AutoBeta(AutoBeta.net)08/27 Report--

Although the first production car has not yet been delivered as an ideal car, it has attracted more and more market attention recently. This does not remind us of the new power of car-building, the head company, Lulai Automobile.

Recently, Jiangsu SASAC issued a property rights transfer notice on its website, showing that 0.91% of the shares of Beijing che Hejia Information Technology Co., Ltd. (hereinafter referred to as "che Hejia") will be transferred at a price of 8.295455 million yuan. at the same time, it is also mentioned that "the target enterprise plans to go overseas for financing, is building a red-chip structure, and needs to restructure the company structure."

Industrial and commercial information shows that Wunan New Energy is a 100%-owned subsidiary of Jiangsu Wujin High-tech Investment Holdings Co., Ltd. the latter two major shareholders are Wujin National High-tech Industrial Development Zone fee Collection Center (90% shareholding) and Changzhou Wujin District State-owned (Collective) Asset Management Office (10% shareholding). They are all investment entities with state-owned background.

According to the current policy, overseas listing requires the establishment of a VIE structure (variable interest entity), that is, the overseas registered listed entity is separated from the domestic business operation entity. After the separation, the overseas listed entities control the domestic business entities by agreement. Therefore, in order to achieve overseas listing, che Hejia must first withdraw the existing state-owned capital.

Not only that, the announcement mentions a more important message: "the target company plans to raise money overseas, is building a red chip structure, and needs to restructure the company structure." this means that the overseas listing process of ideal car is already in the preparatory process.

Coincidentally, ideal Automobile currently the second largest shareholder and also the largest shareholder besides founder Li Xiang, Leo Group Co., Ltd. (hereinafter referred to as "Leo shares") issued an announcement on the restructuring of Automobile and Home on August 17th, clearly indicating that Automobile and Home intends to build the VIE structure and implement the relevant restructuring.

According to the Leo announcement, Leo shares invested a total of 450 million yuan to hold 7.499% of the shares before the restructuring, while the stake fell to 5.1696% on the basis of complete dilution after the completion of the C-round financing.

At a time when the overall car market is in a depressed environment, it is becoming more and more difficult for new forces to build cars with policy subsidies, so it is the best choice to attract funds through listing. According to a statement issued by Jiangsu SASAC, ideal Motor had a revenue of 170 million yuan and a loss of 719 million yuan in 2018, while revenue of 5.2776 million yuan and a loss of 629 million yuan in the first half of this year. As of June 30, the company's total assets were 5.842 billion yuan and liabilities were 931 million yuan.

The previous day, on Aug. 16, che Hejia announced the completion of $530 million in round C financing, with a post-investment valuation of $2.93 billion. Among them, Meituan founder Wang Xing personally led the investment of nearly 300 million US dollars, byte jump investment of 30 million US dollars, Matrix Partners, Mingshi Capital, Lanchi Venture Capital and other old shareholders to follow, as the founder Li wants to continue to invest nearly 100 million US dollars.

In addition, another piece of news on August 22nd was that an insider revealed that the original car project of ideal car had been cancelled. According to the plan, the ideal first car is a seven-seat add-on SUV, and the second car is a sedan, which is scheduled to be delivered in 2022. Although ideal has not officially announced a car plan, Li, founder and CEO of ideal, wanted to mention many times that the next model is an electric car. However, insiders said that the car is not very competitive, especially in the face of domestic Tesla, and the profit is still very low.

According to industry insiders, a new car from the start of the project to research and development, declaration, production, listing, publicity, the whole process down. Ordinary models cost more than a billion, and if you want to build an "Internet celebrity" model, it will cost billions or even tens of billions.

Therefore, car-building is a "money-burning" movement, and the slack of capital makes it more difficult for the new forces of car-building to break through. Today, the financing channel of the new power of car building is blocked, the government subsidy is declining, and its own hematopoietic capacity has not been formed, and the dilemma has emerged, so there is not much money for spontaneous combustion to invest in the research and development of new cars, and canceling the new car plan may be an impossible choice at present.

And from the current operating situation of ideal car, it really needs more financial support. In addition, the approaching delivery deadline also brings more pressure on the company invisibly. According to the plan announced a week ago, production of the ideal ONE will begin in October and customer delivery will begin in November.

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