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- LoveLifeLoonLoveLifeLoon
  ·2021-07-09
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- LoveLifeLoonLoveLifeLoon
  ·2021-07-07
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  He Xiaopeng's Second Dream
  何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。造车新势力中，小鹏最晚登陆美股。然而在纽交所上市不满一年，它已完成“双重主要上
  He Xiaopeng's Second Dream
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10:03","market":"us","language":"zh","title":"He Xiaopeng's Second Dream","url":"https://stock-news.laohu8.com/highlight/detail?id=1157988669","media":"FN商业","summary":"何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。\n\n\n造车新势力中，小鹏最晚登陆美股。然而在纽交所上市不满一年，它已完成“双重主要上","content":"<p>He Xiaopeng's entrepreneurial dream is still buried deep in his heart, waiting to be activated. Perhaps he himself didn't realize that this seed had already been planted when he got off the bus alone.<img src=\"https://static.tigerbbs.com/742f2336829be615cea2b9a16f842a2e\" tg-width=\"650\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Among the emerging electric vehicle manufacturers, XPeng was the last to list on the US stock market. However, less than a year after its listing on the New York Stock Exchange, it has completed a \"dual primary listing\".</p><p>On July 7, XPeng Motor Company listed on the Hong Kong Stock Exchange, opening up 1.82% with an issue price of HK$165 and a high share price of HK$168, with a total market capitalization of HK$284.2 billion. XPeng has become the first smart electric vehicle company to list in Hong Kong, which is likely to spark a trend of new car manufacturers returning to Hong Kong for listing.</p><p>He Xiaopeng of XPeng Automobile, carrying his second dream, is constantly diving into the deep waters of new car manufacturing.</p><p><b>01</b></p><p>On June 11, 2014, Alibaba acquired UC for $4.35 billion in cash plus equity.<b>This set a new record for mergers and acquisitions in the history of mobile internet in China.</b>After becoming a wholly-owned subsidiary of Alibaba, UC was merged into the Alibaba system.</p><p>Exactly ten years after founding UC, He Xiaopeng, who had achieved financial freedom, joined Alibaba along with Yu Yongfu. That year, Jack Ma became China's richest man.</p><p>After joining Alibaba, He Xiaopeng served as CEO of UC, became president of Alibaba's Mobile Business Group a year later, and was later transferred to serve as chairman of Alibaba Games. In 2017, he became president of Tudou.com.</p><p>But<b>He Xiaopeng's entrepreneurial dream is still buried deep in his heart, waiting to be activated.</b>Perhaps he himself didn't realize that this seed had already been planted when he got off the bus alone.</p><p>In 1999, South China University of Technology celebrated its graduation season. He Xiaopeng and two other classmates boarded a bus and followed their mentors to interview at different companies, including two state-owned enterprises and one private company.</p><p>The bus stopped in front of a private company called AsiaInfo Technologies, and only He Xiaopeng got off. In those days, few people were willing to give up their secure jobs in state-owned enterprises. But He Xiaopeng's idea is very different. His wish is to achieve financial freedom before the age of 40 and then retire.</p><p><b>No one can predict the future, and the way fate favors the lucky ones is full of drama.</b></p><p>Tian Shuoning, the founder of AsiaInfo Technologies, later became the famous \"Mr. Internet,\" while AsiaInfo was the \"architect of the Chinese Internet.\" However, that's another story.</p><p>After graduation, He Xiaopeng officially joined CICA's Guangzhou office, starting as a software testing engineer.</p><p>During his time working at the Conference on Interaction and Confidence-Building Measures in Asia, He Xiaopeng met Liang Jie, Liang Jie has strong technical skills and is good at writing code. The two worked together on the same R&D team and worked very well together to develop a large-capacity email system, which became the company's flagship product.</p><p>In 2000, AsiaInfo was listed on NASDAQ. He Xiaopeng had been with the company for a year and owned 1,500 shares, which was equivalent to $30,000 at a listing price of $20. When his boss gave him the equity agreement, he said,<b>You own a house as soon as you join the company.</b>。”</p><p>But in 2004, He Xiaopeng felt that working people earning a few thousand yuan a month could not achieve financial freedom, so he resigned to start his own business. Following the emerging trend of the mobile Internet, he co-founded UC with Liang Jie.</p><p>At that time, China's internet industry had just entered its first decade. He Xiaopeng and Liang Jie were among the earliest people to \"surf the internet\" with their mobile phones and were also the first to discover entrepreneurial opportunities in the mobile internet.</p><p>In its early days, UC developed two products: UC Mail and UC Web. UC stands for You Can, which means \"You Can send and receive emails and access the Internet (anytime)\".</p><p><img src=\"https://static.tigerbbs.com/bab609b1da7cd95d17eeb37c2d16ab21\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>However, due to the widespread adoption of mobile internet and hardware devices, users have not yet developed the habit of sending and receiving emails using their mobile phones. Nevertheless, this product caught Ding Lei's attention.<b>Ding Lei also started out in the email industry and is very sensitive to similar products on the market.</b></p><p>Coincidentally, Chen Leihua, one of the developers of NetEase Email, was He Xiaopeng's classmate. He facilitated the meeting between the two.</p><p>At the dinner table, Ding Lei heard that the UC team couldn't even afford to rent an office, so he first borrowed 800,000 yuan and then lent his office to He Xiaopeng.<b>This office once again opened the door to good fortune for He Xiaopeng.</b></p><p>The UC team moved into Ding Lei's office, next door to NetEase editor-in-chief Li Xueling. Li Xueling later resigned to start his own business and became the founder of YY. In 2006, Li Xueling introduced He Xiaopeng to Yu Yongfu, vice president of Lenovo Investment (now Legend Capital). Yu Yongfu really wanted to invest in UC, but the project was not approved because of a one-vote difference.</p><p>Yu Yongfu was unwilling to give up. He had spent six months investigating at UC and was very optimistic about the project. So, on the night the investment decision-making meeting ended, Yu Yongfu met Lei Jun in a bar on the streets of Beijing. After listening, Lei Jun only said one sentence:<b>\"If you go to UC, I'll vote.\"</b></p><p>As a result, Yu Yongfu resigned from his position as vice president of Lenovo Investment to become chairman and CEO of UC, and quickly completed a 4 million yuan financing round for UC, of which 2 million yuan was provided by Lei Jun.</p><p><img src=\"https://static.tigerbbs.com/5d9db67406720f587d94f553fb67c2cf\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Later, after leaving Kingsoft, Lei Jun also served as chairman of UC. He is from He Xiaopeng's hometown in Hubei and an investor in He Xiaopeng's two entrepreneurial ventures.</p><p><b>02</b></p><p>Let's go back to June 13, 2014. The day after UC was merged into Alibaba, a butterfly flapped its wings across the ocean. Musk announced that Tesla would adopt an \"open source model\". Subsequently, the new car manufacturing force \"Wei Xiaoli\" was established one after another.</p><p>In the same year, Musk came to China and delivered the first batch of Tesla cars to domestic users, with He Xiaopeng being one of the first users. He mentioned more than once that after getting into a Tesla, \"<b>My first impression was that the world was about to change, and the automotive industry was undergoing a transformation.</b>”</p><p>In an autobiography, He Xiaopeng mentioned,<b>After Alibaba integrated UC in 2014, I proposed to manufacture cars within the Alibaba system, but I was ruthlessly rejected.</b>I love cars and believe in the future of intelligent vehicles, but building my own cars may face more responsibility, anxiety, and pressure, so perhaps being an investor would be better.</p><p>At that time,<b>He Xiaopeng, 37, completed the goal of financial freedom three years ahead of schedule</b>But his first thought was not of retirement, but of the pain, emptiness, and confusion after financial freedom.</p><p>Therefore,<b>He Xiaopeng began initiating and promoting car manufacturing projects as an investor.</b></p><p>This car manufacturing team includes Xia Heng, who graduated from Tsinghua University with a degree in automotive engineering. He joined GAC Trumpchi when it was first established and participated in the entire process of its birth.</p><p>The idea of building a \"Chinese Tesla\" excited Xia Heng, so he resolutely left GAC.</p><p>Before founding XPeng, Xia Heng was the head of the control department of GAC New Energy Center, where he was responsible for the development of control systems for several new energy vehicles and intelligent vehicles.</p><p>He Tao, another founder of XPeng Motor, is Xia Heng's junior and colleague. After graduating in 2010, he joined GAC Research Institute, where he was engaged in the research and development of vehicle control systems for new energy vehicles. Due to his strong technical capabilities, He Tao subsequently served as a project manager to coordinate the advancement of GAC's autonomous driving project.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55bb88fe0777b1f5dfe5d1bd9a2520c7\" tg-width=\"1080\" tg-height=\"665\"><span>(He Tao, He Xiaopeng, Xia Heng)</span></p><p>After the founding team of XPeng Motors was established, it was still a long way from He Xiaopeng's transformation from investor to founder.<b>A phone call</b>。</p><p>On February 16, 2017, He Xiaopeng's child was born. Just a few minutes after holding him, he received a phone call. The call came from Fu Jixun, managing partner of GGV Capital, whom he jokingly referred to as \"the bad guy who prompted me to start my business\".</p><p>\"The upgrading of the manufacturing and travel industries is an inevitable trend. You need to come out quickly, or this Windows (window of opportunity) will be gone.\"</p><p>According to He Xiaopeng's recollection, ever since he formed his car manufacturing team as an investor, he had always had the idea of starting a business and manufacturing cars again. Until the moment he received the phone call, a strong feeling suddenly arose in his heart: he wanted to do something to prove to his son.</p><p><b>This phone call officially activated He Xiaopeng's entrepreneurial dream.</b></p><p>Six months later, on UC's 13th birthday, He Xiaopeng officially left Alibaba. In an internal letter, Yu Yongfu, then chairman and CEO of Alibaba Culture & Entertainment Group, said that He Xiaopeng would officially \"retire\" and \"embark on a new journey to pursue his dreams.\"</p><p>That day, He Xiaopeng posted a message on his WeChat Moments: Entrepreneurship is a cycle, bittersweet, sour, sweet, and salty, but when he returns, he is still a young man.</p><p><b>03</b></p><p>Before He Xiaopeng officially joined, XPeng Automobile's car manufacturing plan had already begun to advance, including securing Pre-A round financing and 2.2 billion yuan in Series A financing, releasing the Beta version of its first mass-produced vehicle, establishing a production base worth tens of billions of yuan in Zhaoqing city, and obtaining sales qualifications.</p><p>He Xiaopeng's addition brought entrepreneurial experience and a broad network of contacts.</p><p>Within a year of joining, XPeng Motor completed a 2 billion yuan financing round, with shareholders including investment giants such as Alibaba, Foxconn, and IDG. At the same time, He Xiaopeng also poached several senior technical executives to supplement the team's talent pool.</p><p>On October 12, 2017, more than two months after He Xiaopeng joined XPeng Motor Company, XPeng Motors' first mass-produced model officially rolled off the production line, becoming the first emerging car manufacturer to achieve mass production.</p><p>On January 10, 2018, the XPeng G3 made its global debut at the CES International Consumer Electronics Show in the United States. In China, the XPeng G3 appeared at the GeekPark Innovation Festival booth. In the same month, XPeng delivered its first batch of 39 new vehicles.</p><p>In March 2018, XPeng Automobile's 1.0 mass-produced model received the first new energy vehicle license plate for a mass-produced vehicle from a new Chinese electric vehicle manufacturer.</p><p>However, this was followed by a slowdown in XPeng. XPeng Automobile's first batch of products were not launched for sale, but instead allowed employees to continue driving tests in different scenarios.</p><p>He Xiaopeng's attitude was firm: \"Consumers should never be our first users.\"</p><p>Until December 12, 2018, XPeng announced the official launch of the G3 and began deliveries at the same time. The new car is divided into two models: the G3 520 and the G3 400. After comprehensive subsidies, the national unified price range is 143,800-196,800 yuan, and more than 10,000 units were sold in the first batch.</p><p>But by this time, XPeng had already been overtaken by Nio in terms of deliveries.</p><p>Entering 2019, XPeng Motors' development plan mentioned that it would build 200 Supercharging stations at the front end, an increase of 50%. XPeng Automotive, a mid-range company, aims to expand its size to 5,000 employees, representing a 40% increase. The Zhaoqing factory is scheduled to start construction and deliver 40,000 new vehicles, representing an increase of over 7,563%.</p><p>As a result, XPeng began to build a VIE structure, and news broke that it was launching an IPO in the United States, but the dramatic changes in the new energy vehicle market came unexpectedly.</p><p>In March 2019, relevant departments issued the \"Notice on Further Improving the Fiscal Subsidy Policy for the Promotion and Application of New Energy Vehicles,\" which stipulated that by the end of June, national subsidies for new energy vehicles would be halved and local subsidies would disappear.</p><p>Subsequently, the new energy vehicle market cooled down for the first time.</p><p>\"Currently, XPeng Motor has no plans for the timing or location of its IPO,\" He Xiaopeng announced on March 28.</p><p>In addition to market volatility and an IPO that has not yet been included in the plan, XPeng has also begun to encounter skepticism from users.</p><p>In July 2019, XPeng launched the 2020 G3, but it quickly sparked strong dissatisfaction from long-time XPeng car owners. Compared to the 2019 G3, the new model not only has improved range, but is also lower in price than the old model.</p><p>On July 13, XPeng Automotive encountered its biggest crisis. A large number of car owners rushed to XPeng Automotive headquarters and service centers in various cities to hold banners to protest and accuse XPeng Automotive of consumer fraud.</p><p><img src=\"https://static.tigerbbs.com/42a12e066dfe967e8bf65b6e3916e2b2\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p>Left with no other option, XPeng Motor offered a compensation plan: when existing car owners upgrade to any XPeng model within three years, they will enjoy an additional exclusive subsidy of 10,000 yuan in addition to all the promotional policies for the period in which they intend to purchase the new car.</p><p>More than a month later, He Xiaopeng exclaimed in a media interview, \"<b>In the automotive industry, besides physical and mental exhaustion, there is also mental exhaustion.</b>”。 In his words, he moved from the \"comfort zone\" of the internet industry to the \"tough zone\" of the automotive industry.</p><p>In fact, from 2018 to mid-2020, He Xiaopeng repeatedly expressed negative emotions.</p><p>He once found delivery painful: \"I used to think that R&D and manufacturing were difficult, and delivery wasn't. But now I find that delivery is far more difficult than building hundreds of units. In order to deliver, there needs to be pre-ordering and sales processes, and a huge CRM (Customer Relationship Management System) and dozens of information systems need to be built internally. In order to sell, we need to open more than forty companies across the country, because delivery and invoicing need to be issued in every place.\" We need charging stations everywhere. What about after-sales service and repairs...?<b>I think the current pain will last for two years, until 2020.</b>”</p><p>In 2020, the pain continued. In June of that year, He Xiaopeng posted a group photo on Weibo. In the photo, He Xiaopeng, Li Bin, and Li Xiang were sitting next to each other, with Li Bin's hands intimately resting on the shoulders of the two people next to him. He Xiaopeng captioned the post: \"Three miserable people, reminiscing about hardship and contemplating change...\"</p><p><img src=\"https://static.tigerbbs.com/ff8d8caa7b954731b82901887f5148db\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Fortunately, temporary \"hardship\" will not bring down an industry, especially an industry like new energy vehicles, which is destined to rise.</p><p>In July 2020, XPeng Motor Company released its second mass-produced model, the P7 smart coupe. The P7 is comparable to the domestically produced Tesla Model 3, with a range of 706 kilometers and a price of around 230,000 yuan after subsidies.</p><p>The biggest \"difficulty\" for emerging electric vehicle manufacturers lies in building their own factories. However, the Zhaoqing factory, which was built with an investment of 2 billion yuan, has already begun to yield results, and the P7 is produced at the Zhaoqing factory.</p><p>The number of deliveries each month drives He Xiaopeng to keep moving forward, but in this battlefield where \"burning money\" has become a consensus, financing issues have always troubled various players in the industry.</p><p>Due to the demand for mass production, car manufacturing has extremely high capital requirements, and 20 billion yuan is only the entry threshold. He Xiaopeng's own investment of $300 million seems like a drizzle. XPeng Motors has raised more than 18 billion yuan in 10 rounds of financing. In addition to its old friends Alibaba and Xiaomi Group, investors include Sequoia Capital, Hillhouse Capital, Foxconn, and IDG Capital.</p><p>At this time, Nio had become the leader among the three car manufacturers, and went public on the New York Stock Exchange on September 12, 2018, raising $1 billion. Li Xiang's Li Auto followed closely behind, listing on Nasdaq in the United States on July 30, 2020, raising $1.05 billion.</p><p>XPeng Motors went public on the New York Stock Exchange on August 27, raising $1.5 billion.</p><p><b>04</b></p><p>XPeng is about to list on the Hong Kong Stock Exchange, completing its \"dual primary listing\".</p><p>Having been listed on the New York Stock Exchange for less than a year, unlike a number of Chinese concept stocks such as JD.com, Baidu, and Bilibili that have secondarily listed in Hong Kong, XPeng Automotive cannot meet the Hong Kong Stock Exchange's requirements for \"two fiscal years\" and can only choose to raise funds in Hong Kong through a \"dual primary market\" approach.</p><p>At the same time, Nio and Li Auto have also expressed their intention to list in Hong Kong.</p><p><b>The urgent demand for listing reflects the current state of development of the new energy vehicle industry.</b>The thirst for funds and the recognition of the capital market complement each other; The agreement to return to Hong Kong for listing also reflects a subtle shift in the core market for new energy vehicles.</p><p><b>In the capital market, the potential of the new energy vehicle industry continues to fuel the stock prices of emerging players.</b></p><p>Tesla has become the most valuable automaker, and NIO's market capitalization has surpassed that of many century-old automakers. However, in terms of sales volume, the gap between the two sides is still significant.</p><p>Just as July began this year, emerging electric vehicle manufacturers couldn't wait to release their June sales figures. Nio continued to lead with 8,083 vehicles delivered, followed by Li Auto with 7,713 vehicles, and XPeng with 6,565 vehicles delivered, ranking third.</p><p>Since 2021, the scale of the new energy vehicle industry has steadily expanded. Nio, which has the highest delivery volume, is aiming for annual sales of 100,000 vehicles, while Li Auto and XPeng have the opportunity to achieve annual sales of 80,000 vehicles.</p><p>However,<b>Monthly deliveries in thousands still seem niche in a car market with millions of shipments.</b>This is a limitation caused by production capacity, but also a space for imagination to expand.</p><p>Thanks to increased shipments, XPeng Motors' revenue and gross profit grew in tandem, and it began to narrow the gap with its peers. According to its prospectus, XPeng Motors achieved revenue of RMB 2.951 billion in the first quarter of 2021, a year-on-year increase of 616.1% compared to RMB 412 million in 2020. In terms of growth rate, it exceeded Nio Motors' 481.8% and Li Auto' 319.8%. However, during the same period, Nio Motors' revenue was RMB 7.98 billion, and Li Auto' revenue was RMB 3.58 billion.</p><p>In addition, XPeng vehicles have begun to ramp up production capacity. The prospectus shows that the utilization rate of automobile production lines in XPeng is close to 40%, with the capacity utilization rate of the Haima plant increasing from 6.4% in 2018 to 40.6%, and the capacity utilization rate of the new Zhaoqing plant also reaching 38.5%, which is close to the average capacity utilization rate of 40% for Chinese passenger vehicles.</p><p><b>However, XPeng Motor Company has not yet escaped the predicament of losses.</b>XPeng warned of risks in its prospectus, stating that the company is still incurring losses and negative operating cash flow, and this situation may continue for some time.</p><p>Financial reports show that XPeng has accumulated losses of over 7.8 billion yuan over the past three years. From January to March 2021, XPeng suffered a net loss of 786.6 million yuan, a further increase compared to 649.8 million yuan in the same period last year. The main reason for the loss was the high investment in R&D, marketing and advertising expenses, of which R&D expenses reached 535.1 million yuan.</p><p><b>Among the three giants of emerging electric vehicle manufacturing, Nio Motors leads in brand positioning and service system, Li Auto likes to tell the story of battery anxiety behind range-extended technology, while XPeng Motors' moat for itself is \"intelligence\".</b></p><p>In its prospectus, XPeng also stated that its most crucial core competitiveness is intelligence, meaning that all software and core hardware are independently developed. Unlike other OEMs, XPeng has independently designed and developed a full-stack autonomous driving technology and operating system, and claims to be the first emerging electric vehicle manufacturer to independently develop autonomous driving software and commercialize it.</p><p>The focus on technology is determined by the DNA of XPeng Motors' founding team. In addition to the technical background of the two co-founders, they also hold nearly 40% of R&D positions. According to the prospectus, as of March 31, 2021, XPeng had 6,132 employees worldwide, 39.8% of whom were in R&D positions, including three major categories: automotive design and engineering, autonomous driving, and intelligent operating systems.</p><p>After the \"dual major listing\", coupled with the endless stories of the new energy market and the complete closed loop of R&D, design, production, sales and service achieved with the self-built factory as the axis, funding is no longer the biggest problem.</p><p>The next hurdle lies in self-sufficiency in terms of business model, intelligent R&D in terms of technology, and the fierce invasion of mobile phone manufacturers.</p><p><b>05</b></p><p>“<b>I welcome more people to come in. There are still some opportunities in the next five years. After 2025, there will be a transformation from the Spring and Autumn Period to the Warring States Period.</b>\"At the Shanghai Auto Show, He Xiaopeng described the competition in the new energy vehicle market in this way.\"</p><p>Lei Jun, who initially solved He Xiaopeng's urgent problem, is now standing at the forefront of new car manufacturing with tens of billions of dollars in hand. Every ten years, a cycle unfolds, with old and new stories alternating.</p><p>Although serial entrepreneur He Xiaopeng achieved his dream of financial freedom three years ahead of schedule, he was still determined to enter the murky waters of new car manufacturing. With two IPOs within a year, XPeng has transformed its identity from a pathfinder, a follower, and a leader.</p>","source":"lsy1590629264667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>He Xiaopeng's Second Dream</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHe Xiaopeng's Second Dream\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FN商业</strong><span class=\"h-time small\">2021-07-07 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>He Xiaopeng's entrepreneurial dream is still buried deep in his heart, waiting to be activated. Perhaps he himself didn't realize that this seed had already been planted when he got off the bus alone.<img src=\"https://static.tigerbbs.com/742f2336829be615cea2b9a16f842a2e\" tg-width=\"650\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Among the emerging electric vehicle manufacturers, XPeng was the last to list on the US stock market. However, less than a year after its listing on the New York Stock Exchange, it has completed a \"dual primary listing\".</p><p>On July 7, XPeng Motor Company listed on the Hong Kong Stock Exchange, opening up 1.82% with an issue price of HK$165 and a high share price of HK$168, with a total market capitalization of HK$284.2 billion. XPeng has become the first smart electric vehicle company to list in Hong Kong, which is likely to spark a trend of new car manufacturers returning to Hong Kong for listing.</p><p>He Xiaopeng of XPeng Automobile, carrying his second dream, is constantly diving into the deep waters of new car manufacturing.</p><p><b>01</b></p><p>On June 11, 2014, Alibaba acquired UC for $4.35 billion in cash plus equity.<b>This set a new record for mergers and acquisitions in the history of mobile internet in China.</b>After becoming a wholly-owned subsidiary of Alibaba, UC was merged into the Alibaba system.</p><p>Exactly ten years after founding UC, He Xiaopeng, who had achieved financial freedom, joined Alibaba along with Yu Yongfu. That year, Jack Ma became China's richest man.</p><p>After joining Alibaba, He Xiaopeng served as CEO of UC, became president of Alibaba's Mobile Business Group a year later, and was later transferred to serve as chairman of Alibaba Games. In 2017, he became president of Tudou.com.</p><p>But<b>He Xiaopeng's entrepreneurial dream is still buried deep in his heart, waiting to be activated.</b>Perhaps he himself didn't realize that this seed had already been planted when he got off the bus alone.</p><p>In 1999, South China University of Technology celebrated its graduation season. He Xiaopeng and two other classmates boarded a bus and followed their mentors to interview at different companies, including two state-owned enterprises and one private company.</p><p>The bus stopped in front of a private company called AsiaInfo Technologies, and only He Xiaopeng got off. In those days, few people were willing to give up their secure jobs in state-owned enterprises. But He Xiaopeng's idea is very different. His wish is to achieve financial freedom before the age of 40 and then retire.</p><p><b>No one can predict the future, and the way fate favors the lucky ones is full of drama.</b></p><p>Tian Shuoning, the founder of AsiaInfo Technologies, later became the famous \"Mr. Internet,\" while AsiaInfo was the \"architect of the Chinese Internet.\" However, that's another story.</p><p>After graduation, He Xiaopeng officially joined CICA's Guangzhou office, starting as a software testing engineer.</p><p>During his time working at the Conference on Interaction and Confidence-Building Measures in Asia, He Xiaopeng met Liang Jie, Liang Jie has strong technical skills and is good at writing code. The two worked together on the same R&D team and worked very well together to develop a large-capacity email system, which became the company's flagship product.</p><p>In 2000, AsiaInfo was listed on NASDAQ. He Xiaopeng had been with the company for a year and owned 1,500 shares, which was equivalent to $30,000 at a listing price of $20. When his boss gave him the equity agreement, he said,<b>You own a house as soon as you join the company.</b>。”</p><p>But in 2004, He Xiaopeng felt that working people earning a few thousand yuan a month could not achieve financial freedom, so he resigned to start his own business. Following the emerging trend of the mobile Internet, he co-founded UC with Liang Jie.</p><p>At that time, China's internet industry had just entered its first decade. He Xiaopeng and Liang Jie were among the earliest people to \"surf the internet\" with their mobile phones and were also the first to discover entrepreneurial opportunities in the mobile internet.</p><p>In its early days, UC developed two products: UC Mail and UC Web. UC stands for You Can, which means \"You Can send and receive emails and access the Internet (anytime)\".</p><p><img src=\"https://static.tigerbbs.com/bab609b1da7cd95d17eeb37c2d16ab21\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>However, due to the widespread adoption of mobile internet and hardware devices, users have not yet developed the habit of sending and receiving emails using their mobile phones. Nevertheless, this product caught Ding Lei's attention.<b>Ding Lei also started out in the email industry and is very sensitive to similar products on the market.</b></p><p>Coincidentally, Chen Leihua, one of the developers of NetEase Email, was He Xiaopeng's classmate. He facilitated the meeting between the two.</p><p>At the dinner table, Ding Lei heard that the UC team couldn't even afford to rent an office, so he first borrowed 800,000 yuan and then lent his office to He Xiaopeng.<b>This office once again opened the door to good fortune for He Xiaopeng.</b></p><p>The UC team moved into Ding Lei's office, next door to NetEase editor-in-chief Li Xueling. Li Xueling later resigned to start his own business and became the founder of YY. In 2006, Li Xueling introduced He Xiaopeng to Yu Yongfu, vice president of Lenovo Investment (now Legend Capital). Yu Yongfu really wanted to invest in UC, but the project was not approved because of a one-vote difference.</p><p>Yu Yongfu was unwilling to give up. He had spent six months investigating at UC and was very optimistic about the project. So, on the night the investment decision-making meeting ended, Yu Yongfu met Lei Jun in a bar on the streets of Beijing. After listening, Lei Jun only said one sentence:<b>\"If you go to UC, I'll vote.\"</b></p><p>As a result, Yu Yongfu resigned from his position as vice president of Lenovo Investment to become chairman and CEO of UC, and quickly completed a 4 million yuan financing round for UC, of which 2 million yuan was provided by Lei Jun.</p><p><img src=\"https://static.tigerbbs.com/5d9db67406720f587d94f553fb67c2cf\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Later, after leaving Kingsoft, Lei Jun also served as chairman of UC. He is from He Xiaopeng's hometown in Hubei and an investor in He Xiaopeng's two entrepreneurial ventures.</p><p><b>02</b></p><p>Let's go back to June 13, 2014. The day after UC was merged into Alibaba, a butterfly flapped its wings across the ocean. Musk announced that Tesla would adopt an \"open source model\". Subsequently, the new car manufacturing force \"Wei Xiaoli\" was established one after another.</p><p>In the same year, Musk came to China and delivered the first batch of Tesla cars to domestic users, with He Xiaopeng being one of the first users. He mentioned more than once that after getting into a Tesla, \"<b>My first impression was that the world was about to change, and the automotive industry was undergoing a transformation.</b>”</p><p>In an autobiography, He Xiaopeng mentioned,<b>After Alibaba integrated UC in 2014, I proposed to manufacture cars within the Alibaba system, but I was ruthlessly rejected.</b>I love cars and believe in the future of intelligent vehicles, but building my own cars may face more responsibility, anxiety, and pressure, so perhaps being an investor would be better.</p><p>At that time,<b>He Xiaopeng, 37, completed the goal of financial freedom three years ahead of schedule</b>But his first thought was not of retirement, but of the pain, emptiness, and confusion after financial freedom.</p><p>Therefore,<b>He Xiaopeng began initiating and promoting car manufacturing projects as an investor.</b></p><p>This car manufacturing team includes Xia Heng, who graduated from Tsinghua University with a degree in automotive engineering. He joined GAC Trumpchi when it was first established and participated in the entire process of its birth.</p><p>The idea of building a \"Chinese Tesla\" excited Xia Heng, so he resolutely left GAC.</p><p>Before founding XPeng, Xia Heng was the head of the control department of GAC New Energy Center, where he was responsible for the development of control systems for several new energy vehicles and intelligent vehicles.</p><p>He Tao, another founder of XPeng Motor, is Xia Heng's junior and colleague. After graduating in 2010, he joined GAC Research Institute, where he was engaged in the research and development of vehicle control systems for new energy vehicles. Due to his strong technical capabilities, He Tao subsequently served as a project manager to coordinate the advancement of GAC's autonomous driving project.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55bb88fe0777b1f5dfe5d1bd9a2520c7\" tg-width=\"1080\" tg-height=\"665\"><span>(He Tao, He Xiaopeng, Xia Heng)</span></p><p>After the founding team of XPeng Motors was established, it was still a long way from He Xiaopeng's transformation from investor to founder.<b>A phone call</b>。</p><p>On February 16, 2017, He Xiaopeng's child was born. Just a few minutes after holding him, he received a phone call. The call came from Fu Jixun, managing partner of GGV Capital, whom he jokingly referred to as \"the bad guy who prompted me to start my business\".</p><p>\"The upgrading of the manufacturing and travel industries is an inevitable trend. You need to come out quickly, or this Windows (window of opportunity) will be gone.\"</p><p>According to He Xiaopeng's recollection, ever since he formed his car manufacturing team as an investor, he had always had the idea of starting a business and manufacturing cars again. Until the moment he received the phone call, a strong feeling suddenly arose in his heart: he wanted to do something to prove to his son.</p><p><b>This phone call officially activated He Xiaopeng's entrepreneurial dream.</b></p><p>Six months later, on UC's 13th birthday, He Xiaopeng officially left Alibaba. In an internal letter, Yu Yongfu, then chairman and CEO of Alibaba Culture & Entertainment Group, said that He Xiaopeng would officially \"retire\" and \"embark on a new journey to pursue his dreams.\"</p><p>That day, He Xiaopeng posted a message on his WeChat Moments: Entrepreneurship is a cycle, bittersweet, sour, sweet, and salty, but when he returns, he is still a young man.</p><p><b>03</b></p><p>Before He Xiaopeng officially joined, XPeng Automobile's car manufacturing plan had already begun to advance, including securing Pre-A round financing and 2.2 billion yuan in Series A financing, releasing the Beta version of its first mass-produced vehicle, establishing a production base worth tens of billions of yuan in Zhaoqing city, and obtaining sales qualifications.</p><p>He Xiaopeng's addition brought entrepreneurial experience and a broad network of contacts.</p><p>Within a year of joining, XPeng Motor completed a 2 billion yuan financing round, with shareholders including investment giants such as Alibaba, Foxconn, and IDG. At the same time, He Xiaopeng also poached several senior technical executives to supplement the team's talent pool.</p><p>On October 12, 2017, more than two months after He Xiaopeng joined XPeng Motor Company, XPeng Motors' first mass-produced model officially rolled off the production line, becoming the first emerging car manufacturer to achieve mass production.</p><p>On January 10, 2018, the XPeng G3 made its global debut at the CES International Consumer Electronics Show in the United States. In China, the XPeng G3 appeared at the GeekPark Innovation Festival booth. In the same month, XPeng delivered its first batch of 39 new vehicles.</p><p>In March 2018, XPeng Automobile's 1.0 mass-produced model received the first new energy vehicle license plate for a mass-produced vehicle from a new Chinese electric vehicle manufacturer.</p><p>However, this was followed by a slowdown in XPeng. XPeng Automobile's first batch of products were not launched for sale, but instead allowed employees to continue driving tests in different scenarios.</p><p>He Xiaopeng's attitude was firm: \"Consumers should never be our first users.\"</p><p>Until December 12, 2018, XPeng announced the official launch of the G3 and began deliveries at the same time. The new car is divided into two models: the G3 520 and the G3 400. After comprehensive subsidies, the national unified price range is 143,800-196,800 yuan, and more than 10,000 units were sold in the first batch.</p><p>But by this time, XPeng had already been overtaken by Nio in terms of deliveries.</p><p>Entering 2019, XPeng Motors' development plan mentioned that it would build 200 Supercharging stations at the front end, an increase of 50%. XPeng Automotive, a mid-range company, aims to expand its size to 5,000 employees, representing a 40% increase. The Zhaoqing factory is scheduled to start construction and deliver 40,000 new vehicles, representing an increase of over 7,563%.</p><p>As a result, XPeng began to build a VIE structure, and news broke that it was launching an IPO in the United States, but the dramatic changes in the new energy vehicle market came unexpectedly.</p><p>In March 2019, relevant departments issued the \"Notice on Further Improving the Fiscal Subsidy Policy for the Promotion and Application of New Energy Vehicles,\" which stipulated that by the end of June, national subsidies for new energy vehicles would be halved and local subsidies would disappear.</p><p>Subsequently, the new energy vehicle market cooled down for the first time.</p><p>\"Currently, XPeng Motor has no plans for the timing or location of its IPO,\" He Xiaopeng announced on March 28.</p><p>In addition to market volatility and an IPO that has not yet been included in the plan, XPeng has also begun to encounter skepticism from users.</p><p>In July 2019, XPeng launched the 2020 G3, but it quickly sparked strong dissatisfaction from long-time XPeng car owners. Compared to the 2019 G3, the new model not only has improved range, but is also lower in price than the old model.</p><p>On July 13, XPeng Automotive encountered its biggest crisis. A large number of car owners rushed to XPeng Automotive headquarters and service centers in various cities to hold banners to protest and accuse XPeng Automotive of consumer fraud.</p><p><img src=\"https://static.tigerbbs.com/42a12e066dfe967e8bf65b6e3916e2b2\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p>Left with no other option, XPeng Motor offered a compensation plan: when existing car owners upgrade to any XPeng model within three years, they will enjoy an additional exclusive subsidy of 10,000 yuan in addition to all the promotional policies for the period in which they intend to purchase the new car.</p><p>More than a month later, He Xiaopeng exclaimed in a media interview, \"<b>In the automotive industry, besides physical and mental exhaustion, there is also mental exhaustion.</b>”。 In his words, he moved from the \"comfort zone\" of the internet industry to the \"tough zone\" of the automotive industry.</p><p>In fact, from 2018 to mid-2020, He Xiaopeng repeatedly expressed negative emotions.</p><p>He once found delivery painful: \"I used to think that R&D and manufacturing were difficult, and delivery wasn't. But now I find that delivery is far more difficult than building hundreds of units. In order to deliver, there needs to be pre-ordering and sales processes, and a huge CRM (Customer Relationship Management System) and dozens of information systems need to be built internally. In order to sell, we need to open more than forty companies across the country, because delivery and invoicing need to be issued in every place.\" We need charging stations everywhere. What about after-sales service and repairs...?<b>I think the current pain will last for two years, until 2020.</b>”</p><p>In 2020, the pain continued. In June of that year, He Xiaopeng posted a group photo on Weibo. In the photo, He Xiaopeng, Li Bin, and Li Xiang were sitting next to each other, with Li Bin's hands intimately resting on the shoulders of the two people next to him. He Xiaopeng captioned the post: \"Three miserable people, reminiscing about hardship and contemplating change...\"</p><p><img src=\"https://static.tigerbbs.com/ff8d8caa7b954731b82901887f5148db\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Fortunately, temporary \"hardship\" will not bring down an industry, especially an industry like new energy vehicles, which is destined to rise.</p><p>In July 2020, XPeng Motor Company released its second mass-produced model, the P7 smart coupe. The P7 is comparable to the domestically produced Tesla Model 3, with a range of 706 kilometers and a price of around 230,000 yuan after subsidies.</p><p>The biggest \"difficulty\" for emerging electric vehicle manufacturers lies in building their own factories. However, the Zhaoqing factory, which was built with an investment of 2 billion yuan, has already begun to yield results, and the P7 is produced at the Zhaoqing factory.</p><p>The number of deliveries each month drives He Xiaopeng to keep moving forward, but in this battlefield where \"burning money\" has become a consensus, financing issues have always troubled various players in the industry.</p><p>Due to the demand for mass production, car manufacturing has extremely high capital requirements, and 20 billion yuan is only the entry threshold. He Xiaopeng's own investment of $300 million seems like a drizzle. XPeng Motors has raised more than 18 billion yuan in 10 rounds of financing. In addition to its old friends Alibaba and Xiaomi Group, investors include Sequoia Capital, Hillhouse Capital, Foxconn, and IDG Capital.</p><p>At this time, Nio had become the leader among the three car manufacturers, and went public on the New York Stock Exchange on September 12, 2018, raising $1 billion. Li Xiang's Li Auto followed closely behind, listing on Nasdaq in the United States on July 30, 2020, raising $1.05 billion.</p><p>XPeng Motors went public on the New York Stock Exchange on August 27, raising $1.5 billion.</p><p><b>04</b></p><p>XPeng is about to list on the Hong Kong Stock Exchange, completing its \"dual primary listing\".</p><p>Having been listed on the New York Stock Exchange for less than a year, unlike a number of Chinese concept stocks such as JD.com, Baidu, and Bilibili that have secondarily listed in Hong Kong, XPeng Automotive cannot meet the Hong Kong Stock Exchange's requirements for \"two fiscal years\" and can only choose to raise funds in Hong Kong through a \"dual primary market\" approach.</p><p>At the same time, Nio and Li Auto have also expressed their intention to list in Hong Kong.</p><p><b>The urgent demand for listing reflects the current state of development of the new energy vehicle industry.</b>The thirst for funds and the recognition of the capital market complement each other; The agreement to return to Hong Kong for listing also reflects a subtle shift in the core market for new energy vehicles.</p><p><b>In the capital market, the potential of the new energy vehicle industry continues to fuel the stock prices of emerging players.</b></p><p>Tesla has become the most valuable automaker, and NIO's market capitalization has surpassed that of many century-old automakers. However, in terms of sales volume, the gap between the two sides is still significant.</p><p>Just as July began this year, emerging electric vehicle manufacturers couldn't wait to release their June sales figures. Nio continued to lead with 8,083 vehicles delivered, followed by Li Auto with 7,713 vehicles, and XPeng with 6,565 vehicles delivered, ranking third.</p><p>Since 2021, the scale of the new energy vehicle industry has steadily expanded. Nio, which has the highest delivery volume, is aiming for annual sales of 100,000 vehicles, while Li Auto and XPeng have the opportunity to achieve annual sales of 80,000 vehicles.</p><p>However,<b>Monthly deliveries in thousands still seem niche in a car market with millions of shipments.</b>This is a limitation caused by production capacity, but also a space for imagination to expand.</p><p>Thanks to increased shipments, XPeng Motors' revenue and gross profit grew in tandem, and it began to narrow the gap with its peers. According to its prospectus, XPeng Motors achieved revenue of RMB 2.951 billion in the first quarter of 2021, a year-on-year increase of 616.1% compared to RMB 412 million in 2020. In terms of growth rate, it exceeded Nio Motors' 481.8% and Li Auto' 319.8%. However, during the same period, Nio Motors' revenue was RMB 7.98 billion, and Li Auto' revenue was RMB 3.58 billion.</p><p>In addition, XPeng vehicles have begun to ramp up production capacity. The prospectus shows that the utilization rate of automobile production lines in XPeng is close to 40%, with the capacity utilization rate of the Haima plant increasing from 6.4% in 2018 to 40.6%, and the capacity utilization rate of the new Zhaoqing plant also reaching 38.5%, which is close to the average capacity utilization rate of 40% for Chinese passenger vehicles.</p><p><b>However, XPeng Motor Company has not yet escaped the predicament of losses.</b>XPeng warned of risks in its prospectus, stating that the company is still incurring losses and negative operating cash flow, and this situation may continue for some time.</p><p>Financial reports show that XPeng has accumulated losses of over 7.8 billion yuan over the past three years. From January to March 2021, XPeng suffered a net loss of 786.6 million yuan, a further increase compared to 649.8 million yuan in the same period last year. The main reason for the loss was the high investment in R&D, marketing and advertising expenses, of which R&D expenses reached 535.1 million yuan.</p><p><b>Among the three giants of emerging electric vehicle manufacturing, Nio Motors leads in brand positioning and service system, Li Auto likes to tell the story of battery anxiety behind range-extended technology, while XPeng Motors' moat for itself is \"intelligence\".</b></p><p>In its prospectus, XPeng also stated that its most crucial core competitiveness is intelligence, meaning that all software and core hardware are independently developed. Unlike other OEMs, XPeng has independently designed and developed a full-stack autonomous driving technology and operating system, and claims to be the first emerging electric vehicle manufacturer to independently develop autonomous driving software and commercialize it.</p><p>The focus on technology is determined by the DNA of XPeng Motors' founding team. In addition to the technical background of the two co-founders, they also hold nearly 40% of R&D positions. According to the prospectus, as of March 31, 2021, XPeng had 6,132 employees worldwide, 39.8% of whom were in R&D positions, including three major categories: automotive design and engineering, autonomous driving, and intelligent operating systems.</p><p>After the \"dual major listing\", coupled with the endless stories of the new energy market and the complete closed loop of R&D, design, production, sales and service achieved with the self-built factory as the axis, funding is no longer the biggest problem.</p><p>The next hurdle lies in self-sufficiency in terms of business model, intelligent R&D in terms of technology, and the fierce invasion of mobile phone manufacturers.</p><p><b>05</b></p><p>“<b>I welcome more people to come in. There are still some opportunities in the next five years. After 2025, there will be a transformation from the Spring and Autumn Period to the Warring States Period.</b>\"At the Shanghai Auto Show, He Xiaopeng described the competition in the new energy vehicle market in this way.\"</p><p>Lei Jun, who initially solved He Xiaopeng's urgent problem, is now standing at the forefront of new car manufacturing with tens of billions of dollars in hand. Every ten years, a cycle unfolds, with old and new stories alternating.</p><p>Although serial entrepreneur He Xiaopeng achieved his dream of financial freedom three years ahead of schedule, he was still determined to enter the murky waters of new car manufacturing. With two IPOs within a year, XPeng has transformed its identity from a pathfinder, a follower, and a leader.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/V2HHylVXC8SZXT7jorxbSw\">FN商业</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2d86c8942d70bb8f5f19dc3d70ace2d9","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"source_url":"https://mp.weixin.qq.com/s/V2HHylVXC8SZXT7jorxbSw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157988669","content_text":"何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。\n\n\n造车新势力中，小鹏最晚登陆美股。然而在纽交所上市不满一年，它已完成“双重主要上市”。\n7月7日，小鹏汽车登陆港交所，开盘涨1.82%，发行价165港元，最高股价168港元，总市值2842亿港元。小鹏抢跑“港股智能电动车第一股”，很可能掀起新造车企业回港上市的潮流。\n小鹏汽车何小鹏，带着他的第二个梦想，朝新造车的深水区不断下潜。\n01\n2014年6月11日，阿里巴巴以43.5亿美元的现金加股权收购UC，创下了国内移动互联网史上的并购记录。成为阿里全资子公司后，UC被合并至阿里体系内。\n创办UC整整十年后，实现了财务自由的何小鹏，与俞永福一起加入阿里，这一年，马云是中国首富。\n进入阿里之后，何小鹏担任UC的CEO，一年后成为阿里移动事业群总裁，后又调任阿里游戏董事长，2017年担任土豆网总裁。\n但何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。\n1999年，华南理工迎来毕业季，何小鹏和另外两位同学上了一辆大巴车，跟随导师去不同的企业面试，其中有两家国企，一家私企。\n大巴车停在这家名为“亚信科技”的私企门前，只有何小鹏一人下了车，在那个年代，很少有人愿意放弃国企的铁饭碗。但何小鹏的想法很不一样，他的愿望是40岁之前实现财务自由，然后退休。\n没有人能预测未来，命运眷顾幸运者的方式充满了戏剧性。\n亚信科技的创始人田朔宁，是后来鼎鼎有名的“互联网先生”，亚信则是“中国互联网的建筑师”，不过，这都是后话了。\n毕业之后，何小鹏正式进入亚信广州办事处，从软件测试工程师做起。\n在亚信工作期间，何小鹏认识了同系师兄梁捷。梁捷技术实力强，擅长写代码。两人在同一个研发团队，配合非常默契，共同开发了大容量邮件系统，成为公司的旗舰产品。\n2000年，亚信在纳斯达克上市，何小鹏入职满一年，有1500股，按照20美元的上市股价，相当于3万美元。他的领导给他股权协议书时说，“你一来公司就有一套房了。”\n但在2004年，何小鹏觉得每个月拿几千块的打工人无法实现财务自由，于是他辞职创业，跟随移动互联网刚刚兴起的潮流，与梁捷一起创办了UC。\n那时，中国的互联网行业刚刚迈入第一个十年，何小鹏和梁捷都是最早一批用手机“网上冲浪”的人，也最早发现了移动互联网的创业机会。\n创业初期，UC开发出了两款产品：UC Mail和UC Web。UC代表You Can，意思是“你（随时）可以收发邮件和访问互联网”。\n\n但是，受限于移动互联网和硬件设备的普及程度，用户尚未养成用手机收发邮件的习惯，不过这款产品引起了丁磊的注意。丁磊同样是做邮箱起家，对于市面上的同类产品非常敏感。\n好巧不巧，网易邮箱的开发人员之一陈磊华，是何小鹏的同学，由他牵线搭桥，双方见了面。\n酒桌上，丁磊听说UC的团队连办公室都租不起，先是借了80万，又把自己的办公室借给何小鹏办公。这间办公室，再次为何小鹏打开了幸运的大门。\nUC的团队搬进丁磊的办公室，隔壁就是网易总编辑李学凌。李学凌后来辞职创业，就是YY的创始人。2006年，李学凌把何小鹏介绍给联想投资（现君联资本）副总裁俞永福，俞永福非常想投资UC，但项目因为一票之差没有通过。\n俞永福不甘心，他曾在UC考察过半年，非常看好这个项目。于是，投资决策会议结束的当晚，俞永福在北京街头的酒吧里见到了雷军，而雷军听完后只说了一句话：“你去UC，我就投。”\n于是，俞永福辞掉了联想投资副总裁的职位，成为UC董事长和CEO，并很快为UC完成了400万元的融资，其中200万是雷军给的。\n\n再后来，雷军离开金山之后，也曾担任过UC董事长。他是何小鹏的湖北老乡，也是何小鹏两次创业的投资人。\n02\n时间回到2014年6月13日，UC刚被并入阿里第二天，大洋彼岸的蝴蝶扇动了翅膀，马斯克宣布特斯拉将采取“开源模式”，随后，造车新势力“蔚小理”相继成立。\n同一年，马斯克来到中国，向国内用户交付了首批特斯拉汽车，何小鹏是首批用户。他曾不止一次提到，坐上特斯拉之后，“第一感受就是世界要变，汽车行业的变革来了。”\n何小鹏在一篇自述中提到，“2014年阿里整合UC之后，我提出在阿里体系造车，被无情否掉了。我喜欢汽车，也相信智能汽车的未来，但自己造车可能面临更多责任、焦虑和压力，也许作为投资人更好。”\n那时候，37岁的何小鹏提前三年完成了财务自由的目标，但他首先想到的不是退休，而是财务自由后的痛苦、空虚和迷茫。\n于是，何小鹏开始以投资人的身份发起并推动造车项目。\n这个造车团队中，有出身于清华大学汽车工程专业的夏珩，他曾在广汽传祺刚刚成立时加入，参与了传祺诞生的整个过程。\n打造“中国特斯拉”的想法让夏珩很兴奋，于是他毅然离开了广汽。\n创立小鹏之前，夏珩的身份是广汽新能源中心控制科科长，在广汽负责开展多款新能源汽车及智能汽车的控制系统开发工作。\n另一位小鹏汽车创始人何涛，是夏珩的学弟和同事。2010年毕业后进入广汽研究院工作，从事新能源汽车车辆控制相关系统的研发工作。由于技术能力较强，何涛随后又以项目经理的身份统筹广汽的无人驾驶项目推进。\n（何涛、何小鹏、夏珩）\n小鹏汽车的初创团队成立之后，距离何小鹏从投资人变成创始人，还差了一通电话。\n2017年2月16日，何小鹏的孩子出生，刚刚抱上几分钟，就接到一个电话。这个电话来自于被他调侃为“促使我创业的坏人”——GGV纪源资本管理合伙人符绩勋。\n“制造业升级，出行行业升级，已经大势所趋了。你要赶紧出来，再不出来这个Windows（窗口期）就没有了。”\n据何小鹏回忆，自从以投资人的身份组建造车团队后，就一直有再次创业与造车的想法，直到接到电话的那一刻，内心突然产生了一种强烈的情感：要做一些事情证明给儿子看。\n这通电话，正式激活了何小鹏的创业梦。\n半年后，在UC 13岁生日那天，何小鹏正式离开阿里。时任阿里文化娱乐集团董事长兼CEO俞永福在内部信中说，何小鹏将正式“荣退”，并“开启自己新的一段追梦之旅”。\n那一天，何小鹏发了一条朋友圈：创业一轮回，苦辣酸甜咸，归来仍是少年。\n03\n在何小鹏正式加入之前，小鹏汽车的造车计划已经开始推进，包括获得Pre-A轮融资和22亿元A轮融资、发布首款量产车Beta版、百亿级生产基地落户肇庆市区、获得销售资格等。\n何小鹏的加入，带来了创业经验和广阔的人脉。\n加入一年内，小鹏汽车完成了20亿融资，股东包括阿里、富士康、IDG等投资巨头。同时，何小鹏还挖来多位技术高管，补充团队人才。\n2017年10月12日，何小鹏加入小鹏汽车两个多月后，小鹏汽车首款量产车型正式下线，成为造车新势力中最先实现量产的。\n2018年1月10日，小鹏汽车G3在美国CES国际电子消费展上全球首发。在国内，小鹏汽车G3现身极客公园创新节展台。同月，小鹏汽车交付了首批39辆新车。\n2018年3月，小鹏汽车1.0量产车型获得中国造车新势力量产车落地的首张新能源号牌。\n然而，随之而来的是小鹏的降速，小鹏汽车首批产品并未上市销售，而是给员工在不同的场景继续驾驶测试。\n何小鹏态度很坚决：“消费者绝不应该是我们的首批用户。”\n直到2018年12月12日，小鹏汽车宣布G3正式上市，并同期启动交付，新车分为G3 520、G3 400两个型号，综合补贴后全国统一售价区间为14.38-19.68万元，首批卖出一万多辆。\n但这时，小鹏汽车在交付层面上已经被蔚来汽车赶超。\n进入2019年，小鹏汽车的发展计划中提到，前端要建成200座超级充电站，增幅为50%；中端小鹏汽车要将公司规模拓展至5000人，增幅为40%；后端肇庆工厂要开工并交付4万部新车，增幅超过7563%。\n于是，小鹏汽车开始搭建VIE结构，并随之传出了启动在美IPO的消息，但新能源市场的剧变来得猝不及防。\n2019年3月，有关部门下发《关于进一步完善新能源汽车推广应用财政补贴政策的通知》，到6月底，新能源车国补减半、地补直接消失。\n随后，新能源汽车市场初次遇冷。\n“目前，小鹏汽车对于IPO的时间和地点都没有计划表。”3月28日，何小鹏对外宣布。\n除了市场方面的波动和尚未列进计划的IPO，小鹏汽车也开始遭遇用户的质疑。\n2019年7月，小鹏汽车推出G3 2020款，但很快引发小鹏汽车老车主的强烈不满。对比2019款G3，新款车型不仅续航能力提升，且价格还低于老款。\n7月13日，小鹏汽车遭遇了最大的危机，一大波车主跑到小鹏汽车总部，各个城市的服务中心，拉起横幅维权，控诉小鹏汽车涉嫌消费欺诈。\n\n无奈之下，小鹏汽车给出补偿方案：老车主在3年之内增换购小鹏汽车任何一款车型时，在享受拟购买新车当期所有促销政策权益的基础上，额外享受1万元专属补贴权益。\n一个多月后，何小鹏在接受媒体采访时发出感叹，“在汽车行业里面除了体力累、脑力累，还有一个心累”。用他的话说，自己是从互联网圈的“舒适区”进入了汽车圈“艰苦区”。\n实际上，从2018年到2020年中旬，何小鹏多次流露负面情绪。\n他曾经对于交付充满痛苦：“以前我认为研发和制造很难，交付不是很难，但现在发现交付的难度远远比造出几百台要高。为了交付，需要有预定和销售环节，内部要建一个巨大的CRM（客户关系管理系统），数十个信息化系统。为了销售，在全国要开四十多个公司，因为每一个地方要进行交付，要开发票。我们在每个地方都要有充电站，售后怎么办，维修怎么办……现在的痛苦我觉得会持续两年，持续到2020年。”\n到了2020年，痛苦仍然持续。这一年6月，何小鹏在微博发出一张合照，照片中何小鹏、李斌、李想相依而坐，李斌的双手亲密地搭在旁边两人的肩上。何小鹏配文说：“三个苦逼，在忆苦思变......”\n\n好在一时的“艰苦”并不会打倒一个行业，尤其是新能源汽车这种注定会上升的行业。\n2020年7月，小鹏汽车又发布了第二款量产车型P7智能轿跑。P7对标国产特斯拉Model 3，续航里程达到了706公里，补贴后售价23万元左右。\n造车新势力最大的“难”在于自建工厂，不过当初投资20亿建造的肇庆工厂已经开始收获成果，P7就是由肇庆工厂生产的。\n每个月的交付数量督促着何小鹏不断前进，但在这个“烧钱”成为共识的战场上，融资问题一直困扰着圈内的各个玩家。\n由于量产的需求，造车对于资金的要求极高，200亿只是入行的门槛。何小鹏自己先后投入的3亿美金像是毛毛雨，小鹏汽车累计10轮融资超过180亿元，投资方除了老朋友阿里巴巴和小米集团，还有红杉、高瓴、富士康和IDG资本。\n在这个时候，蔚来汽车已经成为造车三剑客中领跑的一方，于2018年9月12日在美国纽交所上市，募集了10亿美元；李想的理想汽车紧随其后，于2020年7月30日在美国纳斯达克上市，募集10.5亿美元。\n而小鹏汽车8月27日登陆美国纽交所，募集资金15亿美元。\n04\n小鹏汽车即将登陆港股，完成“双重主要上市”。\n由于相距纽交所挂牌上市时间不满一年，与京东、百度、哔哩哔哩等一批赴港二次上市的中概股不同，小鹏汽车无法满足港交所对于“两个会计年度”的要求，只能选择“双重一级市场”的方式赴港募资。\n与此同时，蔚来和理想也透露出赴香港上市的意愿。\n迫切的上市需求折射出新能源汽车行业的发展现状：对于资金的渴求和资本市场的认可相得益彰；而相约回港上市，也从侧面反映了新能源汽车核心市场的悄然转变。\n在资本市场上，新能源汽车行业的想象空间持续滋养着新势力的股价。\n特斯拉成为市值最高的车企，蔚小理的市值也超过了很多百年车企。但从销量规模来看，双方的差距仍大。\n今年刚进入7月，造车新势力们便迫不及待地亮出6月销量成绩单。其中，蔚来以8083辆交付量继续领跑，理想以7713辆的成绩成为第二，小鹏交付6565辆，位列第三。\n2021年以来，新能源汽车行业的规模平稳扩大，交付量最高的蔚来正在冲击10万辆的年销量，理想、小鹏则有机会冲击8万辆年销量。\n不过，以千为单位的月交付量，放在百万级出货量的汽车市场上仍然显得小众，这是产能所造成的限制，也是想象力拓展的空间。\n得益于出货量的提升，小鹏汽车的营收与毛利同步增长，并开始缩小与同行的距离。其招股书显示，小鹏汽车2021年第一季度共实现营收29.51亿人民币，较2020年4.12亿人民币同比增长616.1%，增速层面超过了481.8%的蔚来汽车和319.8%的理想汽车，不过同期蔚来汽车营收79.8亿人民币，理想汽车营收35.8亿人民币。\n此外，小鹏汽车开始进入产能爬坡阶段。招股书显示，小鹏汽车生产线利用率已经接近40%，其中海马工厂产能利用率由2018年的6.4%已提升至40.6%，肇庆新工厂的产能利用率也达到38.5%，接近中国乘用车40%的平均产能利用率。\n不过，小鹏汽车依然没有摆脱亏损困境。小鹏在招股书中预警风险，企业目前仍在产生亏损和负经营现金流，这一情况可能还会持续一段时间。\n财报显示，过去三年小鹏已累计亏损超78亿元。2021年1-3月，小鹏净亏损为7.866亿元，相比去年同期6.498亿元进一步扩大，亏损的主要原因是高额投入的研发费用、营销推广和广告费用，其中，研发费用达到5.351 亿元。\n造车新势力三巨头中，蔚来汽车以品牌定位和服务体系领先，理想汽车喜欢讲述增程技术背后的电量焦虑故事，而小鹏汽车为自己打造的护城河则是“智能”。\n在招股书中，小鹏汽车也表示其最关键的核心竞争力是智能，即所有软件和核心硬件都进行自主研发。不同于其他主机厂，小鹏汽车自主设计和开发了全栈式的自动驾驶技术和操作系统，并表示是第一家自主研发出自动驾驶软件，并将其实现商业化应用的造车新势力公司。\n以技术为核，是由小鹏汽车创始团队的基因决定的，除了两位联合创始人的技术出身，还有占比近40%的研发岗位。招股书提到，截止2021年3月31日，小鹏汽车全球共有员工6132人，其中39.8%是研发岗，包括汽车设计与工程、自动驾驶和智能操作系统三大类别。\n而在“双重主要上市”之后，配合新能源市场讲不完的故事，和以自建工厂为轴所实现的研发、设计、生产、销售服务的完整闭环，资金已经不再是最大的难题。\n下一个坎，在于商业模式层面的自我造血，技术层面的智能研发，以及手机厂商们的凶猛入侵。\n05\n“我欢迎更多人进来，这五年还是有一些机会，2025年以后就是一个从春秋到战国的变革。”在上海车展上，何小鹏曾如此描述新能源汽车市场的竞争。\n当初为何小鹏解决燃眉之急的雷军，已经手持百亿美元站在了新造车的风口上。十年一个轮回，新旧故事交替上演。\n而连续创业者何小鹏，虽然提前三年完成了财富自由的梦想，但依然下定决心进入了新造车的浑水之中。一年之内两次上市，小鹏汽车的身份在探路者、追赶者与领先者之间完成了转换。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":3615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}