Zero-run cars may be listed in overseas markets.
On January 26, according to the website of the China Securities Regulatory Commission, the CSRC has received the approval materials of Zhejiang Zero Run Technology Co., Ltd. for the "Overseas Initial Public Offering of Shares (Including Ordinary Shares, Preferred Shares and Other Stocks and Derivative Forms of Stocks)".
According to Tianyan, Zhejiang Zero Run Technology Co., Ltd. is a shareholding company jointly invested by Zhejiang Dahua Technology Co., Ltd. (Dahua Co., Ltd., 002236) and its affiliates. Its business scope covers the development of the three-electric system, the research and development and production of electric vehicles and supporting parts, etc., and the legal representative is Zhu Jiangming, who was one of the main founders of Dahua Co., Ltd.
Zero-run automobile is an automobile brand of Zhejiang Zero-running Technology Co., Ltd., and is currently in the second echelon of new car-making forces. According to the official website, Zero Run has launched three models of pure electric SUV model C11, pure electric mini car T03, and pure electric coupe S01, and the price after subsidies ranges from 68,900 yuan to 199,800 yuan.
The IPO is on the string
The new car-making forces are generally in a state of "crazy burning money", and listing financing seems to have become the only choice for the new car-making forces. In the past two years, the head companies of the new car-making forces have been listed together, and the car companies in the second echelon have also been rumored to be listed.
Zhu Jiangming, the founder and chairman of Zero Run Automobile, has publicly stated that "Zero Run is likely to be the last ticket for them (the capital side)." ”
According to Tianyan, at present, Zero Run Automobile has carried out 7 rounds of financing, and the disclosed financing amount has exceeded 12 billion yuan. Its most recent round of funding was the Pre-IPO round, which raised $4.5 billion and was announced on August 18, 2021. The Pre-IPO round of financing was led by CICC Capital, followed by Hangzhou State-owned Assets and CITIC Construction Investment.
It is worth noting that according to the official website of Zero Run, the investment amount of Hangzhou State Capital Round is as high as 3 billion yuan, and the two sides will work closely together around the Zero Run New Energy Vehicle Project.
On November 28, 2020, Wu Baojun, co-founder and president of Zero-Run Automobile, expressed to the outside world that Zero-Run Automobile intends to be listed on the Science and Technology Innovation Board, "We want to strengthen the docking with the capital market like the domestic Weilai Automobile and Ideal Automobile, zero-running Automobile plans to submit IPO documents in the second half of next year, and achieve listing on the Science and Technology Innovation Board at the end of 2021 or early 2022, and there will be a round of financing before the IPO." ”
At the zero-run C11 listing conference a month later, zero-running automobile once again emphasized its determination to go public, announcing that it would officially launch an IPO in 2021, aiming to enter the new power TOP3 in 2023 and obtain a market share of 10% of the domestic new energy vehicle market in 2025.
According to the information disclosed by the CSRC, Zero Run Automobile has abandoned the listing plan of the Science and Technology Innovation Board and turned to overseas listing with relatively lower thresholds.
On October 12, 2021, Bloomberg reported that ZeroCar is considering applying for an IPO in Hong Kong, China, and has made initial contacts with consultancies on related matters, which may be listed as early as 2022. Zero-run cars did not respond positively to this, but said that this news is not official zero-run news.
With annual sales of 40,000 vehicles, it is difficult to compete for the head
According to the Zero-Run Car Sales Express, in the whole year of 2021, zero-run cars delivered a total of 43,121 new cars, of which zero-run T03 delivered 38,463 units, Zero-run C11 delivered 4,021 vehicles, and S01 delivered 637 vehicles.
Deliveries of its SUV model, the Zero-Run C11, began in October 2021, delivering 4,021 units in a three-month period. The industry generally believes that the SUV model zero run is regarded as a crucial turnaround.
At the beginning of its establishment, zero-run cars aspired to become the "Chinese version of Toyota", and Zhu Jiangming also publicly stated that the reason why its first model, S01, chose a two-door and four-seat coupe was inspired by Toyota. However, after the launch of the S01, the market response was very dismal, and in the full three months since the start of delivery in June 2019, the S01 has delivered only 509 units. In the full year of 2021, the S01 delivered only 637 vehicles.
It is worth noting that the main delivery model of zero-run is still a mini car with limited profit margins, priced at 68,900-84,900 yuan. In such a competitive car-making track, if the zero-run C11 SUV model launched in 2021 cannot drive sales, zero-run may miss its last opportunity.
Source: Zero Run Car official website
According to the 2.0 strategic target disclosed by Zero-Run Vehicle on July 15, 2021, it plans to sell 48,000 units in the second half of 2021, but the annual sales volume has not been able to catch up with the planned sales target for the first half of the year. The strategic goal also mentions that in the long run, the target sales of zero-run new energy vehicles in 2025 will reach 800,000 units, a figure that can obviously not be achieved only through the listing of blood transfusions.
Among the new forces of domestic car manufacturing, the first echelon of Weilai, Xiaopeng and Ideal have approached the 100,000 mark, and the Nezha and Weima in the second echelon have delivered 69,674 and 44,157 vehicles respectively, and zero-run ranks third in the second echelon. In the middle and lower reaches of the new car-making forces, Zero Run must not only strive to catch up with the previous five car companies, but also avoid being surpassed by a number of latecomers such as Xiaomi Automobile.