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2021-06-26

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With the approval of dual primary listing, can XPeng Automobile achieve a win-win situation for capital and market?

距离美国上市不到一年，小鹏汽车又有了大动作。6月24日，据港交所官网显示，小鹏汽车已通过港交所聆讯，将冲刺港交所智能电动车第一股，同时，小鹏汽车也将成为今年首个美国、香港两地双重主要上市中概股。一旦

With the approval of dual primary listing, can XPeng Automobile achieve a win-win situation for capital and market?

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":125893144,"tweetId":"125893144","gmtCreate":1624666797288,"gmtModify":1703843043553,"author":{"id":3585803365128858,"idStr":"3585803365128858","authorId":3585803365128858,"authorIdStr":"3585803365128858","name":"Jun Yee","avatar":"https://static.tigerbbs.com/0754ef9c1dfeb0bb908c0592c33ea546","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.50%","individualDisplayEnabled":0},"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>good</p></body></html>","htmlText":"<html><head></head><body><p>good</p></body></html>","text":"good","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/125893144","repostId":1193078182,"repostType":4,"repost":{"id":"1193078182","kind":"news","pubTimestamp":1624665305,"share":"https://ttm.financial/m/news/1193078182?lang=en_US&edition=fundamental","pubTime":"2021-06-26 07:55","market":"us","language":"zh","title":"With the approval of dual primary listing, can XPeng Automobile achieve a win-win situation for capital and market?","url":"https://stock-news.laohu8.com/highlight/detail?id=1193078182","media":"锌财经","summary":"距离美国上市不到一年，小鹏汽车又有了大动作。6月24日，据港交所官网显示，小鹏汽车已通过港交所聆讯，将冲刺港交所智能电动车第一股，同时，小鹏汽车也将成为今年首个美国、香港两地双重主要上市中概股。\n一旦","content":"<p>Less than a year after its launch in the United States,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Another big move. On June 24, according to the official website of the Hong Kong Stock Exchange, XPeng Automobile has passed the hearing of the Hong Kong Stock Exchange and will sprint to the Hong Kong Stock Exchange<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The first electric vehicle stock. At the same time, XPeng Automobile will also become the first dual-primary listed Chinese concept stock in the United States and Hong Kong this year.</p><p>Once the listing is successful, XPeng Motors, which does not pursue gross profit in the short term, hopes to use more of the funds raised on the research and development of technological innovations such as autonomous driving and intelligent operating systems.</p><p>At the same time, driven by national policies and the entry of many technology giants, smart cars are about to enter a period of rapid growth. The successful listing of XPeng vehicles may become a milestone in the history of the development of Chinese smart electric vehicles.</p><p><b>Will become the first new power Hong Kong stock</b></p><p>According to foreign media reports, the international placement part of XPeng Automobile, a Chinese smart electric vehicle company, has recorded full subscription. According to Futu data, XPeng Automobile's public offering temporarily raised HK $997 million, an oversubscription of 0.3 times.</p><p>On June 25, XPeng Motors announced that the company would issue an IPO from June 25 to June 30; It plans to sell 85 million shares globally, including 4.25 million shares offered in Hong Kong, 80.75 million shares offered internationally, and a 15% over-allotment option; The issue price per share does not exceed HK $180, each lot of trading unit is 100 shares, and the admission fee is about HK $18,181.39; The Shares are expected to be listed on the Main Board of the Stock Exchange on July 7.</p><p>According to the Hong Kong Stock Exchange,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And Bank of America are the joint sponsors. These investment banks helped XPeng Motors complete its listing in the United States in August last year.</p><p>In August 2020, XPeng Motors was listed in the United States at an issue price of US $15 per share. Its opening price on the first day was US $23.1, an increase of more than 55% from the issue price. At the beginning of its listing, XPeng Motors set its goal to become a company with a market value of 100 billion US dollars, and its stock price did develop according to the company's expectations. At the end of November 2020, XPeng Motors once rose to 74 US dollars.</p><p><img src=\"https://static.tigerbbs.com/ab56716b04b05384b561ebe548a119c5\" tg-width=\"975\" tg-height=\"650\" referrerpolicy=\"no-referrer\"></p><p>According to the regulations of the Hong Kong Stock Exchange, the company's secondary listing in Hong Kong needs to meet some \"hard\" requirements. First of all, the industry requirement of the company is to create<a href=\"https://laohu8.com/S/300832\">New industries</a>； Second, the company must have at least a two-year track record of good regulatory compliance on another eligible exchange; Third, the market value exceeds at least HK $40 billion, or the market value exceeds HK $10 billion and the revenue exceeds HK $1 billion.</p><p>For XPeng Motor, which has been listed in the United States for less than a year, this listing in Hong Kong is a dual primary listing, so the company needs to be jointly regulated by the US Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC). It is reported that dual primary listing is a more stringent listing process than secondary listing. In secondary listing, the regulatory agency of the primary listing place has the primary regulatory power.</p><p>So far, there have been<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>More than 10 Chinese concept stocks were listed in Hong Kong for the second time. In terms of car manufacturing, XPeng,<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal rumors that the three major domestic car-making forces will be listed in Hong Kong.</p><p>In March this year, Reuters quoted people familiar with the matter as saying that Nio had contacted<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, will issue shares in the Hong Kong stock market, and will also plan to land in the A-share market in the future. And the ideal is related to<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Cooperation, and it is expected to complete the Hong Kong listing in the third quarter of this year, raising US $1 billion to US $2 billion. At the same time,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Founder Li Xiang once said that Ideal does not mind any form of financing, including the secondary market, bank loans and bond issuance.</p><p>This time, XPeng Automobile took the lead in passing the hearing of the Hong Kong Stock Exchange, undoubtedly ahead of the other two new car-making forces.</p><p>Zhang Yi, CEO of iiMedia Consulting, told Zinc Finance that listing in Hong Kong can share the risk of uncertainty in the US capital market, especially the secondary market; At the same time, dual primary listings will be of great help to corporate financing, and dual markets can directly enhance the influence of XPeng vehicles in domestic and foreign markets and help expand brand marketing.</p><p><b>Increase R&D investment and play the \"scientific and technological innovation card\"</b></p><p>Enterprises can undoubtedly raise more funds when they go public. The usage of funds is the most important thing that can really affect the development of enterprises.</p><p>It is reported that the maximum financing scale of XPeng's automobile this time is US $2 billion. The company declined to comment on this. However, according to its prospectus, about 45% of the net proceeds will be used to expand the company's product portfolio and develop more advanced technologies; About 35% of the net proceeds are used to accelerate the company's business expansion by enhancing the company's brand awareness, acquiring customers through omni-channel marketing strategies, and increasing sales and service contact points domestically and internationally; Approximately 10% of the net proceeds will be used to enhance production capacity, including expanding production capacity, upgrading production facilities and developing production technologies; Approximately 10% of the net proceeds were used for general corporate purposes, including working capital.</p><p>It can be seen that R&D has become the top priority of XPeng's automobile strategic layout. In fact, as a technology-driven company, XPeng Motors has invested a lot of money in independent research and development of technology, hoping to promote the company's rapid development with differentiated products and services, and even promote the transformation of smart electric vehicles.</p><p>According to the financial report previously released by XPeng Automobile, from 2018 to 2020, XPeng Automobile's revenue was 9.7 million yuan, 2.321 billion yuan and 5.844 billion yuan respectively. In the first quarter of this year, its revenue was 2.951 billion yuan, an increase of 616.1% over the same period last year.</p><p>In terms of R&D expenditures, from 2018 to 2020 and the first quarter of this year, XPeng vehicle R&D expenditures were 1.051 billion yuan, 2.070 billion yuan, 1.726 billion yuan and 535 million yuan respectively. In 2019, 2020 and the first quarter of this year, R&D expenditures accounted for 89.2%, 29.5% and 18.1% of total revenue, respectively.</p><p>XPeng believes that only with continuous investment in research and development can it maintain its leading position in the field of smart electric vehicles. The company will focus on technological innovation and continuously upgrade autonomous driving, intelligent operating systems and core vehicle systems.</p><p>In terms of technological innovation, XPeng Automobile is currently the only automobile company in China that independently develops full-stack autonomous driving technology and applies the software to mass-produced cars. Its latest self-developed autonomous driving system XPILOT 3.0 is the highest level of autonomous driving technology used in cars currently on the market.</p><p>Undeniably, in the pursuit of technological innovation, there will also be losses caused by high R&D costs. In this regard, XPeng Automobile has its own view: \"In the long run, a technology-based automobile enterprise should be an enterprise with a high gross profit. In the short and medium term, it is wrong to have too high gross profit in the short term. We will stick to the scientific and technological route, take our own path and position ourselves well.\"</p><p>\"Enterprises will go through some strategic stages in market cultivation and product creation. As long as there are no problems with funds, the rest is secondary.\" In Zhang Yi's view, \"There is no doubt about the financing ability of XPeng vehicles.\"</p><p>In fact, XPeng's automobile funds are relatively sufficient at present. As of March 31 this year, the company had cash, cash equivalents, restricted funds, short-term deposits, short-term investments and long-term deposits totaling RMB 36.2 billion. XPeng expects the company to deliver 15,500 to 16,000 vehicles in the second quarter, a year-on-year increase of 380.2% to 395.7%; Total revenue ranged from RMB 3.4 billion to RMB 3.5 billion, a year-on-year increase of 475.5% to 492.4%.</p><p><b>Deeply cultivating smart cars attracts a lot of capital support</b></p><p>Nowadays, on a global scale, it is a general trend for electric vehicles to replace fuel vehicles, and policies in various countries are favorable to the development of electric vehicles.</p><p>Domestically, in October 2020, the State Council announced the \"New Energy Vehicle Industry Development Plan (2021-2035)\" (New Energy Vehicle Industry Development Plan), pointing out that the development of new energy vehicles is the only way for China to transform into an automobile power. The State Council has set a goal of increasing the penetration rate of new energy vehicles in China's passenger car market to 20% by 2025, and it is expected that pure electric vehicles will become the mainstream of new energy vehicles among new sales vehicles.</p><p>It is worth noting that the Chinese government has put forward the development vision of intelligent connected vehicles in the new energy vehicle industry development plan. It plans to achieve large-scale commercialization of high-level autonomous driving in specific scenarios by 2025, and at the same time strengthen the key components of connected vehicles. Research and development of components and systems.</p><p>At the 11th China Automobile Forum hosted by China Association of Automobile Manufacturers not long ago, Yu Peng, senior director of embedded vehicles at XPeng, said that after smart phones, we have every reason to believe that the next generation of brand-new core carriers of intelligent software and hardware will definitely be smart cars.</p><p>At present, including<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, Xiaomi, Didi, 360 and many other technology giants have begun to lay out the field of smart cars, and software has gradually become the new commanding heights of smart cars.</p><p>According to a McKinsey survey, the automotive software and electrical and electronic components (E/E) market is expected to grow at a compound annual rate of 7%, and the market will grow to US $469 billion in 2030.</p><p>Some industry experts predict that by 2025, smart cars + electric vehicles will account for 60% of new cars in China's first-tier cities, of which smart cars will account for more than 50%. It is expected that by 2028, smart cars will enter a period of rapid jump.</p><p>According to Zinc Finance, XPeng Automobile began to develop smart electric vehicles a long time ago. As of March 31, 2021, 13,340 smart electric vehicles have been delivered. In April this year, XPeng Motors released the P5, its third smart electric vehicle. The company plans to start batch deliveries of the P5 in the fourth quarter of this year.</p><p>In addition to the P5, XPeng Motors also plans to deliver the mid-term facelift version of the G3, the G3i, at the end of the third quarter of this year, and plans to launch its fourth smart electric vehicle in 2022, which is an SUV with advanced autonomous driving system and enhanced core vehicle system.</p><p>In the view of Zinc Finance, the acceleration of vehicle delivery means that XPeng vehicles will officially pass the production ramp-up period and usher in a new round of rapid growth. In addition, it is particularly worth mentioning that as of the first quarter of this year, there were 172 XPeng brand supercharging stations, covering 60 cities. It plans to build more than 500 private-brand super charging stations by the end of this year.</p><p>In terms of software, XPeng Automobile is currently the only automobile company in China that has realized separate charges for full-stack self-developed autonomous assisted driving software, with a total recognized revenue of 80 million yuan. In the first quarter of 2021, software revenue was 30 million yuan. In the future, the business model of software business revenue will have obvious positive trends in the field of smart cars.</p><p>According to the data of the first quarter of this year, software revenue accounted for 2.5% of XPeng's total revenue. The inclusion of this part of revenue also increased the gross profit margin. With the increase in delivery volume, the contribution of software to the company's revenue and gross profit will continue to increase. XPeng expects that the penetration rate of software revenue in the second quarter of this year will increase by 1% compared with the first quarter.</p><p>Such spare no effort to lay out the smart electric vehicle market has also won the favor of more capital. Public information shows that since its establishment in 2015, XPeng Motors has successively obtained<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group, Xiaomi Group, IDG Capital, Morningside Capital, GGV Capital, Primavera Capital, Hillhouse Capital, Sequoia China and many other domestic and foreign investors.</p><p><a href=\"https://laohu8.com/S/00017\">New World Development</a>Zheng Zhigang, Executive Vice Chairman and Chief Executive Officer, said: \"I have always been optimistic about the development of smart cars, which have unlimited market potential. Since its establishment, XPeng Motors has always insisted on independent research and development, and is the only enterprise in mainland China that can deeply integrate its own software and hardware, and achieve mass production; The product research and development includes innovative technologies such as autonomous driving and advanced voice interaction, which brings more consumers an innovative driving experience with both safety and futurism, which also prompted me to invest in XPeng vehicles.\"</p><p>With the support of a lot of capital, coupled with the successful listing in Hong Kong this time, it may become a milestone event in the history of the development of Chinese smart electric vehicles, and XPeng will have more room for imagination in the future.</p>","source":"lsy1568892980557","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>With the approval of dual primary listing, can XPeng Automobile achieve a win-win situation for capital and market?</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\">\nWith the approval of dual primary listing, can XPeng Automobile achieve a win-win situation for capital and market?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">锌财经</strong><span class=\"h-time small\">2021-06-26 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Less than a year after its launch in the United States,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Another big move. On June 24, according to the official website of the Hong Kong Stock Exchange, XPeng Automobile has passed the hearing of the Hong Kong Stock Exchange and will sprint to the Hong Kong Stock Exchange<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The first electric vehicle stock. At the same time, XPeng Automobile will also become the first dual-primary listed Chinese concept stock in the United States and Hong Kong this year.</p><p>Once the listing is successful, XPeng Motors, which does not pursue gross profit in the short term, hopes to use more of the funds raised on the research and development of technological innovations such as autonomous driving and intelligent operating systems.</p><p>At the same time, driven by national policies and the entry of many technology giants, smart cars are about to enter a period of rapid growth. The successful listing of XPeng vehicles may become a milestone in the history of the development of Chinese smart electric vehicles.</p><p><b>Will become the first new power Hong Kong stock</b></p><p>According to foreign media reports, the international placement part of XPeng Automobile, a Chinese smart electric vehicle company, has recorded full subscription. According to Futu data, XPeng Automobile's public offering temporarily raised HK $997 million, an oversubscription of 0.3 times.</p><p>On June 25, XPeng Motors announced that the company would issue an IPO from June 25 to June 30; It plans to sell 85 million shares globally, including 4.25 million shares offered in Hong Kong, 80.75 million shares offered internationally, and a 15% over-allotment option; The issue price per share does not exceed HK $180, each lot of trading unit is 100 shares, and the admission fee is about HK $18,181.39; The Shares are expected to be listed on the Main Board of the Stock Exchange on July 7.</p><p>According to the Hong Kong Stock Exchange,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And Bank of America are the joint sponsors. These investment banks helped XPeng Motors complete its listing in the United States in August last year.</p><p>In August 2020, XPeng Motors was listed in the United States at an issue price of US $15 per share. Its opening price on the first day was US $23.1, an increase of more than 55% from the issue price. At the beginning of its listing, XPeng Motors set its goal to become a company with a market value of 100 billion US dollars, and its stock price did develop according to the company's expectations. At the end of November 2020, XPeng Motors once rose to 74 US dollars.</p><p><img src=\"https://static.tigerbbs.com/ab56716b04b05384b561ebe548a119c5\" tg-width=\"975\" tg-height=\"650\" referrerpolicy=\"no-referrer\"></p><p>According to the regulations of the Hong Kong Stock Exchange, the company's secondary listing in Hong Kong needs to meet some \"hard\" requirements. First of all, the industry requirement of the company is to create<a href=\"https://laohu8.com/S/300832\">New industries</a>； Second, the company must have at least a two-year track record of good regulatory compliance on another eligible exchange; Third, the market value exceeds at least HK $40 billion, or the market value exceeds HK $10 billion and the revenue exceeds HK $1 billion.</p><p>For XPeng Motor, which has been listed in the United States for less than a year, this listing in Hong Kong is a dual primary listing, so the company needs to be jointly regulated by the US Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC). It is reported that dual primary listing is a more stringent listing process than secondary listing. In secondary listing, the regulatory agency of the primary listing place has the primary regulatory power.</p><p>So far, there have been<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>More than 10 Chinese concept stocks were listed in Hong Kong for the second time. In terms of car manufacturing, XPeng,<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal rumors that the three major domestic car-making forces will be listed in Hong Kong.</p><p>In March this year, Reuters quoted people familiar with the matter as saying that Nio had contacted<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, will issue shares in the Hong Kong stock market, and will also plan to land in the A-share market in the future. And the ideal is related to<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Cooperation, and it is expected to complete the Hong Kong listing in the third quarter of this year, raising US $1 billion to US $2 billion. At the same time,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Founder Li Xiang once said that Ideal does not mind any form of financing, including the secondary market, bank loans and bond issuance.</p><p>This time, XPeng Automobile took the lead in passing the hearing of the Hong Kong Stock Exchange, undoubtedly ahead of the other two new car-making forces.</p><p>Zhang Yi, CEO of iiMedia Consulting, told Zinc Finance that listing in Hong Kong can share the risk of uncertainty in the US capital market, especially the secondary market; At the same time, dual primary listings will be of great help to corporate financing, and dual markets can directly enhance the influence of XPeng vehicles in domestic and foreign markets and help expand brand marketing.</p><p><b>Increase R&D investment and play the \"scientific and technological innovation card\"</b></p><p>Enterprises can undoubtedly raise more funds when they go public. The usage of funds is the most important thing that can really affect the development of enterprises.</p><p>It is reported that the maximum financing scale of XPeng's automobile this time is US $2 billion. The company declined to comment on this. However, according to its prospectus, about 45% of the net proceeds will be used to expand the company's product portfolio and develop more advanced technologies; About 35% of the net proceeds are used to accelerate the company's business expansion by enhancing the company's brand awareness, acquiring customers through omni-channel marketing strategies, and increasing sales and service contact points domestically and internationally; Approximately 10% of the net proceeds will be used to enhance production capacity, including expanding production capacity, upgrading production facilities and developing production technologies; Approximately 10% of the net proceeds were used for general corporate purposes, including working capital.</p><p>It can be seen that R&D has become the top priority of XPeng's automobile strategic layout. In fact, as a technology-driven company, XPeng Motors has invested a lot of money in independent research and development of technology, hoping to promote the company's rapid development with differentiated products and services, and even promote the transformation of smart electric vehicles.</p><p>According to the financial report previously released by XPeng Automobile, from 2018 to 2020, XPeng Automobile's revenue was 9.7 million yuan, 2.321 billion yuan and 5.844 billion yuan respectively. In the first quarter of this year, its revenue was 2.951 billion yuan, an increase of 616.1% over the same period last year.</p><p>In terms of R&D expenditures, from 2018 to 2020 and the first quarter of this year, XPeng vehicle R&D expenditures were 1.051 billion yuan, 2.070 billion yuan, 1.726 billion yuan and 535 million yuan respectively. In 2019, 2020 and the first quarter of this year, R&D expenditures accounted for 89.2%, 29.5% and 18.1% of total revenue, respectively.</p><p>XPeng believes that only with continuous investment in research and development can it maintain its leading position in the field of smart electric vehicles. The company will focus on technological innovation and continuously upgrade autonomous driving, intelligent operating systems and core vehicle systems.</p><p>In terms of technological innovation, XPeng Automobile is currently the only automobile company in China that independently develops full-stack autonomous driving technology and applies the software to mass-produced cars. Its latest self-developed autonomous driving system XPILOT 3.0 is the highest level of autonomous driving technology used in cars currently on the market.</p><p>Undeniably, in the pursuit of technological innovation, there will also be losses caused by high R&D costs. In this regard, XPeng Automobile has its own view: \"In the long run, a technology-based automobile enterprise should be an enterprise with a high gross profit. In the short and medium term, it is wrong to have too high gross profit in the short term. We will stick to the scientific and technological route, take our own path and position ourselves well.\"</p><p>\"Enterprises will go through some strategic stages in market cultivation and product creation. As long as there are no problems with funds, the rest is secondary.\" In Zhang Yi's view, \"There is no doubt about the financing ability of XPeng vehicles.\"</p><p>In fact, XPeng's automobile funds are relatively sufficient at present. As of March 31 this year, the company had cash, cash equivalents, restricted funds, short-term deposits, short-term investments and long-term deposits totaling RMB 36.2 billion. XPeng expects the company to deliver 15,500 to 16,000 vehicles in the second quarter, a year-on-year increase of 380.2% to 395.7%; Total revenue ranged from RMB 3.4 billion to RMB 3.5 billion, a year-on-year increase of 475.5% to 492.4%.</p><p><b>Deeply cultivating smart cars attracts a lot of capital support</b></p><p>Nowadays, on a global scale, it is a general trend for electric vehicles to replace fuel vehicles, and policies in various countries are favorable to the development of electric vehicles.</p><p>Domestically, in October 2020, the State Council announced the \"New Energy Vehicle Industry Development Plan (2021-2035)\" (New Energy Vehicle Industry Development Plan), pointing out that the development of new energy vehicles is the only way for China to transform into an automobile power. The State Council has set a goal of increasing the penetration rate of new energy vehicles in China's passenger car market to 20% by 2025, and it is expected that pure electric vehicles will become the mainstream of new energy vehicles among new sales vehicles.</p><p>It is worth noting that the Chinese government has put forward the development vision of intelligent connected vehicles in the new energy vehicle industry development plan. It plans to achieve large-scale commercialization of high-level autonomous driving in specific scenarios by 2025, and at the same time strengthen the key components of connected vehicles. Research and development of components and systems.</p><p>At the 11th China Automobile Forum hosted by China Association of Automobile Manufacturers not long ago, Yu Peng, senior director of embedded vehicles at XPeng, said that after smart phones, we have every reason to believe that the next generation of brand-new core carriers of intelligent software and hardware will definitely be smart cars.</p><p>At present, including<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, Xiaomi, Didi, 360 and many other technology giants have begun to lay out the field of smart cars, and software has gradually become the new commanding heights of smart cars.</p><p>According to a McKinsey survey, the automotive software and electrical and electronic components (E/E) market is expected to grow at a compound annual rate of 7%, and the market will grow to US $469 billion in 2030.</p><p>Some industry experts predict that by 2025, smart cars + electric vehicles will account for 60% of new cars in China's first-tier cities, of which smart cars will account for more than 50%. It is expected that by 2028, smart cars will enter a period of rapid jump.</p><p>According to Zinc Finance, XPeng Automobile began to develop smart electric vehicles a long time ago. As of March 31, 2021, 13,340 smart electric vehicles have been delivered. In April this year, XPeng Motors released the P5, its third smart electric vehicle. The company plans to start batch deliveries of the P5 in the fourth quarter of this year.</p><p>In addition to the P5, XPeng Motors also plans to deliver the mid-term facelift version of the G3, the G3i, at the end of the third quarter of this year, and plans to launch its fourth smart electric vehicle in 2022, which is an SUV with advanced autonomous driving system and enhanced core vehicle system.</p><p>In the view of Zinc Finance, the acceleration of vehicle delivery means that XPeng vehicles will officially pass the production ramp-up period and usher in a new round of rapid growth. In addition, it is particularly worth mentioning that as of the first quarter of this year, there were 172 XPeng brand supercharging stations, covering 60 cities. It plans to build more than 500 private-brand super charging stations by the end of this year.</p><p>In terms of software, XPeng Automobile is currently the only automobile company in China that has realized separate charges for full-stack self-developed autonomous assisted driving software, with a total recognized revenue of 80 million yuan. In the first quarter of 2021, software revenue was 30 million yuan. In the future, the business model of software business revenue will have obvious positive trends in the field of smart cars.</p><p>According to the data of the first quarter of this year, software revenue accounted for 2.5% of XPeng's total revenue. The inclusion of this part of revenue also increased the gross profit margin. With the increase in delivery volume, the contribution of software to the company's revenue and gross profit will continue to increase. XPeng expects that the penetration rate of software revenue in the second quarter of this year will increase by 1% compared with the first quarter.</p><p>Such spare no effort to lay out the smart electric vehicle market has also won the favor of more capital. Public information shows that since its establishment in 2015, XPeng Motors has successively obtained<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group, Xiaomi Group, IDG Capital, Morningside Capital, GGV Capital, Primavera Capital, Hillhouse Capital, Sequoia China and many other domestic and foreign investors.</p><p><a href=\"https://laohu8.com/S/00017\">New World Development</a>Zheng Zhigang, Executive Vice Chairman and Chief Executive Officer, said: \"I have always been optimistic about the development of smart cars, which have unlimited market potential. Since its establishment, XPeng Motors has always insisted on independent research and development, and is the only enterprise in mainland China that can deeply integrate its own software and hardware, and achieve mass production; The product research and development includes innovative technologies such as autonomous driving and advanced voice interaction, which brings more consumers an innovative driving experience with both safety and futurism, which also prompted me to invest in XPeng vehicles.\"</p><p>With the support of a lot of capital, coupled with the successful listing in Hong Kong this time, it may become a milestone event in the history of the development of Chinese smart electric vehicles, and XPeng will have more room for imagination in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/4eGXa4d8XiymQjk2xY3Q8w\">锌财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"https://mp.weixin.qq.com/s/4eGXa4d8XiymQjk2xY3Q8w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193078182","content_text":"距离美国上市不到一年，小鹏汽车又有了大动作。6月24日，据港交所官网显示，小鹏汽车已通过港交所聆讯，将冲刺港交所智能电动车第一股，同时，小鹏汽车也将成为今年首个美国、香港两地双重主要上市中概股。\n一旦上市成功，短期内并不追求毛利的小鹏汽车希望将筹集到的资金更多的用在自动驾驶、智能操作系统等科技创新的研发上。\n同时，在国家政策推动下，以及众多科技巨头的入局，智能汽车即将进入快速增长期，小鹏汽车的成功上市，或将成为中国智能电动汽车发展史的一个里程碑事件。\n将成为首个新势力港股\n据外媒报道，中国智能电动汽车公司小鹏汽车国际配售部分已录得足额认购。据富途数据显示，小鹏汽车公开发售暂募资9.97亿港元，超购0.3倍。\n6月25日，小鹏汽车发布公告称，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，每手买卖单位100股，入场费约18181.39港元；预期股份将于7月7日于联交所主板挂牌上市。\n据港交所消息显示，摩根大通和美银为此次联席保荐人，这些投行曾在去年8月帮助小鹏汽车完成赴美上市事宜。\n2020年8月，小鹏汽车以15美元/股的发行价在美国上市，其首日开盘价为23.1美元，较发行价上涨幅度超过55%。上市之初，小鹏汽车将目标定为成为一家千亿美元市值的公司，其股价也确实按照该公司的预期发展，2020年11月底，小鹏汽车一度涨至74美元。\n\n此次据港交所的规定，公司赴港二次上市需要满足一些“硬性”要求。首先，公司所处行业要求是创新产业；其次，公司必须在另一家符合条件的交易所至少有两年的良好监管合规记录；第三，市值至少超过400亿港元，或者市值超过100亿港元且收入超过10亿港元。\n对于赴美上市还不到一年的小鹏汽车而言，此次香港上市属于双重主要上市行为，为此该公司需要受到美国证券交易委员会(SEC)和香港证券及期货事务监察委员会(SFC)的共同监管。据悉，双重主要上市是比二次上市更严格的上市过程，在二次上市中，第一上市地点的监管机构拥有主要监管权。\n截止目前，已有包括京东、网易等10多家中概股在香港二次上市。在造车方面，此前也曾出现过小鹏、蔚来、理想国内三大造车新势力在香港上市的传闻。\n今年3月，路透社曾援引知情人士消息称，蔚来已联系瑞士信贷和摩根士丹利，将在港股发行股票，未来还将筹划登陆A股市场。而理想则与高盛和瑞银进行合作，预计在今年第三季度完成香港上市，募资10亿-20亿美元。同时，理想汽车创始人李想曾表示，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此次小鹏汽车率先通过港交所聆讯，无疑跑在了其他两家造车新势力的前面。\n艾媒咨询CEO张毅告诉锌财经，在香港上市，可以分摊美国资本市场尤其是二级市场不确定性的风险；同时，双重主要上市对企业融资会有很大的帮助，而双市场可以直接提升小鹏汽车在国内外市场的影响，有助于扩大品牌营销。\n加大研发投入打好“科技创新牌”\n企业上市，无疑可以筹集到更多的资金。而资金的用法，才是真正可以影响到企业发展的重中之重。\n有消息称，此次小鹏汽车融资规模最多为20亿美元。对此，该公司不予置评。但据其招股书显示，将所得款项净额中约45%用于拓展公司的产品组合及开发更先进的技术；所得款项净额中约35%用于通过提升公司的品牌认知度，借助全渠道营销策略获取客户，以及在国内及国际上增加销售及服务接触点，来加速公司的业务扩张；所得款项净额中约10%用于提升生产能力，包括扩大产能、升级生产设施和开发生产技术；所得款项净额中约10%用于一般公司用途，包括用作运营资金。\n从中可见，研发已成为小鹏汽车战略布局的重中之重。事实上，作为一家技术驱动型公司，小鹏汽车已投入大量资金用于自主研发技术，希望凭借差异化的产品和服务推动公司的快速发展，乃至推动智能电动汽车转型。\n据小鹏汽车此前发布的财报显示，在2018-2020年，小鹏汽车营收分别为970万元、23.21亿元和58.44亿元。今年第一季度，其营收29.51亿元，较去年同期增长616.1%。\n研发开支方面，在2018年-2020年及今年第一季度，小鹏汽车研发开支分别为10.51亿元、20.70亿元、17.26亿元及5.35亿元。在2019年、2020年及今年第一季度，研发开支分别占总收入的89.2%、29.5%及18.1%。\n小鹏汽车认为，只有凭借对研发的持续投资，才能保持在智能电动汽车领域的领先地位。公司将专注于技术创新，不断升级自动驾驶、智能操作系统以及核心车辆系统。\n在技术创新方面，小鹏汽车是目前国内唯一一家自主开发全栈式自动驾驶技术，并在量产汽车上应用该软件的汽车公司。其最新自主研发的自动驾驶系统XPILOT 3.0是目前市场上所售汽车中已采用的最高水平自动驾驶技术。\n不可否认的是，在追求技术创新的路上也会遇到因高额研发成本带来的亏损问题，对此，小鹏汽车有着自己看法：“从长期来看，一个科技型的汽车企业应该是有很高毛利的企业。从短中期来看，短期有太高的毛利是错误的。我们会坚持走科技路线，走好自己的道路，做好自己的定位。”\n“企业在市场培育和产品打造上会经历一些战略性阶段，只要资金不出现问题其余都是其次的。”在张毅看来，“在小鹏汽车的融资能力是不用怀疑的。”\n实际上，目前小鹏汽车资金也较为充足。截至今年3月31日，公司拥有现金、现金等价物、受限资金、短期存款、短期投资和长期存款为共计人民币362亿元。小鹏预计，第二季度公司车辆交付量为1.55万至1.6万辆，同比增长380.2％至395.7％；总收入在人民币34亿元至35亿元之间，同比增长475.5％至492.4％。\n深耕智能汽车引众多资本加持\n时下，在全球范围内，电动汽车替代燃油车已是大势所趋，各国政策都利好电动汽车发展。\n在国内，2020年10月，国务院公布了《新能源汽车产业发展规划(2021–2035)》（「新能源汽车产业发展规划」），指出发展新能源汽车是中国转型为汽车强国的必由之路。国务院已经设定到2025年将新能源汽车在中国乘用车市场的渗透率提高到20%的目标，预期纯电动汽车会成为新销售车辆中新能源汽车的主流。\n值得注意的是，我国政府在新能源汽车产业发展规划中提出了智能互联汽车的发展愿景，计划在2025年前实现特定场景下高级别自动驾驶的大规模商业化，同时还加强互联车辆关键零部件和系统的研发。\n在前不久中国汽车工业协会主办的第11届中国汽车论坛上，小鹏汽车嵌入式高级总监余鹏表示，智能手机之后，我们非常有理由相信，下一代全新的智能软硬件核心载体，一定会是智能汽车。\n目前，包括百度、小米、滴滴、360等众多科技巨头开始布局智能汽车领域，软件已经在逐渐成为智能汽车的全新制高点。\n据麦肯锡的调查显示，汽车软件和电气电子元件（E/E）市场预计复合年增长率为 7%，该市场将在2030 年增长至4690 亿美元。\n有业内专家预计，到2025年，在中国一线城市智能汽车+电动汽车在新车中占比将达60%，其中，智能汽车占到50%以上。预计到2028年，智能汽车会进入到急速的跳跃时期。\n据锌财经了解到，小鹏汽车很早之前就开始发力智能电动汽车。截至2021年3月31日，智能电动汽车已交付量13340辆。今年4月，小鹏汽车发布了P5，这是其第三款智能电动汽车，该公司计划在今年第四季度开始批量交付P5。\n除了P5，小鹏汽车还计划在今年第三季度末交付G3的中期改款版G3i，并计划在2022年推出旗下第四款智能电动汽车，这是一款具备高级自动驾驶系统和加强版核心车辆系统的SUV。\n在锌财经看来，车辆交付的加速，意味着小鹏汽车将正式渡过产量爬坡期，迎来新一轮的高速增长。此外，特别值得一提的是，截至今年第一季度，小鹏品牌超充站172座，覆盖60个城市。计划至今年年底建设超过500个自有品牌超级充电站。\n软件方面，小鹏汽车目前是中国唯一一家实现全栈自研的自动辅助驾驶软件单独收费的汽车企业，总计确认收入8000万，在2021年第一季度，软件收入为3000万元。未来，软件业务收入的商业模式在智能汽车领域会有明显的利好趋势。\n从今年第一季度的数据看，软件收入占了小鹏汽车总收入的2.5%。而该部分收入的计入也提升了毛利率。随着交付量的增加，接下来软件对公司的营收及毛利贡献度将持续提升。小鹏汽车预计，在今年第二季度软件收入的渗透率会比第一季度提高1%。\n如此不遗余力的布局智能电动汽车市场，也换来更多资本的青睐。公开资料显示，小鹏汽车自2015年成立以来，先后获得了阿里巴巴集团、小米集团、IDG资本、晨兴资本、GGV纪源资本、春华资本、高瓴资本、 红杉中国等国内外众多投资者的支持。\n新世界发展执行副主席兼行政总裁郑志刚表示：“我一直看好智能汽车发展，当中的市场潜力无限，而小鹏汽车从创立至今，一直坚持自主研发，是中国内地唯一一家能够将自家研发的软件、硬件深度整合，并且做到量产落地的企业；当中的产品研发包括自动驾驶、高级语音交互等创新技术，为更多消费者带来安全性与未来感兼备的创新驾驶体验，这也促成我投资小鹏汽车。”\n在众多资本的支持下，再加上此次若成功在香港上市，或将成为中国智能电动汽车发展史的一个里程碑事件，小鹏汽车未来还会更多的想象空间。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":1495,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}