Bank of America: Li Auto's Chip Subsidiary MHX Raises 1.625 Billion Yuan; Li Auto Invests 1 Billion Yuan to Retain Control

Deep News10-20

Bank of America Securities has issued a research report stating that MHX Technology, a subsidiary of Li Auto (02015.HK) focused on chip and domain controller development, will carry out an equity financing of 1.625 billion yuan, bringing in external investment institutions including Hangzhou Jingtao, BlueRun Ventures, Huaye Tiancheng, and MiraclePlus.

Bank of America Securities believes that MHX Technology provides a unique platform for Li Auto's chip and domain controller business, helping the company break free from the limitations of a single automotive scenario and expand into non-automotive fields. It also believes that external commercialization is expected to help amplify its business scale, and it will closely monitor the implementation of non-automotive-grade scenarios and the benefits of scale conversion in the future. The bank maintains a "Neutral" rating on Li Auto with a target price of HK$58.9.

The report states that while MHX Technology is conducting equity financing and bringing in multiple external investors, Li Auto is investing 1 billion yuan through a wholly-owned subsidiary to maintain its shareholder status and continue consolidating the entity. After the exercise of relevant incentives and subscription rights, Li Auto will hold 74.01%, external investors will hold 6.58%, and employee incentive entities will hold 19.41%.

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It also believes that external commercialization is expected to help amplify its business scale, and it will closely monitor the implementation of non-automotive-grade scenarios and the benefits of scale conversion in the future. The bank maintains a \"Neutral\" rating on Li Auto with a target price of HK$58.9.<br><br>The report states that while MHX Technology is conducting equity financing and bringing in multiple external investors, Li Auto is investing 1 billion yuan through a wholly-owned subsidiary to maintain its shareholder status and continue consolidating the entity. 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