AutoBeta(AutoBeta.net)03/10 Report--

On March 10, Ulai was officially listed for trading on the Hong Kong Stock Exchange under the symbol "9866" with an opening price of HK $160. at one point, it hit a high of HK $169.5 per share, with a market capitalization of more than HK $280 billion at one time. As of today's close, Hong Kong shares fell 0.69 per cent to HK $158.9 per share, with a total market capitalization of HK $265.2 billion, ranking second among domestic car companies after BYD.

According to previous reports, Lailai issued a notice on February 28 to announce that it had been heard by the HKEx and approved in principle 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.

It should be noted that the way of listing is to introduce listing, which does not require the reissue of new shares at the time of listing, but only that the shareholders of the company apply for listing and trading of their old shares, which, to a certain extent, does not involve financing. According to NIO, the purpose of landing Hong Kong stocks through "introduction to listing" is to provide investors with more choice of trading location and more flexible trading time, and dual listing helps to introduce more investors without diluting the interests of existing shareholders and releasing geopolitical risks, which is beneficial to the long-term development of the company.

According to the latest market capitalization, Xilai currently ranks second in China, second only to BYD, but its share price fell on the first day of trading, revealing more or less the attitude of the capital market towards Xilai. By contrast, both Xiaopeng and ideal Motors soared today, with Xiaopeng closing up 6.7 per cent to HK $109.9, with a total market capitalization of HK $220.6 billion, while ideal Motors rose 8.65 per cent to HK $106.8, with a total market capitalization of HK $188.2 billion.

Including this return to Hong Kong stocks, this is the fourth time that Li Bin has rung the bell. In November 2010, E-car successfully landed on the New York Stock Exchange, becoming the first Chinese auto vertical website listed overseas, and founder Li Bin rang the bell for the first time. In November 2014, Li Bin initiated the company and brought in a number of founding shareholders, including ideal Motor founder Li Xiang, Tencent founder Ma Huateng, JD.com founder Liu Qiangdong, Xiaomi founder Lei Jun and Hillhouse Capital founder Zhang Lei. In November 2017, the Yixin Group, a spin-off of Yixin, was listed on the Hong Kong Stock Exchange, and Li Bin rang the bell for the second time. On December 16, 2017, the ES8, the first production car of Xilai, was officially launched. In September 2018, Lailai was listed on the New York Stock Exchange, becoming the first Chinese new power car company to be listed in the United States. Li Bin rang the bell for the third time.

Although NIO has a strong sense of existence in China, 2021 is also a very sad year. First, the stock price, which has fallen from an all-time high of $62.04 at the beginning of the year, has nearly halved by 2/3 from $20.17 in the last trading day. The second is the listing of Hong Kong stocks. NIO submitted the application for listing of Hong Kong stocks before Xiaopeng and ideal, but it is said that because the user trust fund hindered the listing process of Hong Kong shares, it was first taken by Xiaopeng and ideal, who applied for the listing of Hong Kong stocks. Under the background that the problem of the user trust fund has not been solved, NIO opened another shortcut to land Hong Kong stocks by introducing the listing of Hong Kong stocks, while for the listing of Hong Kong stocks, NIO said "it is not for money." Finally, in terms of product delivery, it has always been regarded as the leader of new forces, leading other new power brands in terms of market capitalization and sales, but it was surpassed by Xiaopeng in 2021 with 98100 vehicles. The ideal is also closely followed by 91400 cars, while new power brands such as Nezha and Zero are also narrowing the gap with the head enterprises. In 2022, a total of 15800 vehicles were delivered in the first two months, while those of ideal, Xiaopeng and Nezha were 20700, 19400 and 18100 respectively. Perhaps, based on the above, the fatigue in the eyes of investors is the reason why the Hong Kong stock market closed down on the first day.

At present, NIO, Xiaopeng and ideal all achieve a positive gross profit margin. As of the first three quarters of 2021, the gross profit margins of the three cars were 19.7%, 19.4% and 12.0% respectively. However, in other data, Xiaopeng lost the most, Xilai had the slowest revenue growth, and ideal lived the most comfortably.

Last month, Qin Lihong, co-founder of Xilai, revealed that another new car will be released in April this year, named ES7, positioning 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. Similarly, the Xiaopeng G9 will be launched in 2022, while ideal will launch a large SUV ideal L9 in 2022 and at least two pure electric SUV models a year from 2023.

The competition in the new energy vehicle industry is becoming more and more fierce, and the same is true of the new power brands at the head. Lulai, Xiaopeng and ideal seem to be making progress together, and there is also a competitive relationship at the same time. As for whether NIO can hold the first position of the "three swordsmen of new energy car building"? rub one's eyes and wait.

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