The Paper reporter Wu Yuli

  WM Motor, a new car-making force, has gradually lost its voice due to sluggish sales, but recently it has been on the hot search for "founder Shen Hui's annual salary of 1.2 billion yuan".

  On September 26, the entry "WM Motor lost 8.2 billion in annual salary of 1.2 billion founders" rushed to the hot search. The entry stated that according to the WM Motor's prospectus, from 2019 to 2021, WM Motor will continue to lose money. Increase, of which, the loss in 2021 will be about 8.2 billion yuan.

However, the salary of WM Motor founder, chairman and CEO Shen Hui will be as high as 1.2617 billion yuan in 2021.

In the same year, the total salary paid by WM Motor to the main management team was 1.75 billion yuan, and the salary of Shen Hui alone accounted for 72% of the salary of the main management team.

  Does Shen Hui's annual salary really exceed 1.2 billion?

  According to the prospectus submitted by WM Motor to the Hong Kong Stock Exchange, Shen Hui's remuneration in 2021 is 1.2617 billion yuan, 2.01 million yuan in remuneration and bonuses, and the remaining 1.2597 billion yuan are "restricted shares/share option expenses".

However, in this annual salary of over 1.2 billion yuan, Shen Hui's salary is only 2.01 million yuan, and the rest is the value of his equity.

  According to the WeChat official account of China Fund News, Shen Hui posted in a circle of friends that some things are true and false just by thinking about them, and they are not worth the time to explain.

Let's talk facts.

Shen Hui also said, "I didn't know my income was so high, it would be troublesome for my wife to check me!"

  In fact, providing equity incentives to management is the practice of many companies before IPO.

For example, before going public in 2018, Xiaomi gave Lei Jun, chairman and CEO of Xiaomi Group, an equity incentive of 9.9 billion yuan.

  The sky-high salary turmoil of SenseTime's executives, which has caused heated discussions, is similar to this incident. Previously, media reports said that the annual salary of Xu Li, executive chairman, executive director and CEO of SenseTime's board of directors, was 512 million, and the annual salary of executive director and chief scientist Wang Xiaogang was 512 million. The annual salary of executive director and board secretary Xu Bing is 305 million.

Shangtang Technology later officially responded: "Hundreds of millions of salary in half a year is a misinterpretation of the outside world. In fact, this part of the salary also contains many parts, including salaries, wages, share dividends, social security costs based on shares and other benefits. "

  Zhang Xiang, a specially-appointed expert and auto analyst from China Bolian Think Tank, told The Paper, "Shen Hui's 1.2 billion yuan is an equity incentive, which is also very common in the auto industry. It can be understood as a gambling agreement, which also has risks. In fact, to a certain extent, Shen Hui may not be able to get the money, after all, Weimar's sales have fallen sharply now."

  Zhang Xiang also mentioned, "Shen Hui's actual annual salary is more than 2 million, which is only a mid-level level in the auto industry. For example, Li Ke, executive vice president of BYD, who donated 160 million yuan, has an annual salary of 7.96 million."

  Among the three leading companies in the new car-making power, Weilai did not disclose the management salary in the financial report, but the annual salary of Xiaopeng and the ideal founder in 2021 will be lower than that of Shen Hui.

  In 2021, Xiaopeng Motors founder He Xiaopeng will receive a total salary of 1.352 million yuan, including 1.014 million yuan in basic salary, housing provident fund, allowances and in-kind benefits, and 331,000 yuan in discretionary bonuses.

  Li Xiang, founder of Ideal Auto, will have a total salary of 1.504 million yuan in 2021, of which 1.374 million yuan will be salaries, allowances and in-kind benefits, and 130,000 yuan will be contributed to the pension plan.

  The history of WM Motor can be traced back to October 2015. The founder Shen Hui acquired WM Motor Automotive Technology Group through the controlled Hangzhou Amoeba Huihan Venture Capital Partnership (Limited Partnership), since executive director Du Ligang and independent third party Wang Haizhen acquired WM Motor Technology Group. All shares in the limited company.

In September 2018, WM Motor launched its first mass-produced vehicle, the EX5, and in November 2019, the second smart electric vehicle SUV model, the EX6.

  Shen Hui, 52, has more than 20 years of experience in the engineering, auto parts and automotive industries. He was the chairman and CEO of Shanghai Geely Zhaoyuan International Investment Co., Ltd., the global holding company of Volvo Cars Group, and Zhejiang Geely Holding Group Co., Ltd. Vice President of the Company and Member of the Board of Directors.

  Because Shen Hui has held management positions in BorgWarner, Fiat, Volvo, Geely and other core auto parts companies and vehicle companies, compared with Li Bin, He Xiaopeng, and Li Xiang, he has accumulated a lot of experience in automobile manufacturing. It was also sought after by capital for a time. Since its establishment, WM Motor has gone through 11 rounds of financing, with a cumulative financing of over 35 billion yuan.

  It is worth noting that WM Motor's first car was mass-produced in 2018. Compared with Weilai Automobile, Lili Automobile and Xiaopeng Automobile, the current top three new car manufacturers in China, they are almost on the same starting line, but "Wei Xiaoli" When running all the way, WM Motor had already fallen out of the first echelon.

  The prospectus shows that WM Motor’s delivery data has increased from 12,799 in 2019 to 21,937 in 2020 and 44,152 in 2021.

In the first quarter of 2022, WM Motor delivered 7,476 vehicles.

  For comparison, in 2021, Xiaopeng Motors will deliver a total of 98,155 vehicles, NIO will deliver a total of 91,429 vehicles, and Li Auto will deliver a total of 90,491 vehicles.

In the first quarter of 2022, Xiaopeng Motors delivered 34,561 vehicles, Li Auto delivered 31,716 vehicles, and NIO delivered 25,768 vehicles.

  This means that the total delivery volume of Weimar in the first three years is not as good as last year in "Wei Xiaoli".

The delivery data for the first quarter of this year is even less than the monthly delivery data of "Wei Xiaoli".

  As early as September 2020, WM Motor started to apply for the Science and Technology Innovation Board, but it was not long before it was revealed that the IPO process on the Science and Technology Innovation Board was suspended.

On June 1 this year, WM Motor submitted an IPO application to the Hong Kong Stock Exchange.

  According to the prospectus, before the IPO, founder, chairman and CEO Shen Hui and his wife Wang Lei held a total of 30.82% of Weimar’s shares, which together constituted the controlling shareholder.

In addition, Agile Group holds 6.46% and Baidu holds 5.96%.