry ". The content of the construction is "annual production capacity of 250000 vehicles, plus pure electric SUV production base". In addition, Beijing ideal Automobile Co., Ltd. was established on April 9 this year, and the legal representative is Shen Yanan, co-founder of ideal Automobile.

At present, the ideal car has only one factory in Changzhou, with an annual production capacity of 100000 vehicles. The data show that the ideal ONE delivered a cumulative total of 38743 from January to July. In February this year, Li Xiang said in an internal letter that ideal Automobile's strategic goal in 2025 is to gain 20% market share, making it the number one smart electric vehicle company in China. He predicts that China will sell more than 8 million smart electric vehicles in 2025, which means that ideal cars will need to sell 1.6 million smart electric vehicles in 2025. From this, we can see that the ideal car urgently needs to expand its production capacity.

It is not difficult to see that this year, from the establishment of the ideal new company in Beijing, to the relevant government documents in Shunyi District of Beijing, to the open recruitment of new plant employees on the official website of ideal Automobile, and then to the listing of ideal Automobile Hong Kong stocks, this series of actions indicate that ideal Automobile is increasing production capacity and actively financing. Of course, ideal car does not publicly admit that what it is about to start production is the factory of Beijing Hyundai, but such doubts have to arise in the context of a relative fit of all kinds of information. With the ideal listing in Hong Kong will also help its financing, but also help the ideal to enhance a certain degree of influence. However, some problems frequently arising from the ideal ONE, such as the Mercury Gate incident and the rights protection incident of the old car owners, may have a certain impact on the ideal stock price.

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