AutoBeta(AutoBeta.net)08/07 Report--

Today, according to the investment documents issued by the Beijing property right Exchange, part of the stake in GAC Ean New Energy Automobile Co., Ltd. has been transferred by listing. It can be seen from the announcement that the main body of investment promotion is China Cinda Asset Management shares, with a period from August 1 this year to January 22 next year.

It is worth mentioning that the announcement did not mention the detailed data such as the number or proportion of shares to be transferred, but in the announcement, GAC Ean said that recently it is preparing for the listing of Hong Kong stocks IPO, and various preparations for listing are being carried out as scheduled. On the IPO matter, GAC Ean responded to the media: "(China) Cinda is the LP limited partner behind (GAC) Ean shareholder Pacific Century (Capital). This is the transfer of LP shares. The original internal estimate of two years of IPO, now delayed, (China Cinda) from the procedural need to have an asset disposal process."

In fact, in recent years, there has been a lot of news about GAC Ean IPO. In January this year, it was reported that GAC GROUP planned to spin off its new energy vehicle brand, GAC EA, to be listed in Hong Kong, with China International Capital Corporation and Huatai Securities in charge of related matters, intending to raise US $1 billion. At the time, officials did not respond to the news.

However, at the media communication meeting of the 2024 EV 100 in March, Gu Huinan, general manager of GAC EVA, responded to the matter: now is not a good time for IPO, the whole capital market is not good, including the mainland and Hong Kong markets, and GAC Ean's IPO process depends on whether the market can pick up next. At the same time, Gu Huinan also pointed out that Eian's IPO is different from many enterprises. GAC EAN is not short of money. IPO is not to finance a sum of money, but the core is to solve the problem of system and mechanism. In the past, new forces robbed people by giving stocks, but now GAC EAN can also give it. Money is not the core issue. IPO's problem now is to find the right time.

It is not difficult to see that the official IPO of Guangzhou Automobile Eian has always been planned. At last year's Shanghai Auto Show, Feng Xingya, general manager of GAC GROUP, revealed to the media that he would strive to achieve IPO by the end of this year. In July of the same year, at the launch of the 20 millionth new energy vehicle in China, Gu Huinan, general manager of GAC, said that IPO was going as planned, and it would not be until 2024 at the earliest.

Of course, GAC Ean IPO has something to do with the fierce market competition in the automotive industry and the decline in GAC EAN sales. As we all know, with the saturation of the ride-hailing market in recent years, there has also been a bottleneck in the ride-hailing market that Ean relies heavily on. After all, most of GAC's Ean sales come from online car-hailing. As a reference, GAC Ean sold a total of 480000 vehicles last year, of which online car-hailing accounted for more than half. Relevant data show that there are a total of 850000 new car-hailing cars rented in 2023, of which the number of ride-hailing cars provided by Ean is about 220000, accounting for more than 1/3 of the entire ride-hailing market.

After entering 2024, the sales volume of GAC Ean has not improved, showing a trend of decline month by month. From January to June, GAC's cumulative sales fell 32 per cent to 177000 vehicles. Hyper Haopin brand is a high-end luxury brand under GAC Ean, which was launched in September 2022. GAC GROUP also has high hopes for the launch of the Haopin brand. Feng Xingya, general manager of GAC GROUP, has said that it is necessary to turn the pattern of "Wei Xiaoli" into "Ai Xiaowei", and said that Ean will be one of the top three "high-end smart electric vehicle brands" in the world. However, it is a pity that Haopin's sales are also not satisfactory. At present, Haopin brand has three models: Haopin GT, Haopin SSR and Haopin HT. Relevant data show that in the first half of this year, the cumulative sales of the Haopin brand was only 6212 vehicles.

After entering 2024, the sales volume of GAC Ean has also been affected by the price war of the major independent brands. Since the beginning of this year, it has also been reported that layoffs, termination of contracts with fresh students and other adverse news. On June 12, an e-mail entitled "notice of termination of Campus recruitment in Guangzhou Automobile Ean" circulated on the Internet. According to the email, Ian sent a notice to some signed freshmen on June 11 that due to the change in the recruitment policy of new graduates, the signed tripartite agreement / bilateral agreement was terminated and 5000 yuan in liquidated damages was paid to those who were terminated. At that time, in response to the incident, the official response: recently, some false information and malicious rumors about GAC's "layoffs" and "intensive termination of contracts with fresh students" appeared on the online platform, causing market misinterpretation and affecting the company's reputation.

It is not difficult to understand the return to GAC Ean IOP. Although Gu Huinan once said that GAC Ean is not short of money. But it should be noted here that in recent years, GAC Ean's losses have continued. Data show that GAC Ean's revenue in 2022 was 38.794 billion yuan, with a net loss of 2.063 billion yuan. From 2019 to 2021, GAC's net profits were-621 million yuan,-688 million yuan and-1.389 billion yuan, respectively. The cumulative loss over the past four years reached 4.761 billion yuan.

In the context of rising losses, IPO is imperative, after all, if you want to develop in the longer term, you need more funds to continue to invest. The biggest advantage brought by listing is the access to financing channels, which can obtain a certain amount of financial support, which is very important for GAC Ean at this stage.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat