Chinanews client, Beijing, January 29 (Reporter Zhang Xu) Evergrande, which has not delivered a car, shocked the industry with its performance in the capital market.
On January 24, Evergrande Automobile announced that it had allotted 952 million new shares to six investors at a price of 27.3 Hong Kong dollars per share, raising a total of approximately 26 billion Hong Kong dollars.
On the 25th, the stock price of Evergrande Motor once soared by more than 60%, and finally closed up by 51.7%. The market value soared by HK$140 billion to HK$399.8 billion in one day.
Why does Evergrande Motors hold up a market value of 400 billion yuan?
The closing market value of Evergrande Automobile on January 25 was close to HK$400 billion.
The picture comes from Snowball.
Xu Jiayin's powerful circle of friends
The six strategic investors of Evergrande Auto are from Xu Jiayin's powerful circle of friends.
According to the announcement, the six investors participating in Evergrande’s strategic financing include Chengyu Holdings Co., Ltd., Shangyu Co., Ltd., Heyirong International Trade Co., Ltd., Cuilin Global Investment Co., Ltd., Chen Kaiyun and Liu Minghui.
Among them, Chengyu Holdings Co., Ltd. invested 5 billion Hong Kong dollars, and the actual controller was Chen Hua, the founder of Jingji Group; Shangyu Co., Ltd. invested 5 billion Hong Kong dollars, and the actual controller was Huang Guangmiao, the founder of Zhongzhou Group; He Yirong International Trading Co., Ltd. The investment was HK$5 billion, and the actual controller was Wang Kaiguo; the Cuilin Global Investment Co., Ltd. invested HK$5 billion, and the actual controller was Wang Zhongming, the chairman of Cuilin Group.
Chen Kaiyun, who contributed HK$3 billion in his personal capacity, is the wife of Hong Kong tycoon Liu Luanxiong, who was the former chairman and chief executive officer of the Chinese Real Estate Company.
Liu Minghui, who also participated in the investment in his personal capacity, is currently the chairman and president of China Gas Holdings Limited. The market value of China Gas he founded exceeds HK$150 billion.
Screenshot of Evergrande's announcement.
And just four months ago, Evergrande Automobile just received a financing of 4 billion Hong Kong dollars. Investors include Tencent Holdings, Sequoia Capital, Yunfeng Fund and Didi Chuxing.
This is also the first time that Ma Huateng and Ma Yun have invested in the same new energy vehicle company. The rare combination of "Two Horses" also highlights the strong appeal of Xu Jiayin's "friend circle".
Pan Darong, CFO of Evergrande Motors, said at the interim results conference last year that it is expected to invest 2.7 billion yuan in the second half of 2020, mainly for equity acquisitions; it is expected to invest 9 billion yuan for the whole year of 2021, including plant construction, land and research and development; As of 2022, Evergrande’s total investment in the automotive sector will exceed 29.4 billion yuan.
This 30 billion Hong Kong dollar financing is self-evident how important it is to Evergrande's dream of building a car.
Evergrande Motor’s "Banknote Ability"
Among the new car-making forces, Evergrande Motors is the youngest group and the most wealthy group.
Evergrande’s road to building a car began with the cooperation with Jia Yueting.
At that time, Jia Yueting had been stranded in the United States, and "returning home next week" had become a well-known story, but he still managed to get Evergrande's investment.
Evergrande Automotive Research Institute.
For picture
In June 2018, Evergrande Health announced that it invested US$2 billion in the new energy vehicle company FF founded by Jia Yueting, and used US$800 million to acquire 100% of Shiying’s shares, and indirectly acquired 45% of FF’s parent company Smart King. The company's largest shareholder.
However, the US$800 million was depleted in less than half a year. Jia Yueting asked Xu Jiayin to pay another US$700 million. As a result, the two sides went to court, and the cooperation between Evergrande and FF also fell apart.
It was this experience that gave Evergrande the determination to build a car independently.
Making cars is a very expensive business.
He Xiaopeng, the founder of Xiaopeng Motors, once bluntly said: "It used to be an exaggeration to see others building cars, and now I jumped in and realized that 20 billion was not enough." But Evergrande used its "money capability" to smooth out the obstacles on the road.
According to incomplete statistics, Evergrande has invested 300 billion yuan in the automotive industry chain since the second half of 2018.
First, it invested in Guanghui Group and obtained the world's largest automobile sales channel; then it acquired the Swedish electric vehicle company NEVS to obtain vehicle research and development capabilities and qualifications; and cooperated with the super sports car manufacturer Koenigsegg to form a joint venture.
Evergrande has also taken over the power battery company Carnegie New Energy to deploy power battery technology; after acquiring the Dutch e-Traction company and the British Protean company, it has fully participated in the in-wheel motor technology.
After a series of operations, core technologies such as chassis architecture, powertrain, in-wheel motors, and power batteries have been incorporated into the bag.
In June 2019, Evergrande completed the signing ceremony of two new energy projects in Guangzhou and Shenyang, and invested 280 billion yuan to build two major automobile bases in the north and south.
Hengchi 1 is driving on the road.
For picture
As a latecomer, how does Evergrande catch up with leading companies?
Xu Jiayin stated in November 2019 that Evergrande will achieve the leading position in core technology and product quality of car-making through "buy, buy, buy" and "hehehe".
"Buy, buy and buy" refers to the acquisition of the world's top core technologies and companies.
If you can't buy it back, then you need to cooperate, that is, "hehehe".
In August 2020, Evergrande released its new energy vehicle brand "Hengchi" and released 6 concept models at the same time, ranging from A to D. The categories include a full range of passenger vehicles such as cars, SUVs, MPVs, and crossovers. Model.
In September 2020, Evergrande Health changed its name to Evergrande Automobile, which also marked that car building has become the most important part of Evergrande’s territory.
At that time, Xu Jiayin stated that he would continue to invest 45 billion yuan in the next three years to achieve an annual output of 1 million vehicles, and strive to become the world's largest and most powerful new energy vehicle group within three to five years.
This statement is also considered by the industry to confront Tesla head-on.
At present, the two production bases of Evergrande Automobile in Shanghai and Guangzhou have started trial production.
The first model Hengchi 1 has achieved road running, and strives for mass production in the second half of 2021.
"Hengda Automobile is just a car"
Although mass production is imminent, the current position of Evergrande is a bit embarrassing.
In terms of market value, the market value of close to HK$400 billion is second only to Weilai, BYD and Great Wall Motors. It is China’s fourth-largest auto company. However, because no car was delivered, it was classified as a medical service provider by financial data and analysis tool service provider Wind. Health care products industry.
Wind divides Evergrande Automobile into the healthcare equipment and service sectors.
The 2019 annual report shows that the operating income of Evergrande's automobile health industry is 4.975 billion yuan, and the new energy vehicle business income is only 660 million yuan.
In the automobile business, the sales revenue of lithium batteries was 580 million yuan, the technical service revenue was 65 million yuan, and the sales of auto parts were 6.92 million yuan.
In the first half of 2020, Evergrande's new energy vehicle business revenue dropped to 53 million yuan.
53 million yuan in revenue, but has a market value of 400 billion Hong Kong dollars.
In this regard, a few days ago, Weimar founder, chairman and CEO Shen Hui posted on Weibo: "Hengda Auto is just a car."
Screenshot of Shen Hui's Weibo.
Automotive analyst Zhang Xiang also believes that Evergrande’s cars have not yet rolled off the assembly line, there is no sales data, and almost no car-related revenue data, but the market value is close to 400 billion Hong Kong dollars or there is an inflated high.
The reason is that under the epidemic, capital could not find a good field to invest, and finally the funds gathered in the field of new energy vehicles, which is generally optimistic in recent years, and Evergrande Automobile is also an indirect beneficiary of this trend.
"The Netherlands, the United Kingdom, etc. have all introduced timetables for the suspension of the sale of fuel vehicles, and car companies such as Volkswagen and Toyota have also increased the research and development of new energy vehicles. China's new energy vehicle plans and policies are based on Evergrande and other new energy vehicles. An important reason for the rise in corporate stock prices." Zhang Xiang said.
Capital bets on the
future of
new energy vehicles
Evergrande Motors has grown by 472.6% since the start of 2020, and its market value far exceeds that of its parent company, China Evergrande. This shows the popularity of new automakers in the capital market.
In the past year, Tesla and other new car manufacturers are undoubtedly the darling of the capital market.
Take Tesla as an example. In the past year, Tesla's stock price has risen 7 times, becoming the world's most valuable auto company.
In fact, the market value of Tesla alone has surpassed the sum of Toyota + Volkswagen + GM + Daimler + Ferrari + BMW and many other established car companies.
Weilai, who was once not optimistic, has seen its stock price soared 11 times in the past year, and its value in the US stock market has approached $100 billion.
Why does capital pursue new power car companies?
An industry insider said: Investing in new energy vehicles is not about the present, but about the future.
In August 2020, the first six models of Hengchi were released simultaneously.
Picture from Evergrande official website
Jiang Han, a senior researcher at Pangu Think Tank, told Chinanews.com that the stability of the capital chain is the key to the development of new energy automobile companies. It has strong financial support, relatively good technology accumulation, and its own very complete network and In the sales scenario, Evergrande Motor has the possibility of a big sale from the factory.
At present, it is'everything is ready, only the east wind'.
"
In the face of the strong attack of new car-making forces, in 2020, will Great Wall Motors survive next year?
"In the micro-film, Great Wall Motors Chairman Wei Jianjun said: "Nowadays, with the global economic downturn and the end of dividends, coupled with the encirclement of foreign brands and new car manufacturers, do we really have the killer to win the future? I don’t think it’s necessarily . It can even be said that we are'life hanging by a thread'."
Life hanging by a thread may be a bit exaggerated, but how traditional car companies should break through is a problem they need to solve urgently.
On November 14, 2020, Changan Automobile announced that it will jointly build a new high-end new energy vehicle brand with CATL and Huawei; a few days ago, SAIC, Alibaba, and Pudong New Area announced the joint creation of smart cars.
It is foreseeable that the battle situation in the new energy vehicle market will be even more stalemate in the future.
(Finish)