Head on the "Huawei car" halo Xiaokang shares have increased in a large way after half a year

Only half a year later, Xiaokang shares opened a new round of fixed increase, if the trip is completed, the total amount of the two fundraising is about 9.7 billion yuan. Even under the boom of expanding the production of the new energy vehicle industry chain, such an acceleration speed is also staggering.

Looking back at the company's development trajectory in recent years, the concept of "Huawei made cars" made the company stand in the spotlight for a time, and the stock price soared. But back to the fundamentals, the performance of consecutive years of losses has made the market questionable.

"Taking advantage of the heat of the industry to rush to 'circle money' is the practice of many enterprises in the new energy industry." But it is difficult to say whether there will be a matching return after raising money to invest in the project. Some market participants pointed out.

7.1 billion yuan + 2.6 billion yuan

On the evening of January 26, Xiaokang co., Ltd. disclosed that it intends to raise no more than 7.13 billion yuan in 2022, mainly for the development of electrified models and product platform technology upgrade projects, factory intelligent upgrades and electric drive production line construction projects, user center construction projects and supplementary working capital.

According to the announcement, the number of shares to be issued in this increase will not exceed 163 million shares, not more than 12% of the previous total share capital. If the offering is successful, the shareholding ratio of the actual controller Zhang Xinghai will be diluted from the current 37.57%, but the corresponding voting rights will remain above 30%. The lock-up period for this offering is 6 months.

Specific to investment projects, the most important is the development of electrified models and the technology upgrading project of the product platform, with a total investment of about 4.748 billion yuan, including the development of 6 electric vehicle models, the upgrading of the DE-i platform and the development and upgrading of a series of product technologies.

The company said that this project conforms to the trend of industry development, while further improving the company's SUV product series, and laying out electrification, intelligence and networking forward-looking technology research and development in advance.

In addition, the investment amount of the intelligent upgrading of the factory and the construction of the electric drive production line is 630 million yuan; the total investment of the user center construction project is about 227 million yuan; and the cash replenishment flow is also included 2 billion yuan.

The reporter noted that just half a year ago, Xiaokang shares just completed a round of fixed increase.

The actual number of shares issued by Xiaokang shares last time was about 56.3689 million shares, the issue price was 46.00 yuan per share, and the total amount of funds raised was about 2.593 billion yuan, which was used for the development of SERES intelligent network new energy series models and product technology upgrade projects, marketing channel construction projects and supplementary working capital.

The increase was completed on June 28 last year, and according to the stock price of more than 70 yuan at that time, the floating profit on the book of the fixed increase participants exceeded 50% as soon as they entered the market. The lock-up period for this round of fixed increases is 6 months. By the time the ban was lifted on December 28 last year, the floating profits of these investors had retraced to about 20%.

However, the stock price of Xiaokang shares fluctuated sharply, and has fallen to 46 yuan today, which is almost the same as the original fixed increase price.

Close to the concept of "Huawei car"

Looking back at the stock price of Xiaokang shares in the past year, it can be described as a big ups and downs. Since the concept of "Huawei car", Xiaokang shares can be described as "people are red is not much".

The concept of "Huawei-made car" is the most prominent label attached to the head of Xiaokang shares. In April 2019, the "Xiaokang SF5" was launched, pushing Xiaokang shares under the magnesium lamp of "Huawei Car". After cooperating with Huawei, this "niche" model has become the first Huawei retail channel sales model, draped in a "smart" new coat.

However, under the fame, even though it has Huawei's reputation and sales channels, the sales of the first product are not ideal. According to the data, in the first 11 months of 2021, the total number of insured vehicles, including the original SF5 model, was 6572, which was not as good as the one-month sales of the ideal ONE of the same type of plug-in hybrid vehicle. Moreover, the closer and closer cooperation between Xiaokang and Huawei has also made more and more "rumors" about the two in the market.

Just recently, Xiaokang shares and Huawei have spread "gossip". On January 18, Xiaokang issued an announcement that the company was concerned that on January 17, 2022, there were rumors on the Internet that a person from a securities research institute and a quantitative person from a public fund were suspected of manipulating securities and insider trading with Huawei. In this regard, the company clearly stated that it was unaware of the above matters and did not participate in the relevant violations of laws and regulations.

From the perspective of stock price, the stock price of Xiaokang shares before November 2020 was less than 9 yuan, and then it skyrocketed, breaking through 83 yuan in June 2021, with the highest increase in the range of more than 8 times. From a fundamental point of view, the company's huge loss in 2020 was 1.7 billion yuan, and it continued to lose nearly 1.1 billion yuan in the first three quarters of 2021, which is obviously unable to support the upward trend.

Obviously, the emergence of Huawei is the halo of the "intelligent" story of Xiaokang Automobile. At the annual shareholders' meeting of Xiaokang in May 2021, investors are also most concerned about the products, performance, production capacity, pricing, sales channels and many other issues of Xilix, which cooperates with Huawei. That time, in the shareholder exchange session, chairman Zhang Xinghai once laughed at himself: "When the company's efficiency is good and the net profit is profitable, not many people come to the meeting to pay attention; now short-term losses, but it is crowded with people." ”

Shortly after the annual shareholders' meeting of Xiaokang shares, the refinancing of 2.6 billion yuan was successfully dropped. But the highly anticipated Cyrus project at the time did not bring surprises to the market. This 7.1 billion yuan refinancing expansion, will there be new investors to pay?