[We come to the United States to the IPO: Only four cars in the establishment of the company in the sale of the company has not yet delivered the car, or will face many doubts] the speed of development of the Internet car maker once again subvert everyone's imagination. According to sources, Weilai Motors submitted a listing document on the United States Securities Exchange (SEC), financing about $2 billion, and the amount may be adjusted. "Please allow me not to comment." Qin Lihong, president of Weilai Motor, did not deny this news.
However, this company, which has established more than four years, has only one vehicle in sales and has not yet delivered a car, has not announced the valuation status and financing situation, has this year sent a message to the US IPO for the second time. This has triggered everyone's concerns about the rapid development of new vehicle builders. A Chengdu-based investor who has long paid attention to Weilai Motors stated to the Southern Reporter that if Weilai Motors actually submits an IPO application, it should be available within a few months. However, he believes that the current number of car unicorns, including Weilai Motors, has been overvalued, and therefore has limited appeal to investors. The "Snowball" and even some investors commented: "American leeks have to be cut."
It is difficult for Weilai car to meet
As early as February 28, foreign media reported that Weilai Motor has hired eight banks including Morgan Stanley and Goldman Sachs to prepare for this year's US listing plan. On May 29, Bloomberg said that this time, Weilai Motors submitted listing documents on the United States Securities Exchange (SEC), financing approximately $2 billion, and the amount may be adjusted.
Will Weilai cars pass the conference in the United States? The Southern Capital reporter interviewed an investor who was familiar with the operation of the US stocks. The other party said that the U.S. stocks will be simple and the American Securities Exchange (SEC) is more concerned about whether the company has false accounts. For companies like Weilai Motor, the listing plan is usually formulated very early, so the financial situation is more standardized, so the probability of a successful meeting is high.
Li Bin, chairman of Weilai Automobile, once mentioned that building a car is a matter of burning money. New start-ups wanting to build cars need at least 20 billion yuan of funds to prepare. In this regard, Tesla has set a precedent. According to Bloomberg News, Tesla consumes an average of 6,500 US dollars per minute.
The top players in the first camp of the constructors - Weilai Automobile, Weimar Automobile, and Xiaopeng Automobile - all have plans to go public and will be the first to be listed on the market. This will enable auto companies to obtain sufficient operating funds to enhance their competitiveness. .
Advantages of Weilai: Many gold owners behind
As the most popular car unicorn in China, how many rounds of financing has Weilai Automobile ever carried out? How much does the capital estimate? These problems have never been disclosed by Weilai. Since Weilai is not a listed company, there is no need to disclose specific funding conditions.
According to publicly available information, Weilai Motors has conducted a total of six rounds of financing, with A round of financing amounting to US$100 million. On June 17, 2015, Jinzhu was Tencent’s industry win-win fund, Shunwei Capital, Jingdong, and Gaochun Capital. , E-Net, etc., D-round financing was led by Tencent on October 31, 2017. The financing amount was US$1 billion. Baillie Gifford, Lone Pine, CITIC Capital, and China Assets Fund are also investors. Statistics from Southern Metropolis Daily reporters found that Weilai Automobile currently has 25 investment institutions. Except for Alibaba, all major Chinese Internet users are the owners of Weilai Motor.
Having such a strong financing side is a big advantage for Weilai Automobile. The cost of building a car is huge. “How to ensure cash is abundant†is a major problem that the new vehicle builders will face in the future. Even Tesla cannot afford to disregard Tesla’s cash flow for five consecutive months of negative growth. It is said that Apple has completed due diligence on Tesla and it is very likely that Tesla will be acquired this year.
Weilai's puzzle:
Can we create high quality products that people love
Just as Wall Street sings empty Tesla every year, the young unicorns such as Weilai Automobile are ready to go public in the United States. While attracting great attention, everyone also has concerns about the pace of development of the new vehicle builders. "Although it is a good company, the valuation is too high." An investor who had originally intended to invest in Weilai said to the Southern Reporter. The six rounds of public financing previously disclosed involved approximately 3 billion U.S. dollars, and the foreign media disclosed that the amount of financing for U.S. listed companies was 2 billion U.S. dollars. However, Weilai Automobile has not yet officially delivered a car. Whether its products can withstand the market test is still a question mark. From the perspective of the amount of financing, the current valuation is too high. He believes that even if the Weilai car is successfully listed, it will suffer many tests like Tesla.
Indeed, stability is not the advantage of Weilai cars. Weilai Automobile has also been established for about four years. At present, there is only a production car ES8. The price of the first car, the EP9, is US$ 1.48 million. Because of the high cost, only six cars are produced to the founding investors. The production of ES8 electric vehicles, although the number of orders, but it has been skipped. At present, the first batch of vehicles has not been handed over to customers. Qin Lihong told Nandu reporters in an interview: “The delivery of gear for internal employees has begun quietly. The delivery to external users began in the second half of June.†Previously, public relations officials once expressed to Southern Reporters that it is expected that there will be owners in April. Pick up the car. The Weilai car has been postponing the delivery of the car, which has also caused the outside world to question its ability to build cars.
Since the product has not been delivered to the owner, how is the perfection of the ES8 in the specific use process? How exactly does the replacement mode used by Weilai come from? These are all unknowns and take time to test. After all, China has a vast territory and a complex driving environment.
In addition, Tesla will once again be made in the future, the price of the model will be significantly reduced, it is reported that the Model3 domestic price is about 300,000 yuan, and Weilai automobile production ES8 first production car starts at 448,000 yuan, the price Obviously there is no advantage. How does Weilai’s car compete with Tesla? Since Weilai Automobile currently has no clear product plans, everyone's concerns cannot be eliminated.
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