xuanliupoker| "New car" is the fastest to be launched. Extreme Krypton car flies alone to make up for its position

Source: Beijing Business Daily

Li Shufu, chairman of Geely Holdings Group, also made gains from er Chuang US stocks, a three-year-old polar krypton car "dream come true".XuanliupokerThe ninth IPO. On May 10, EST, Polar Krypton was listed on the New York Stock Exchange and officially listed under the stock symbol "ZK". On the first trading day, Polar Krypton opened at $26 a share, 23% higher than its offering price of $21.Xuanliupoker.8%, at 28% on the opening dayXuanliupoker.26 US dollars, an increase of 34.57%, completed the first day of trading. In three years, the polar krypton car backed by Geely grew rapidly and entered the capital market in only 37 months. Listed "solo" polar krypton cars on the one hand through the capital market to supplement funds, on the other hand to absorb more resources to accelerate the development of overseas markets.

Lightning rings the bell

After "Wei Xiaoli", Polar Krypton Automobile has become the fourth Chinese car-building new power enterprise to land on American stocks. Compared with Wei Xiaoli, which was founded earlier, Ji Krypton has just turned three years old.

In April 2021, the polar krypton car was officially established, and the first model of the brand, polar krypton 001, was released in April of the same year. It took only 37 months for the polar krypton car to succeed in IPO. From the time of listing, it took Tesla seven years to go public, while Wei Xiaoli took four years, six years and five years to land in the capital market. In addition to becoming the fastest Chinese new energy carmaker to enter the US stock market, Li Shufu has nine listed companies, including Geely Motor, Volvo, Polar Star, Yigatong, Qianjiang Motorcycle, Hanma Technology, Lifan Technology, Lutes and Polar Krypton.

Not only the fast pace of listing, but also the short-term establishment of polar krypton cars, revenue and gross profit margin results are also equally eye-catching. According to the prospectus, the revenue of polar krypton cars from 2021 to 2023 was 6.528 billion yuan, 31.9 billion yuan and 51.67 billion yuan respectively. At the same time, the gross profit margins of polar krypton cars are 1.8%, 4.7% and 15%, respectively. Horizontal comparison shows that last year, the gross profit margins of Weilai, Xiaopeng and the ideal vehicle were 9.5%,-1.6% and 21.5%, respectively.

Behind the short listing process and bright revenue, compared with the self-made "Wei Xiaoli", the polar krypton car backed by Geely has an inherent advantage. It is understood that before the establishment of extreme krypton, Geely spent five years and invested more than 20 billion yuan to launch a pure electric structure-SEA vastness, and the first mass-produced model carried in this framework was the first extreme krypton model. At the same time, Geely transferred 51% of Ningbo Weirui and CEVT (China Europe Automotive Technology Center) to polar krypton in 2021 to further improve the polar krypton car supply system. From the production system to the construction of cars are from Geely, there is no doubt that polar krypton cars in the asset-heavy car industry can move forward light.

Cui Dongshu, secretary general of the passenger car Market Information Joint Association (hereinafter referred to as "Joint passenger Association"), believes that polar krypton cars supported by Geely receive not only financial support, but also Geely, which has been ploughing the automobile industry for many years, and has rich experience and perfect manufacturing system. Can fully support polar krypton cars. Polar Krypton has more competitive capital than other new carmakers.

There are many twists and turns in "flying alone".

Despite Geely's support along the way, the road to market for polar krypton cars is not smooth.

Geely has been actively promoting polar krypton car IPO. More than a year after its establishment, there was news of the planned listing of Polar Krypton Motor. In October 2022, Geely announced that it proposed to spin off the polar krypton car and list it independently, and the Stock Exchange of Hong Kong, China had confirmed that the company could be spun off; in December of the same year, Geely issued a notice on the Hong Kong Stock Exchange. Polar Krypton has submitted a draft registration statement for a possible initial public offering to the SEC on a confidential basis. On February 13 last year, Geely issued an announcement showing that it issued and distributed about 139 million Series A preferred shares to five investors, totaling US $750 million. In November of the same year, Polar Krypton officially submitted its form to IPO in the United States. Polar Krypton plans to list on the New York Stock Exchange under the symbol "ZK", according to the prospectus. However, due to weak sentiment in the investment market, extreme Krypton once shelved its listing plans. It wasn't until April this year that Polar Krypton restarted IPO.

However, the valuation of the polar krypton car that restarted IPO has shrunk sharply, to $5.126 billion. Beijing Business Daily reporter noted that in February last year, the valuation of Polar Krypton Automobile A-round financing was about 13 billion US dollars. At this time, the valuation is less than 40% of that of round A financing, and although the market capitalization of polar krypton car trading rose to $6.898 billion on the first day, it is a far cry from the valuation of round A financing. In the outside world, the decline in valuations has a lot to do with the cooling of investor enthusiasm, and the market's valuation expectations for new energy car companies have changed greatly from three years ago. According to third-party data, there is a significant gap between the current share price of Wei Xiaoli and its post-listing peak, including a 50% drop in ideal car, and a drop of nearly 90% in Lulai and Xiaopeng.

Why choose IPO when the valuation is not high?Xuanliupoker? The answer can be found in the polar krypton auto prospectus. According to the prospectus, polar krypton lost 4.514 billion yuan, 7.655 billion yuan and 8.264 billion yuan respectively from 2021 to 2023. In addition, by the end of last year, the asset-liability ratio of polar krypton cars reached 132%. At the same time, the R & D investment of polar krypton vehicles is on the rise, with R & D investment of 3.16 billion yuan, 5.446 billion yuan and 8.369 billion yuan respectively from 2021 to 2023, with a cumulative R & D investment of nearly 17 billion yuan.

The extreme krypton car, which contains a "golden spoon", urgently needs to enhance its "hematopoietic" ability. "as an asset-heavy field, traditional car companies incubate 'trumpets' to help them grow, but they will fly alone in order to make them adapt to market competition." Yan Jinghui, a member of the expert committee of the China Automobile Circulation Association, believes that with the continuous increase in R & D investment, the demand for funds for polar krypton cars has also increased, so it has become an inevitable choice to supplement funds through listing, on the one hand, to obtain funds. On the other hand, you can also get more capital support. As for the reasons for the separate listing from Geely, Polar Krypton explained in its prospectus that this was due to the company's different brand positioning and the pursuit of operational, management and financial independence.

People related to polar krypton said that about 45% of the funds raised from this listing will be used to develop more advanced pure electric vehicle technology and expand the product portfolio; about 45% will be used for sales, marketing and expanding the service and charging network; about 10% will be used for general corporate purposes, including working capital requirements, to support business operations.

Volume to overseas market

In the capital flow "fill positions" at the same time, the listing of polar krypton cars in the United States is paving the way for its global development.

For this IPO, polar krypton car CEO an Conghui believes that the listing of polar krypton cars is only the starting point. "Polar Krypton is a global brand that faces the global market from birth," he said. In the face of global capital, users, and technology, the United States is the gathering place of global capital. This strategy determines our long-term doctrine, which can make the global management of polar krypton cars more transparent and better able to participate in global competition.

An Conghui also pointed out the direction for the development of polar krypton cars. At present, the "volume" of the domestic automobile market has intensified, with data showing that domestic sales of new energy vehicles in the first four months of this year were 2.52 million, an increase of 34.4% over the same period last year. According to data released by the Federation of passengers, the penetration rate of China's new energy vehicle market exceeded 50% in the first half of April this year. With the intensification of competition in the domestic market, car companies have "rolled" to the overseas market. According to statistics, the volume of car exports in the first four months of this year was 1.827 million, an increase of 33.4% over the same period last year. Of this total, 421000 new energy vehicles were exported, an increase of 20.8 per cent over the same period last year.

In the face of market changes, polar krypton cars have also started overseas layout. It is reported that polar krypton 001, polar krypton X has started sales and delivery in European countries. According to the plan, polar krypton cars will enter the markets of eight European countries this year, and then enter 50 countries and regions, including Southeast Asia, the Middle East, South America and Australia. At the same time, Polar Krypton has six major R & D centers around the world, with more than 7000 global R & D personnel, building all models according to the global standard system.

"this landing in US stocks will further enhance the global management capacity of extreme Krypton, open up new financing channels, enhance its popularity and influence in the global market, and help extreme Krypton better distribute overseas markets." Yan Jinghui said that as a "Geely system" high-end new energy car brand, the listing of Polar Krypton cars in the United States also helps to enhance the brand image and international influence of "Geely system". An Conghui revealed that based on the vast-M structure, the customized model of the cooperation between Polar Krypton and Waymo is about to enter the US travel market, and its household products will also be launched in markets such as China.

Beijing Business Daily reporter Liu Yang Liu Xiaomeng