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- Mini55Mini55
  ·2021-06-24
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  XPeng Automobile Hong Kong Stock Issue Price Up to 180 Hong Kong Dollars per Share, Nio Sends 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 Automobile Hong Kong Stock Issue Price Up to 180 Hong Kong Dollars per Share, Nio Sends Blessings
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XPeng said the highest offering price of this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p>On the same day, Times Finance learned on the official website of HKEx that XPeng Automobile had passed the listing hearing of HKEx and submitted the post-hearing data set for the first time. XPeng Automotive stated that this information set is not a final listing document and may be updated or amended by the Company from time to time in accordance with the Listing Rules.</p><p>It is reported that this return to Hong Kong stocks,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And Bank of America is the joint sponsor of Xpeng Motors. The aforementioned investment bank previously helped XPeng complete its listing in the United States. XPeng Motors, meanwhile, raised up to $2 billion this time. However, XPeng Automobile told Times Finance that it would not comment on the news related to its listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/637e64eaf32d8f5ba864c1e1c3561ec9\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\">Credit: XPeng Motors</p><p>It is worth noting that in addition to XPeng cars,<a href=\"https://laohu8.com/S/NIO\">Nio</a>And Li Auto have also been reported to have the heart of listing in Hong Kong. In March this year, according to media reports, Nio and XPeng Automobile have submitted listing applications to the Hong Kong Stock Exchange, but Ideal has not yet \"submitted the form\"; The report also quoted people familiar with the matter as saying that all three companies intend to sell 5% of their equity, and the total amount of funds raised may reach $5 billion.</p><p>Regarding the follow-up return plan and progress, Times Finance also interviewed Nio and<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Both sides said that there was no more information disclosed for the time being, and for the IPO dynamics of XPeng returning to Hong Kong, a person from Nio Public Relations Department said, \"Bless teammates\".</p><p><b>Dual Listing</b></p><p>\"The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and Hong Kong SFC. Generally speaking, this situation will be stricter than the secondary listing.\" On June 24th, Wang Yitang, a strategist at Sichuan Finance Securities, told Times Finance.</p><p>According to public information, enterprises with primary listings on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, subject to several major conditions, including that the enterprise must be a startup<a href=\"https://laohu8.com/S/300832\">New industries</a>The Company has a good compliance record of listing on a qualified exchange in at least the last two full fiscal years, and the applicant's total market capitalization at the time of the 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 of the latest 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\">Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p>Wang Yitang told Times Finance that from the current market value of XPeng Automobile, coupled with the fact that the company is an innovative enterprise, it theoretically meets the standards of listing on the Hong Kong Stock Exchange. As of the close of trading on June 23rd, the closing price of XPeng Motors (XPEV.NYSE) US stock was 41.61 USD/share, with a total market value of 33.427 billion USD, or about 259.53 billion Hong Kong dollars.</p><p>However, XPeng Automotive still mentioned a number of risks and uncertainties in the post-hearing information submitted to the HKEx, including the challenges of being a new entrant in the industry, the potential failure of research and development efforts to produce the expected results, the risks of autonomous driving technology, and the fact that it has only recently started to generate revenue and is still generating losses and negative operating cash flows, which are likely to continue in the future.</p><p>Among them, in relation to<a href=\"https://laohu8.com/S/000572\">Haima Auotmobile</a>In terms of production capacity cooperation, XPeng Automobile said that the cooperation agreement with the former will expire on December 31 this year, but there may be a failure to enter into a new contract or extend the existing contract with Haima on acceptable terms and conditions, and the agreement entered into may also be terminated with the consent of both parties. If any of the foregoing occurs, XPeng Automobile may be required to enter into contracts with other third parties or substantially increase its own production capacity.</p><p>\"We cannot guarantee that we will be able to partner with other third parties or increase our own production capacity under such circumstances on acceptable terms to meet our needs, or at all. Complete any transition and ensure that the new third-party partner's factories<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>It may take more expense and time than expected for electric vehicles to meet our quality standards and regulatory requirements. Any of the foregoing factors may adversely affect our business, results of operations, financial condition and prospects. \" XPeng Motor pointed out in its submission of post-hearing information.</p><p><img src=\"https://static.tigerbbs.com/70c771acf3ec396d6a6bb60ff0922bce\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\">Image source: Network, please contact to delete the infringement</p><p><b>\"Wei Xiaoli\" accelerates its return to Hong Kong for listing and fundraising?</b></p><p>From the perspective of the industry, if XPeng Automobile lands in the Hong Kong stock market as it wishes, it will help it further broaden its financing channels and make capital reserves for its follow-up product launch and technology research and development.</p><p>According to the information submitted by Xpeng Motors to the HKEx, from 2018 to 2020, the annual R&D expenditure of XPeng Motors was RMB1.051 billion, RMB2.07 billion and RMB1.726 billion respectively, plus RMB535 million in the first quarter of this year, totaling about RMB5.382 billion. The above expenses accounted for 89.2%, 29.5% and 18.1% of the total revenue in 2019, 2020 and the three months ended March 31, 2021, respectively.</p><p>In terms of R&D personnel, as of the end of March this year, there were 2,442 employees (about 39.8% of the total) working in the R&D department of XPeng Automotive, of which 62.1%, 16.3% and 21.5% were dedicated to automotive design and engineering, autonomous driving and intelligent operating systems, respectively. In terms of employee breakdown by function, the proportion of R&D personnel in XPeng Automobile is second only to those in charge of sales and marketing (2,518), which accounts for 41.1%.</p><p>It is worth noting that XPeng Automobile has obtained sufficient cash reserves through its initial listing and subsequent stock issuance. It is reported that it completed its initial public offering and listed on the NYSE in August last year. After deducting underwriting discounts, commissions and expenses, it raised a total net proceeds of about 1.656 billion US dollars. Subsequently, in December last year, XPeng Motors completed a follow-up public offering at $45 per ADS or $22.5 per share, raising net proceeds of $2.445 billion after deducting underwriting discounts, commissions and expenses.</p><p>At present, apart from XPeng Automobile, Nio and Ideal, the other two leading new car companies, are rumored to have plans to return to Hong Kong for listing to further optimize financing channels. According to the Q1 financial report of \"Wei Xiaoli\" car companies, at present, the cash reserves of the three car companies exceed 30 billion yuan, of which Nio has a maximum cash reserve of 47.5 billion yuan, XPeng is 36.201 billion yuan and Li Auto is 30.36 billion yuan.</p><p>Previously, Li Xiang, founder and CEO of Li Auto, said that Ideal didn't mind any way of financing, including the secondary market, bank loans and bond issuance.</p><p>Some people in the industry told Times Finance that while expanding external financing channels, expanding the delivery scale to improve their own hematopoietic capacity is still the top priority for new car companies to achieve profitability. According to<a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>According to the research report, if Nio, XPeng and Ideal want to achieve profitability, the sales volume needs to reach 180,000, 120,000 and 60,000 respectively. By the end of May this year, the cumulative delivery volume of Nio was 109,500, the cumulative delivery volume of XPeng vehicles exceeded 64,000, and the cumulative delivery volume of Li Auto exceeded 56,000.</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 Automobile Hong Kong Stock Issue Price Up to 180 Hong Kong Dollars per Share, Nio Sends 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 Automobile Hong Kong Stock Issue Price Up to 180 Hong Kong Dollars per Share, Nio Sends 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>Text/Li Zhuoling</p><p>Less than a year after the successful listing in the United States in August last year,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>He is preparing to return to Hong Kong for IPO in order to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price of this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p>On the same day, Times Finance learned on the official website of HKEx that XPeng Automobile had passed the listing hearing of HKEx and submitted the post-hearing data set for the first time. XPeng Automotive stated that this information set is not a final listing document and may be updated or amended by the Company from time to time in accordance with the Listing Rules.</p><p>It is reported that this return to Hong Kong stocks,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And Bank of America is the joint sponsor of Xpeng Motors. The aforementioned investment bank previously helped XPeng complete its listing in the United States. XPeng Motors, meanwhile, raised up to $2 billion this time. However, XPeng Automobile told Times Finance that it would not comment on the news related to its listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/637e64eaf32d8f5ba864c1e1c3561ec9\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\">Credit: XPeng Motors</p><p>It is worth noting that in addition to XPeng cars,<a href=\"https://laohu8.com/S/NIO\">Nio</a>And Li Auto have also been reported to have the heart of listing in Hong Kong. In March this year, according to media reports, Nio and XPeng Automobile have submitted listing applications to the Hong Kong Stock Exchange, but Ideal has not yet \"submitted the form\"; The report also quoted people familiar with the matter as saying that all three companies intend to sell 5% of their equity, and the total amount of funds raised may reach $5 billion.</p><p>Regarding the follow-up return plan and progress, Times Finance also interviewed Nio and<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Both sides said that there was no more information disclosed for the time being, and for the IPO dynamics of XPeng returning to Hong Kong, a person from Nio Public Relations Department said, \"Bless teammates\".</p><p><b>Dual Listing</b></p><p>\"The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and Hong Kong SFC. Generally speaking, this situation will be stricter than the secondary listing.\" On June 24th, Wang Yitang, a strategist at Sichuan Finance Securities, told Times Finance.</p><p>According to public information, enterprises with primary listings on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, subject to several major conditions, including that the enterprise must be a startup<a href=\"https://laohu8.com/S/300832\">New industries</a>The Company has a good compliance record of listing on a qualified exchange in at least the last two full fiscal years, and the applicant's total market capitalization at the time of the 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 of the latest 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\">Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p>Wang Yitang told Times Finance that from the current market value of XPeng Automobile, coupled with the fact that the company is an innovative enterprise, it theoretically meets the standards of listing on the Hong Kong Stock Exchange. As of the close of trading on June 23rd, the closing price of XPeng Motors (XPEV.NYSE) US stock was 41.61 USD/share, with a total market value of 33.427 billion USD, or about 259.53 billion Hong Kong dollars.</p><p>However, XPeng Automotive still mentioned a number of risks and uncertainties in the post-hearing information submitted to the HKEx, including the challenges of being a new entrant in the industry, the potential failure of research and development efforts to produce the expected results, the risks of autonomous driving technology, and the fact that it has only recently started to generate revenue and is still generating losses and negative operating cash flows, which are likely to continue in the future.</p><p>Among them, in relation to<a href=\"https://laohu8.com/S/000572\">Haima Auotmobile</a>In terms of production capacity cooperation, XPeng Automobile said that the cooperation agreement with the former will expire on December 31 this year, but there may be a failure to enter into a new contract or extend the existing contract with Haima on acceptable terms and conditions, and the agreement entered into may also be terminated with the consent of both parties. If any of the foregoing occurs, XPeng Automobile may be required to enter into contracts with other third parties or substantially increase its own production capacity.</p><p>\"We cannot guarantee that we will be able to partner with other third parties or increase our own production capacity under such circumstances on acceptable terms to meet our needs, or at all. Complete any transition and ensure that the new third-party partner's factories<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>It may take more expense and time than expected for electric vehicles to meet our quality standards and regulatory requirements. Any of the foregoing factors may adversely affect our business, results of operations, financial condition and prospects. \" XPeng Motor pointed out in its submission of post-hearing information.</p><p><img src=\"https://static.tigerbbs.com/70c771acf3ec396d6a6bb60ff0922bce\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\">Image source: Network, please contact to delete the infringement</p><p><b>\"Wei Xiaoli\" accelerates its return to Hong Kong for listing and fundraising?</b></p><p>From the perspective of the industry, if XPeng Automobile lands in the Hong Kong stock market as it wishes, it will help it further broaden its financing channels and make capital reserves for its follow-up product launch and technology research and development.</p><p>According to the information submitted by Xpeng Motors to the HKEx, from 2018 to 2020, the annual R&D expenditure of XPeng Motors was RMB1.051 billion, RMB2.07 billion and RMB1.726 billion respectively, plus RMB535 million in the first quarter of this year, totaling about RMB5.382 billion. The above expenses accounted for 89.2%, 29.5% and 18.1% of the total revenue in 2019, 2020 and the three months ended March 31, 2021, respectively.</p><p>In terms of R&D personnel, as of the end of March this year, there were 2,442 employees (about 39.8% of the total) working in the R&D department of XPeng Automotive, of which 62.1%, 16.3% and 21.5% were dedicated to automotive design and engineering, autonomous driving and intelligent operating systems, respectively. In terms of employee breakdown by function, the proportion of R&D personnel in XPeng Automobile is second only to those in charge of sales and marketing (2,518), which accounts for 41.1%.</p><p>It is worth noting that XPeng Automobile has obtained sufficient cash reserves through its initial listing and subsequent stock issuance. It is reported that it completed its initial public offering and listed on the NYSE in August last year. After deducting underwriting discounts, commissions and expenses, it raised a total net proceeds of about 1.656 billion US dollars. Subsequently, in December last year, XPeng Motors completed a follow-up public offering at $45 per ADS or $22.5 per share, raising net proceeds of $2.445 billion after deducting underwriting discounts, commissions and expenses.</p><p>At present, apart from XPeng Automobile, Nio and Ideal, the other two leading new car companies, are rumored to have plans to return to Hong Kong for listing to further optimize financing channels. According to the Q1 financial report of \"Wei Xiaoli\" car companies, at present, the cash reserves of the three car companies exceed 30 billion yuan, of which Nio has a maximum cash reserve of 47.5 billion yuan, XPeng is 36.201 billion yuan and Li Auto is 30.36 billion yuan.</p><p>Previously, Li Xiang, founder and CEO of Li Auto, said that Ideal didn't mind any way of financing, including the secondary market, bank loans and bond issuance.</p><p>Some people in the industry told Times Finance that while expanding external financing channels, expanding the delivery scale to improve their own hematopoietic capacity is still the top priority for new car companies to achieve profitability. According to<a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>According to the research report, if Nio, XPeng and Ideal want to achieve profitability, the sales volume needs to reach 180,000, 120,000 and 60,000 respectively. By the end of May this year, the cumulative delivery volume of Nio was 109,500, the cumulative delivery volume of XPeng vehicles exceeded 64,000, and the cumulative delivery volume of Li Auto exceeded 56,000.</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":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"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":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1576,"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":[],"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":1861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}