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- Mini55Mini55
  ·2021-06-24
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  XPeng Motor Company's Hong Kong IPO price reached a maximum of HK$180 per share; Nio sent his blessings.
  小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。
  XPeng Motor Company's Hong Kong IPO price reached a maximum of HK$180 per share; Nio sent his blessings.
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XPeng Motors stated that the maximum offering price for this public offering in Hong Kong is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>Regarding shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Motors, and his affiliated companies are the controlling shareholders of XPeng Motors, holding 21.75% of the shares. Taobao China holds 11.9% of the shares, and IDG Capital holds 4.8%.</p><p>On the same day, according to Times Finance on the official website of the Hong Kong Stock Exchange, XPeng Automotive has passed the listing hearing of the Hong Kong Stock Exchange and submitted its post-hearing information set for the first time. XPeng stated that this dataset is not the final listing document, and the company may update or revise it from time to time in accordance with the listing rules.</p><p>It is understood that this return to the Hong Kong stock market,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Bank of America and XPeng Motors are joint sponsors. The aforementioned investment bank had previously assisted XPeng in completing its IPO in the United States. Meanwhile, XPeng Motors has raised up to $2 billion in this round of financing. However, XPeng Automotive declined to comment on news regarding its Hong Kong listing, he told Times Finance.</p><p><img src=\"https://static.tigerbbs.com/637e64eaf32d8f5ba864c1e1c3561ec9\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\">Image source: XPeng Automobile</p><p>It is worth noting that, in addition to XPeng vehicles,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Both Li Auto and China have previously been rumored to be interested in listing in Hong Kong. In March of this year, according to media reports, Nio and XPeng had submitted their listing applications to the Hong Kong Stock Exchange, while Li Auto had not yet submitted its application. The report also cited sources familiar with the matter as saying that all three companies intend to sell 5% of their shares, raising a total of $5 billion.</p><p>Regarding the subsequent return plans and progress, Times Finance also interviewed Nio and...<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Both parties stated that there was no further information to disclose at the moment. Regarding the updates on XPeng' return to Hong Kong for its IPO, a representative from Nio' public relations department said, \"Best wishes to my teammates.\"</p><p><b>Dual listing</b></p><p>“XPeng’s listing in Hong Kong is a dual listing, subject to regulation by both the US SEC and the Hong Kong SFC. Generally speaking, this situation is stricter than a secondary listing,” Wang Yitang, a strategist at Sichuan Securities, told Times Finance on June 24.</p><p>Public information shows that companies primarily listed on qualified exchanges (such as the NYSE, NASDAQ, etc.) are allowed to conduct a secondary listing in Hong Kong, but must meet several conditions, including that the company must be a startup.<a href=\"https://laohu8.com/S/300832\">New industry</a>The company has a good compliance record of being listed on a qualified exchange for at least the most recent two full fiscal years, and the applicant's total market capitalization at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market capitalization at the time of listing is not less than HK$10 billion and the revenue in the most recent audited fiscal year is not less than HK$1 billion, etc.</p><p><img src=\"https://static.tigerbbs.com/7426061ec0b6d7263a5f645b48ccc96b\" tg-width=\"550\" tg-height=\"414\" referrerpolicy=\"no-referrer\">Image source: Screenshot from the Hong Kong Stock Exchange website</p><p>XPeng’s return to the Hong Kong stock market through a rare “Dual Primary Listing” is mainly due to the short interval between its previous Listing on the US stock market (August 27 last year), which does not meet the requirement for the listed entity to have at least two years of good regulatory compliance records on another eligible exchange in a secondary Listing.</p><p>Wang Yitang told Times Finance that, given XPeng Motors' current market capitalization and its status as an innovative company, it theoretically meets the standards for listing on the Hong Kong Stock Exchange. As of the market close on June 23, XPeng Motors (XPEV.NYSE) closed at $41.61 per share, with a total market capitalization of $33.427 billion, or approximately HK$259.53 billion.</p><p>However, XPeng Motors' post-hearing filing with the Hong Kong Stock Exchange still mentioned a number of risks and uncertainties, including challenges as a new entrant to the industry, the possibility that its R&D efforts may not yield the expected results, risks related to autonomous driving technology, and the fact that it has only recently started generating revenue and is still generating losses and negative operating cash flow, which are likely to continue in the future.</p><p>Among them, in<a href=\"https://laohu8.com/S/000572\">Haima Auotmobile</a>Regarding production capacity cooperation, XPeng Automotive stated that the cooperation agreement with Haima will expire on December 31 this year, but there may be a failure to enter into a new contract or extend an existing contract with Haima on acceptable terms and conditions, and the agreement may also be terminated by mutual consent. If any of the above occurs, XPeng Motor may be required to enter into contracts with other third parties or significantly increase its own production capacity.</p><p>\"We cannot guarantee that, under such circumstances, we will be able to partner with other third parties on acceptable terms or increase our own production capacity to meet our needs, or at all. Completing any transition and ensuring the production capacity of the new third-party partners' factories...\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The expense and time required for electric vehicles to meet our quality standards and regulatory requirements may be greater than expected. Any of the above factors could adversely affect our business, results of operations, financial condition, and prospects. XPeng Motor Company stated in its post-hearing submission.</p><p><img src=\"https://static.tigerbbs.com/70c771acf3ec396d6a6bb60ff0922bce\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\">Image source: Internet. Please contact us to remove any infringements.</p><p><b>Is \"Wei Xiaoli\" accelerating its return to Hong Kong for IPO and fundraising?</b></p><p>Industry insiders believe that if XPeng successfully lists on the Hong Kong stock market, it will help it further broaden its financing channels and prepare funds for its subsequent product launches and technology research and development.</p><p>According to data submitted by XPeng Motors to the Hong Kong Stock Exchange, XPeng Motors' annual R&D expenditure was RMB 1.051 billion, RMB 2.07 billion, and RMB 1.726 billion from 2018 to 2020, respectively. Adding the RMB 535 million in the first quarter of this year, the total is approximately RMB 5.382 billion. The above expenses accounted for 89.2%, 29.5% and 18.1% of our total revenue in 2019, 2020 and the three months ended 31 March 2021, respectively.</p><p>In terms of R&D personnel, as of the end of March this year, 2,442 employees (accounting for approximately 39.8% of the total) worked in XPeng Automotive's R&D department, of which 62.1%, 16.3% and 21.5% were dedicated to automotive design and engineering, autonomous driving and intelligent operating systems, respectively. Looking at the employee breakdown by function, the proportion of R&D personnel at XPeng Motor Company is second only to those responsible for sales and marketing (2,518 people), with the latter accounting for 41.1%.</p><p>It is worth noting that XPeng Motor Company had previously acquired relatively sufficient cash reserves through its initial public offering and subsequent share issuances. It is reported that it completed its initial public offering and listed on the New York Stock Exchange last August, raising net proceeds of approximately US$1.656 billion after deducting underwriting discounts, commissions and expenses. Subsequently, in December of last year, XPeng completed a subsequent public offering at a price of $45 per American Depositary Share or $22.5 per share, raising a total of $2.445 billion in net proceeds after deducting underwriting discounts, commissions and expenses.</p><p>Currently, in addition to XPeng Automobile, two other leading emerging automakers, Nio and Li Auto, are rumored to also have plans to list in Hong Kong in order to further optimize their financing channels. According to the Q1 financial reports of \"Wei Xiaoli\" automakers, all three automakers currently have cash reserves exceeding 30 billion yuan. Among them, Nio has the largest cash reserves of 47.5 billion yuan, XPeng has 36.201 billion yuan, and Li Auto has 30.36 billion yuan.</p><p>Previously, Li Auto founder and CEO Li Xiang stated that Li Auto would not mind any form of financing, including the secondary market, bank loans, and bond issuance.</p><p>An industry insider told Times Finance that while broadening external financing channels, expanding delivery scale to enhance their own revenue-generating capabilities remains the top priority for emerging electric vehicle companies to achieve profitability. according to<a href=\"https://laohu8.com/S/002736\">Guoxin Securities</a>The research report estimates that Nio, XPeng, and Li Auto need to reach sales volumes of 180,000, 120,000, and 60,000 vehicles respectively to achieve profitability. As of the end of May this year, Nio had delivered a total of 109,500 vehicles, XPeng had delivered over 64,000 vehicles, and Li Auto had delivered over 56,000 vehicles.</p>","source":"lsy1588128741489","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>XPeng Motor Company's Hong Kong IPO price reached a maximum of HK$180 per share; Nio sent his blessings.</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\">\nXPeng Motor Company's Hong Kong IPO price reached a maximum of HK$180 per share; Nio sent his blessings.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">时代在线</strong><span class=\"h-time small\">2021-06-24 20:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By Li Zhuoling</p><p>Less than a year after successfully going public in the US last August,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>They are then preparing for a Hong Kong IPO, aiming for a \"dual listing\".</p><p>At 8 p.m. on June 24, XPeng Motor Company issued a supplementary announcement to its prospectus, stating that it will issue 85 million Class A ordinary shares as part of its global offering, and 4.25 million Class A ordinary shares will be publicly offered in Hong Kong under the stock code \"9868\". XPeng Motors stated that the maximum offering price for this public offering in Hong Kong is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>Regarding shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Motors, and his affiliated companies are the controlling shareholders of XPeng Motors, holding 21.75% of the shares. Taobao China holds 11.9% of the shares, and IDG Capital holds 4.8%.</p><p>On the same day, according to Times Finance on the official website of the Hong Kong Stock Exchange, XPeng Automotive has passed the listing hearing of the Hong Kong Stock Exchange and submitted its post-hearing information set for the first time. XPeng stated that this dataset is not the final listing document, and the company may update or revise it from time to time in accordance with the listing rules.</p><p>It is understood that this return to the Hong Kong stock market,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Bank of America and XPeng Motors are joint sponsors. The aforementioned investment bank had previously assisted XPeng in completing its IPO in the United States. Meanwhile, XPeng Motors has raised up to $2 billion in this round of financing. However, XPeng Automotive declined to comment on news regarding its Hong Kong listing, he told Times Finance.</p><p><img src=\"https://static.tigerbbs.com/637e64eaf32d8f5ba864c1e1c3561ec9\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\">Image source: XPeng Automobile</p><p>It is worth noting that, in addition to XPeng vehicles,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Both Li Auto and China have previously been rumored to be interested in listing in Hong Kong. In March of this year, according to media reports, Nio and XPeng had submitted their listing applications to the Hong Kong Stock Exchange, while Li Auto had not yet submitted its application. The report also cited sources familiar with the matter as saying that all three companies intend to sell 5% of their shares, raising a total of $5 billion.</p><p>Regarding the subsequent return plans and progress, Times Finance also interviewed Nio and...<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Both parties stated that there was no further information to disclose at the moment. Regarding the updates on XPeng' return to Hong Kong for its IPO, a representative from Nio' public relations department said, \"Best wishes to my teammates.\"</p><p><b>Dual listing</b></p><p>“XPeng’s listing in Hong Kong is a dual listing, subject to regulation by both the US SEC and the Hong Kong SFC. Generally speaking, this situation is stricter than a secondary listing,” Wang Yitang, a strategist at Sichuan Securities, told Times Finance on June 24.</p><p>Public information shows that companies primarily listed on qualified exchanges (such as the NYSE, NASDAQ, etc.) are allowed to conduct a secondary listing in Hong Kong, but must meet several conditions, including that the company must be a startup.<a href=\"https://laohu8.com/S/300832\">New industry</a>The company has a good compliance record of being listed on a qualified exchange for at least the most recent two full fiscal years, and the applicant's total market capitalization at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market capitalization at the time of listing is not less than HK$10 billion and the revenue in the most recent audited fiscal year is not less than HK$1 billion, etc.</p><p><img src=\"https://static.tigerbbs.com/7426061ec0b6d7263a5f645b48ccc96b\" tg-width=\"550\" tg-height=\"414\" referrerpolicy=\"no-referrer\">Image source: Screenshot from the Hong Kong Stock Exchange website</p><p>XPeng’s return to the Hong Kong stock market through a rare “Dual Primary Listing” is mainly due to the short interval between its previous Listing on the US stock market (August 27 last year), which does not meet the requirement for the listed entity to have at least two years of good regulatory compliance records on another eligible exchange in a secondary Listing.</p><p>Wang Yitang told Times Finance that, given XPeng Motors' current market capitalization and its status as an innovative company, it theoretically meets the standards for listing on the Hong Kong Stock Exchange. As of the market close on June 23, XPeng Motors (XPEV.NYSE) closed at $41.61 per share, with a total market capitalization of $33.427 billion, or approximately HK$259.53 billion.</p><p>However, XPeng Motors' post-hearing filing with the Hong Kong Stock Exchange still mentioned a number of risks and uncertainties, including challenges as a new entrant to the industry, the possibility that its R&D efforts may not yield the expected results, risks related to autonomous driving technology, and the fact that it has only recently started generating revenue and is still generating losses and negative operating cash flow, which are likely to continue in the future.</p><p>Among them, in<a href=\"https://laohu8.com/S/000572\">Haima Auotmobile</a>Regarding production capacity cooperation, XPeng Automotive stated that the cooperation agreement with Haima will expire on December 31 this year, but there may be a failure to enter into a new contract or extend an existing contract with Haima on acceptable terms and conditions, and the agreement may also be terminated by mutual consent. If any of the above occurs, XPeng Motor may be required to enter into contracts with other third parties or significantly increase its own production capacity.</p><p>\"We cannot guarantee that, under such circumstances, we will be able to partner with other third parties on acceptable terms or increase our own production capacity to meet our needs, or at all. Completing any transition and ensuring the production capacity of the new third-party partners' factories...\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The expense and time required for electric vehicles to meet our quality standards and regulatory requirements may be greater than expected. Any of the above factors could adversely affect our business, results of operations, financial condition, and prospects. XPeng Motor Company stated in its post-hearing submission.</p><p><img src=\"https://static.tigerbbs.com/70c771acf3ec396d6a6bb60ff0922bce\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\">Image source: Internet. Please contact us to remove any infringements.</p><p><b>Is \"Wei Xiaoli\" accelerating its return to Hong Kong for IPO and fundraising?</b></p><p>Industry insiders believe that if XPeng successfully lists on the Hong Kong stock market, it will help it further broaden its financing channels and prepare funds for its subsequent product launches and technology research and development.</p><p>According to data submitted by XPeng Motors to the Hong Kong Stock Exchange, XPeng Motors' annual R&D expenditure was RMB 1.051 billion, RMB 2.07 billion, and RMB 1.726 billion from 2018 to 2020, respectively. Adding the RMB 535 million in the first quarter of this year, the total is approximately RMB 5.382 billion. The above expenses accounted for 89.2%, 29.5% and 18.1% of our total revenue in 2019, 2020 and the three months ended 31 March 2021, respectively.</p><p>In terms of R&D personnel, as of the end of March this year, 2,442 employees (accounting for approximately 39.8% of the total) worked in XPeng Automotive's R&D department, of which 62.1%, 16.3% and 21.5% were dedicated to automotive design and engineering, autonomous driving and intelligent operating systems, respectively. Looking at the employee breakdown by function, the proportion of R&D personnel at XPeng Motor Company is second only to those responsible for sales and marketing (2,518 people), with the latter accounting for 41.1%.</p><p>It is worth noting that XPeng Motor Company had previously acquired relatively sufficient cash reserves through its initial public offering and subsequent share issuances. It is reported that it completed its initial public offering and listed on the New York Stock Exchange last August, raising net proceeds of approximately US$1.656 billion after deducting underwriting discounts, commissions and expenses. Subsequently, in December of last year, XPeng completed a subsequent public offering at a price of $45 per American Depositary Share or $22.5 per share, raising a total of $2.445 billion in net proceeds after deducting underwriting discounts, commissions and expenses.</p><p>Currently, in addition to XPeng Automobile, two other leading emerging automakers, Nio and Li Auto, are rumored to also have plans to list in Hong Kong in order to further optimize their financing channels. According to the Q1 financial reports of \"Wei Xiaoli\" automakers, all three automakers currently have cash reserves exceeding 30 billion yuan. Among them, Nio has the largest cash reserves of 47.5 billion yuan, XPeng has 36.201 billion yuan, and Li Auto has 30.36 billion yuan.</p><p>Previously, Li Auto founder and CEO Li Xiang stated that Li Auto would not mind any form of financing, including the secondary market, bank loans, and bond issuance.</p><p>An industry insider told Times Finance that while broadening external financing channels, expanding delivery scale to enhance their own revenue-generating capabilities remains the top priority for emerging electric vehicle companies to achieve profitability. according to<a href=\"https://laohu8.com/S/002736\">Guoxin Securities</a>The research report estimates that Nio, XPeng, and Li Auto need to reach sales volumes of 180,000, 120,000, and 60,000 vehicles respectively to achieve profitability. As of the end of May this year, Nio had delivered a total of 109,500 vehicles, XPeng had delivered over 64,000 vehicles, and Li Auto had delivered over 56,000 vehicles.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.time-weekly.com/post/282527\">时代在线</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f112c7634aa63c7d43e3db0ad6536d8","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"source_url":"http://www.time-weekly.com/post/282527","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106576178","content_text":"文／李卓玲\n距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。\n同日，据时代财经在港交所官网了解到，小鹏汽车已通过港交所上市聆讯，并第一次呈交聆讯后资料集。小鹏汽车称，该资料集并非最终上市文件，公司可能会不时根据上市规则作出更新或修订。\n据悉，此次回归港股，摩根大通和美银为小鹏汽车联席保荐人，前述投行此前曾助小鹏完成赴美上市事宜。与此同时，小鹏汽车此次融资规模最多为20亿美元。不过，对于赴港上市相关消息，小鹏汽车对时代财经称，不予置评。\n图片来源：小鹏汽车\n值得关注的是，除了小鹏汽车外，蔚来和理想汽车此前亦均传出有赴港上市之心。今年3月，据媒体报道，蔚来、小鹏汽车已向港交所递交上市申请，而理想尚未“递表”；该报道并援引知情人士称，三家公司均打算出售5%的股权，筹资金额合计或将达到50亿美元。\n对于后续回归计划及进展，时代财经6月24日也分别采访了蔚来和理想汽车，双方均称暂无更多消息披露，而对于小鹏回港IPO动态，蔚来公关部人士称，“祝福队友”。\n双重上市\n“小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。”6月24日，川财证券策略分析师王一棠对时代财经表示。\n公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创新产业公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。\n图片来源：港交所官网截图\n小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。\n王一棠对时代财经称，从小鹏汽车当前市值，再加上该公司为创新企业，理论上满足上市港交所的标准。而截至6月23日收盘，小鹏汽车(XPEV.NYSE)美股收盘价为41.61美元/股，总市值达334.27亿美元，约合2595.3亿港币。\n不过，小鹏汽车在向港交所呈交的聆讯后资料中仍提及多项风险和不确定因素，包括作为行业新加入者的挑战、研发工作可能无法产能预期成果、自动驾驶技术风险，以及最近才开始产生收入且仍在产生亏损和负经营现金流，而此等情形将有可能于日后持续等。\n其中，在与海马汽车的产能合作方面，小鹏汽车称，与前者的合作协议将于今年12月31日届满，但可能存在未能与海马以可接纳的条款及条件订立新合约或延长现有合约，以及订立的协议亦可能会在双方同意下终止。如出现任何上述情况，小鹏汽车或须与其他第三方订立合约或大幅增加本身的产能。\n“我们无法保证在该情形下能按可接纳的条款，与其他第三方合伙或增加本身的产能以满足我们的需求，或完全不能满足。完成任何过渡及确保新第三方合作伙伴的工厂所生产的智能电动汽车符合我们的质量标准及监管规定所需的开支及时间可能较预期为多。上述任何因素均可能对我们的业务、经营业绩、财务状况及前景造成不利影响。”小鹏汽车在其呈交的聆讯后资料中指出。\n图片来源：网络，侵权请联系删除\n“蔚小理”加速回港上市筹资？\n在业界看来，若小鹏汽车如愿登陆港股市场，将助其进一步拓宽融资渠道，为其后续产品投放、技术研发等做好资金储备。\n据小鹏汽车呈交给港交所的资料显示，2018年至2020年，小鹏汽车的年研发开支分別为人民币10.51亿元、20.7亿元、17.26亿元，再加上今年一季度的5.35亿元，合计约53.82亿元。在2019年、2020年及截至2021年3月31日止三个月，上述开支分别占总收入89.2%、29.5%及18.1%。\n在研发人员方面，截至今年3月底，有2442名员工(占总人数约39.8%)在小鹏汽车研发部门工作，其中62.1%、16.3%和21.5%分别致力于汽车设计与工程、自动驾驶和智能操作系统。按职能分类的员工明细来看，小鹏汽车的研发人员占比仅次于负责销售及营销的员工（2518人），后者这一占比为41.1%。\n值得关注的是，小鹏汽车此前通过首发上市及后续股票增发等，获得较为充足的现金储备。据悉，其去年8月完成首次公开发售及于纽交所上市，经扣除承销折扣、佣金及开支后，共筹得所得款项净额约16.56亿美元。随后，去年12月，小鹏汽车又按每股美国存托股45美元或每股股份22.5美元的价格完成后续公开发售，经扣除承销折扣、佣金及开支后，共筹得所得款项净额24.45亿美元。\n而目前，除了小鹏汽车外，另外两家头部新势力车企蔚来、理想被传同样有回港上市计划，以进一步优化融资渠道。结合“蔚小理”车企Q1财报来看，目前三家车企现金储备均超300亿元，其中，蔚来现金储备最多达475亿元，小鹏为362.01亿元，理想汽车为303.6亿元。\n此前，理想汽车创始人、CEO李想曾对外表示，理想不介意任何一种方式的融资，包括二级市场、银行贷款和发债等。\n有业界人士对时代财经称，在拓宽外部融资渠道的同时，扩大交付规模以提升自身造血能力仍是新势力车企实现盈利的头等大事。据国信证券研报测算认为，蔚来、小鹏、理想要想实现盈利，销量规模分别需达到18万辆、12万辆和6万辆。截至今年5月底，蔚来累计交付量为10.95万辆，小鹏汽车累计交付量超6.4万辆，理想汽车累计交付量超5.6万辆。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":1984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121771190,"gmtCreate":1624494092410,"gmtModify":1703838186829,"author":{"id":"3586342252263490","authorId":"3586342252263490","name":"Mini55","avatar":"https://static.tigerbbs.com/8490822923ad865ba1b609669574710c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586342252263490","authorIdStr":"3586342252263490"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121771190","repostId":"1177791519","repostType":4,"isVote":1,"tweetType":1,"viewCount":2440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}