AutoBeta(AutoBeta.net)02/28 Report--

After several twists and turns, NIO will finally be listed in Hong Kong. On February 28, Ulai issued a notice announcing that it had passed the hearing of the HKEx and obtained the approval in principle of the secondary listing on the main board of the HKEx, and the relevant listing documents had been issued. NIO uses an introduction to the listing, with Morgan Stanley, Credit Suisse and China International Capital Corporation as co-sponsors and plans to start trading under the ticker symbol "9866" on March 10. Shares listed on the main board of the Stock Exchange will be fully interchangeable with ADS, which is listed on the New York Stock Exchange. At this point, "Wei Xiaoli" three new power car companies once again gathered in Hong Kong.

It is worth mentioning that, unlike Xiaopeng and ideal, Wei Lai adopts the way of introducing listing. What is the introduction and listing? Introduction to listing is a way for issued securities to apply for listing. There is no need to issue new shares at the time of listing, that is, there is no link of "public offering". It is just that the shareholders of the enterprise apply for listing and trading of their old shares. at a certain level, it does not involve financing. In response to the reasons for returning to Hong Kong for listing, NIO said that the aim is to provide alternative trading locations for company investors, slow release of geopolitical risks, and expand the investor base, while the purpose of these listings can still be achieved. do not dilute the interests of existing shareholders. According to the prospectus, Li Bin currently holds the highest voting rights, with an actual total of 117 million shares, accounting for 10.6%, with 39.0% of the voting rights, while Tencent holds 9.8%, with 17.4% of the voting rights.

According to the data, NIO was founded on November 25, 2014, initiated by Li Bin, founder of the change car. On December 16, 2017, the ES8, the first production car of Xilai, was officially launched. In September 2018, Ulai was listed on the New York Stock Exchange in the United States. On December 15, 2018, the second production car, ES6, was officially put on the market. In 2019, NIO was facing a moment of life and death. due to huge losses, coupled with the influence of urgent funds, spontaneous combustion of products, layoffs and layoffs, and the departure of senior executives, the share price of Lulai plummeted to as low as $1.19 per share, close to the Nasdaq delisting red line of $1. In order to survive, NIO discussed financing with Beijing Yizhuang Guotou and the government of Wuxing District, Huzhou, Zhejiang, but all ended in failure.

Under the background that NIO is facing life and death, and the market was not optimistic about NIO for a time, Hefei threw an olive branch to NIO. On February 25, 2020, NIO announced that it signed a framework agreement with the Hefei municipal government for the establishment of its China headquarters in Hefei, and launched the EC6 mass production project, and the Hefei municipal government also invested 10 billion yuan in it. Catch up with the tuyere of new energy vehicles, coupled with the financial support of the Hefei municipal government, the financial problem has been alleviated. According to the statistics of the automobile industry, the share price of NIO was only $2.1 on January 2, 2020, and rose to $57.2 on December 31, 2020, an increase of 1112%. However, after entering 2021, Xilai's share price has continued to pull back, falling from a peak of $66.99 to the current $20.94, halving its share price, with a current market capitalization of $33.3 billion.

It is understood that NIO has released five models: ES8, ES6, EC6, ET7 and ET5. Among them, ES8 delivered in June 2018, positioning medium and large SUV, starting at 468000 yuan, for Standard Tesla Model X, BMW IX, Mercedes-Benz GLS, Audi Q7. ES6 will be delivered in June 2019, targeting medium-sized SUV, starting at 358000 yuan. EC6 will be delivered in September 2020, positioning medium-sized sedan SUV, starting at 368000 yuan, for Standard Tesla Model Y, BMW iX3, Audi e-tron, Mercedes-Benz EQC. In addition, NIO also launched ET7 and ET5 sedans, ET7 positioning medium-sized sedans, starting at 448000 yuan, and standard Tesla Model S, BMW 5-Series PHEV, Mercedes-Benz E-class PHEV,ET5 medium-sized sedans, starting at 328000 yuan, and BMW 3-Series, Mercedes-Benz C-Class and Audi A4L. Delivery of the two models is expected in March and September. In addition, the new model ES7 will be unveiled at the Beijing Auto Show, positioning the big five-seat pure electric SUV, between ES6 and ES8, based on the Xilai NT2.0 platform, with the same level of intelligence as the ET5 and ET7 cars, and will be delivered within this year.

Compared with the stock price, the sales performance of NIO is more stable. According to the prospectus, sales in Xilai increased steadily from 2018 to 2021, at 11348, 20565, 43728 and 91429 respectively. According to the delivery volume in 2021, NIO is a new power brand in China, but it was overtaken by Xiaopeng Automobile in 2021, which delivers 98155 vehicles a year. In addition, although NIO sales grew steadily, it still did not get rid of losses. According to the prospectus, from 2018 to 2020, the revenue of NIO was 4.951 billion yuan, 7.825 billion yuan and 16.258 billion yuan respectively, the operating loss was 9.596 billion yuan, 11.079 billion yuan and 4.608 billion yuan respectively, and the net loss was 9.639 billion yuan, 11.296 billion yuan and 5.304 billion yuan respectively. In addition, in the first three quarters of 2021, NIO realized revenue of 26.236 billion yuan, operating loss of 2.051 billion yuan and net loss of 1.874 billion yuan.

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