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Zero-running cars issued an announcement on the Hong Kong Stock Exchange on September 20, 2022, and trading is expected to begin on the Stock Exchange under the symbol 9863. The global offering of 130.8 million shares of Hong Kong IPO ranges from HK $48 to HK $62 each, with a market capitalization of about HK $70.848 billion at a ceiling price of HK $62, raising as much as HK $8.1 billion through the IPO. On August 29, according to the Hong Kong Stock Exchange, zero-running cars were listed on the Hong Kong Stock Exchange. if nothing happens, zero-running cars will become the fourth new car-building force to land on the Hong Kong Stock Exchange after Wei Xiaoli.

According to public data, Zero Automobile was founded in December 2015 and jointly invested by Zhejiang Dahua Technology Co., Ltd., founded by Zhu Jiangming, and its main founders. Its products are targeted at the domestic middle and high-end market, mainly covering the middle and high-end new energy vehicle market ranging from 150000 yuan to 300000 yuan. So far, Zero has a total of S01, T03 and C11 models on sale.

The zero-running S01 is the first production car launched by zero-running cars, which was launched in January 2019, positioning pure electric sedan cars, equipped with self-developed integrated electric drive assembly, the maximum power is 125kW, the peak torque is 250Nm, and the current price is 11.99-150900 yuan. Founder Zhu Jiangming hopes to attract consumers' attention with this different model, but the car did not perform well in the market after its launch, delivering 2708 vehicles by the end of 2021, of which only 634 were delivered in 2021.

In April 2020, Zero Auto officially launched its second model, Zero run T03, which has three different configurations, is positioned as a mini electric vehicle, and is equipped with a new generation of electric drive system developed by itself. The highest efficiency of the three-in-one electric drive assembly is more than 93.2%. The current price is 7.95-96500 yuan. The Zero T03 is currently the main sales model of zero-running cars, with data showing that a total of 46200 vehicles were delivered from May 2020 to the end of 2021, of which 39149 were delivered in 2021, accounting for 90 per cent of the total sales for the year.

The third type of zero-running car in 2021, zero-run C11, will be put on the market, positioning medium-sized pure electric SUV, and the current price is 17.98-239800 yuan. from October 2021 to the end of 2021, a total of 3965 C11 have been delivered, of which 3964 have been delivered in 2021. On May 10, the new Zero car C01 was officially launched, with a total of five models with a pre-sale price range of 18-270000 yuan, which is currently the highest price of Zero car. It is also the first medium and large sedan under Zero Automobile. The new car will be delivered in the third quarter of this year. According to the official understanding of Zero car, Zero C01 received 20764 orders only 4 hours after it was pre-sold. It is worth looking forward to whether the car can become the second popular model after Zero running T03 after delivery.

Data show that in 2021, zero-running cars delivered a total of 43748 new cars, while in the "Wei Xiaoli", which ranks among the new forces of car-building, the three delivered more than 90,000 new cars for the whole of 2021. Xiaopeng, Lulai and ideal cars delivered 98155, 91429 and 90491 new cars respectively in 2021, compared with only half of their annual delivery volume.

However, after entering 2022, zero-running cars are rising strongly. According to the statistics concerned by the automobile industry, from January to August this year, zero-running cars delivered a total of 76556 vehicles, an increase of 249.8% over the same period last year. Xiaopeng Automobile, ideal Automobile, and Xilai Automobile delivered 90085, 75396 and 71556 new cars respectively in the previous eight months. From the perspective of intuitive delivery volume, zero-running cars are gradually shortening the distance with "Wei Xiaoli", and even surpassing "Wei Xiaoli". Take the newly released August data as an example, 12525 zero-running cars were delivered in August, an increase of 179.1 percent over the same period last year, ranking second in the list of new power brands, ahead of the three car companies Wei Xiaoli. At the same time, the delivery volume of zero-running cars reached a record high for four months in a row.

Compared with "Wei Xiaoli", although zero-running cars have achieved a substantial increase in sales, they are still far behind "Wei Xiaoli" in business. According to the prospectus for zero-running cars, the cumulative losses of zero-running cars in the past three years are 4.374 billion yuan. The revenue of zero-running cars in 2019, 2020 and 2021 are 117 million yuan, 631.37 million yuan and 3.132 billion yuan respectively. The annual losses attributable to equity holders are about 901 million yuan, 1.1 billion yuan and 2.846 billion yuan, respectively, with a total loss of 4.374 billion yuan in three years. Among them, revenue in 2020 and 2021 increased by 439.74% and 396.13% respectively. In terms of gross margin, zero-running car prospectuses show that from 2019 to 2021, zero-running car gross margins were-95.7%,-50.6% and-44.3%, respectively. Zero car, which is expected to continue to lose money in 2022, said it expected to continue to incur a net loss in 2022 due to research and development investment in new models and smart electric vehicle technology, as well as the expansion of production facilities and sales network. As a reference, at present, the quarterly revenue of "Wei Xiaoli" exceeds 7 billion yuan, of which NIO exceeds 10 billion yuan.

In fact, in addition to zero-running cars, at present, a number of new car-making companies in China have sought to be listed on the Hong Kong Stock Exchange. For example, Naga Automobile and Weimar Motors are reported to plan to be listed on Hong Kong stocks. Weimar Motors submitted its prospectus for Hong Kong shares in June. Judging from the market news, zero-running cars will become the fourth new car-building force to land on the Hong Kong Stock Exchange after "Wei Xiaoli". Whether zero-running cars can promote their follow-up development after listing remains to be tested. According to the plan, Zero cars plan to surpass Tesla in three years, enter the new power of car building Top3 in 2023, and sell 800000 vehicles in 2025. In product planning, eight new models, including sedans, SUV and MPV, are planned to be launched at the rate of one to three models a year until the end of 2025.

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