Chinanews client, Beijing, August 13 (Reporter Zhang Xu) On August 12, more than a year after the US stock market was listed, Ideal Motors re-IPO and landed in the Hong Kong stock market, becoming the second double-digital company after Xiaopeng Motors. A listed company with new powers in car-making.

　　However, no one thought that the ideal car, one of the three giants of the new forces, would break on the first day of listing, and it would not stop the fall the next day.

All investors who participated in the ideal IPO are currently losing money.

Prospectus for the listing of Ideal Motors on the Hong Kong Stock Exchange.

"Sand" Hong Kong stocks, ideal car will break immediately after listing

　　The three new car-building forces, Weilai, Ideal, and Xiaopeng, once gathered in the US stock market to stage the "Three Kingdoms Kill."

Ideal U.S. stocks have just been listed for a year, and it has been listed on the Hong Kong Stock Exchange non-stop, but it is still a step behind Xiaopeng Motors, which was listed on the Hong Kong stock market in July.

　　Weilai, the first of the three companies to land in the US stock market, also submitted a listing application to the Hong Kong Stock Exchange in March this year, but it has not yet passed the approval.

　　One of the reasons why new car manufacturers have "snap to beach" Hong Kong stocks is that each car company is facing high investment and needs to find external financing channels to meet the funding needs in the next few years.

　　Will the ideal car be favored by the capital market?

An example that can be referred to is Xiaopeng Motors.

　　On July 7, Xiaopeng Motors was listed and traded on the Hong Kong Stock Exchange. The financing subscription multiple was as high as 14.73 times, the net financing amount was as high as 14 billion Hong Kong dollars, and the offer price was 165 Hong Kong dollars per share.

As of the close of Hong Kong stocks on August 13, its share price was 156 Hong Kong dollars per share, which fell below the issue price.

Ideal Auto's Hong Kong IPO fell for two consecutive days.

The data comes from a straight flush.

　　Ideal Auto issued a total of 100 million shares, priced at 118 Hong Kong dollars per share, and broke soon after the opening.

It closed at 117 Hong Kong dollars on the 12th, down 0.85%, with a total market value of 240.06 billion Hong Kong dollars.

On the second day of listing (13th), it continued the previous day's decline and closed down 2.05% to 114.6 Hong Kong dollars.

　　In the opinion of Zhang Xiang, an automobile analyst, the break of the ideal car stock price is the first reason that capital is no longer so popular for new energy.

　　“Last year, the new energy sector was very popular under the leadership of Tesla, and capital did not have a good field to invest, so it rose a lot. This year, capital has gradually withdrawn from the new energy sector, and the environment is already cooling down. This is a break. One reason."

Extended range VS pure electric, it is hard to say the pros and cons

　　It is worth noting that Ideal Car currently has only one model of Ideal ONE on sale, and unlike pure electric vehicles such as Tesla, Weilai and Xiaopeng, Ideal ONE takes the extended range technology route.

Ideal Car Shanghai Century Hui Experience Center.

Photo by Li Qiuying

　　In principle, the extended-range electric vehicle adds a set of "power bank" consisting of an internal combustion engine and an engine to a pure electric vehicle, which is charged when the battery pack is out of power to increase its cruising range.

The new pure electric vehicles launched in the past two years have a battery life of more than 600 kilometers, and the ideal ONE can reach 1080 kilometers, which has obvious advantages.

　　The extended program can also effectively reduce the cost of the entire vehicle.

The battery cost of the Ideal ONE is 42% lower than that of the NIO ES8/ES6; the extended-range technology engine does not need to directly drive the wheels, eliminating the need for gearboxes.

　　Relying on the above advantages, the ideal car only uses one ideal ONE, and it ranks among the first echelon of new car-making forces.

From January to July this year, the sales of the new forces of the Big Three were 49,034 for Weilai, 39,103 for Ideal, and 38,038 for Xiaopeng.

　　However, the battery cost advantage of the ideal car is rapidly being reduced.

A research report from CITIC Securities pointed out that the average selling price of power battery systems in the CATL has dropped from 2.89 yuan/wh in 2014 to 0.84 yuan/wh in 2020.

The data comes from CITIC Securities.

　　From a policy point of view, pure electric has also become the general trend.

At the end of 2020, the four ministries and commissions jointly issued the "Notice on Improving the Fiscal Subsidy Policy for the Promotion and Application of New Energy Vehicles", further reducing the subsidy for plug-in hybrid passenger vehicles (including program extensions) to 6,800 yuan/unit, a decrease Up to 20%.

　　In 2021, Beijing announced that range-extended electric vehicles would be lined up with traditional cars; Shanghai announced that range-extended electric vehicles could only have a blue card-petrol vehicle license.

　　In the opinion of some industry insiders, the policies of Beijing and Shanghai often have a demonstrative effect. Once they are promoted, the negative effects of reduced subsidies will be superimposed, and the ideal ONE's program-increasing technical route will have no advantages.

In front of the tide, ideals turn around

　　Regarding the prospect of the ideal car, Zhang Xiang believes: "The ideal car still has potential. If a pure electric vehicle is developed and delivered as soon as possible, the stock price will rise, and the break will only be a temporary phenomenon."

　　The listing of Ideal Motors also gave out a signal: the company wants to make efforts in the pure electric field.

Aerial photography of the whole vehicle waiting for export at Haitong Wharf.

(Information Photo) Photo by Yin Liqin

　　Ideal Auto’s prospectus shows that it is investing in high-voltage pure electric vehicle technology to build two high-voltage pure electric vehicle development platforms, Whale and Shark.

Starting from 2023, Ideal Auto plans to launch at least two high-voltage pure electric models every year.

　　Shen Yanan, co-founder and president of Ideal Motors, said that in the future, the company's layout on pure electric and extended range routes will show a "two-wheel drive" state.

　　Cui Dongshu, secretary-general of the China Passenger Association, told reporters: "Even if the recent new pure electric vehicles have a battery life of more than 600 kilometers, the extended range still has the advantage of battery life, and charging piles are not popular enough in many areas. For a period of time, the extended range is still It is a complementary solution to pure electric vehicles, and consumers can choose according to their needs."

　　Shen Yanan also believes that Ideal Car participates in the competition of the entire passenger car market, and there are still a large number of fuel car users waiting to be converted.

Many people came to see the car in a Tesla experience store in Chaoyang District, Beijing.

Photo by Zhang Xu

　　According to data from the Passenger Federation, the retail sales of new energy passenger vehicles in my country reached 222,000 in July, a year-on-year increase of 169.4%.

In terms of penetration rate, the domestic retail penetration rate of new energy vehicles in July was 14.8%.

　　Xu Haidong, deputy chief engineer of the China Automobile Association, said on August 11 that according to international judgments on the development of consumer products, the general market penetration rate will enter a period of rapid growth when it reaches 10%, and new energy vehicles have already reached this critical point.

　　The competition in the new energy vehicle industry may also have variables in the future.

(Finish)