When the field of independent brand new energy gradually forms a trend of crushing joint ventures, another independent new energy brand ushers in an important moment.
On January 24, Chongqing Changan New Energy Automobile Technology Co., Ltd. (hereinafter referred to as "Changan New Energy") held a B round financing signing ceremony, announcing the completion of 4.977 billion yuan of financing, exceeding the planned financing amount of nearly 2 billion yuan. After completing the B round of financing, Changan New Energy plans to complete the public listing around 2025.
"This marks another positive step by Changan New Energy on the road of exploring market-oriented development." Wang Jun, president of Changan Automobile and deputy secretary of the party committee, said, "This B round of financing will surely inject new impetus into the future development of Changan New Energy, and comprehensively boost its market competitiveness and medium- and long-term value.
Three years of two financing Chang'an new energy mixed reform has steadily deepened
According to the data, Changan New Energy's B round of financing began in April 2021. Originally planned to raise 3 billion yuan, after nearly 200 negotiations, three rounds of screening, nine investors were identified, and then after multiple rounds of communication, the delisting of investment institutions was successfully completed on December 23, 2021.
According to the Announcement on Related Party Transactions of Associated Enterprises Increasing Capital and Expanding Shares by Public Listing issued by Changan Automobile, The B round of value-added of Changan New Energy has been invested by 10 units, including Changan Automobile.
Specifically, in the B round of capital increase, Changan New Energy intends to increase the registered capital of about 126 million yuan, that is, from 202 million yuan to about 328 million yuan. Among them, Changan Automobile intends to increase capital by 1.36 billion yuan (giving up the right to increase capital in the same proportion), Southern Industrial Asset Management Co., Ltd. intends to increase its capital by 710 million yuan, BOCOM Boyu No. 1 (Suzhou) debt-to-equity swap investment fund (limited partnership) intends to increase its capital by 1 billion yuan, Chongqing Chengyuan Private Equity Investment Fund Partnership (limited partnership) intends to increase its capital by 700 million yuan, Wuhu Xinshi Xinhong Equity Investment Partnership (limited partnership) intends to increase its capital by 500 million yuan, and Chongqing Zhongjin Keyuan Private Equity Investment Fund Partnership (limited partnership) It is proposed to increase the capital by 200 million yuan, Chongqing Southern Industrial Equity Investment Fund Partnership (Limited Partnership) intends to increase its capital by 180 million yuan, Chongqing Xindong Weilai No. 4 Enterprise Management Consulting Partnership (Limited Partnership) (Employee Shareholding Platform) intends to increase its capital by 117.3 million yuan, Southern Industrial Intelligent Travel Investment (Tianjin) Partnership (Limited Partnership) intends to increase its capital by 110 million yuan, and Zhuhai Deqing Mixed Reform No. 2 Equity Investment Partnership (Limited Partnership) intends to increase its capital by 100 million yuan.
After the completion of the capital increase, Changan Automobile's shareholding ratio was diluted from 48.95% to 40.66%, still the largest shareholder; Southern Assets held 5.47%, BOCOM Boyu No. 1 held 7.71%, Chengyuan Fund held 5.40%, Wuhu Xinshi Xinhong held 3.85%, Southern Industrial Fund increased its shareholding from 1.80% to 2.50%, CICC Keyuan Fund held 1.54%, employee shareholding platform held 0.90%, and Southern Industrial Intelligent Travel Fund held 0.85%. Deqing Mixed Reform No. 2 Fund holds 0.77% of the shares. Chongqing Changxin, Nanjing Runke and Liangjiang Chengwei, which participated in the A-round capital increase, did not participate in the current round of capital increase, and the share ratio was diluted from 17.97% to 11.08%, from 17.97% to 11.08%, and from 13.30% to 8.20% respectively.
It is worth noting that after the capital increase, core employees also participated in the shareholding, and a total of about 3 million shares were obtained. Driven by this new mechanism, it undoubtedly has a great role in promoting the combat effectiveness and sense of belonging of employees, which is also seen as a sign of the further deepening of Changan New Energy Mixed Improvement.
According to the "State-owned Enterprise Mixed Reform Research Report", state-owned enterprises are facing problems such as weakened profitability, lack of flexibility and relatively slow innovation, which makes mixed reform imperative, especially for industries such as automobiles, among which who acts first has the initiative.
In fact, as early as 2018, Changan New Energy has pressed the start button of "mixed reform".
In 2019, Changan New Energy introduced four strategic investment companies such as Nanjing Runke to increase its capital by 285 million yuan; in January 2021, Changan New Energy completed a round of financing of up to 2.84 billion yuan; in April of the same year, Changan New Energy disclosed that it had opened a B round of financing and planned to raise 3 billion yuan. In the end, nearly 5 billion yuan was raised.
On the other hand, when Changan New Energy is further promoting "mixed reform", Avita, a subsidiary of Changan Automobile, is also running forward.
On November 5, 2021, Changan Automobile announced a plan to promote the mixed reform of Avita, proposing to introduce Ningde Times, Fujian Mindong, Chongqing Cheng'an, LiangjiangXi Securities, Southern Assets and Southern Industrial Fund as the investment entities of the capital increase and share increase, while Changan Automobile participated in the capital increase in the form of a non-public agreement.
With the help of this round of financing, Changan New Energy not only further deepened the goal of mixed reform of equity diversification, becoming the first automobile central enterprise in China to achieve mixed ownership reform, but also opened a fast track for its own rapid development.
700,000 sales target Changan new energy arrow on the string
The landing of the B round of financing also shows the "ambition" of Changan New Energy.
Wang Jun said that in the face of a new round of development and change in the automobile industry, Changan New Energy will continue to integrate global high-quality resources and achieve high-quality development around the "new automobile + new ecology" strategy and continue to use the "traditional new forces" model. Facing the future, Changan New Energy has planned a new goal, which will be positioned as "the world's first-line mainstream electric vehicle brand", and the sales of new energy vehicles will exceed 700,000 in 2025, accelerating the construction of One of The Best New Energy Vehicle Brands in China.
This means that the sales volume of Changan New Energy needs to increase geometrically. How can this be achieved? Obviously, Changan New Energy has made comprehensive preparations.
It is understood that Changan New Energy will launch 3 new cars this year, the first is the C385 that has been unveiled, with APA7.0, L3+ level advanced auxiliary driving, AR ecological wisdom cockpit, zero fire battery and other black technology blessings; the second is the model codenamed A158, positioned as a national boutique scooter, which is also a segment of the current market, which is very obvious to the sales. The third model is the C673, positioned as a cross-border SUV, which is expected to be officially launched at the end of the year.
In addition, in terms of technology, Changan New Energy also has certain capabilities.
Guided by the "Shangri-La Plan", Changan New Energy has mastered more than 200 breakthrough innovative technologies. During the 14th Five-Year Plan period, it is planned to break through 500 more innovative technologies and add 3,000 patents. Independently developed and built EPA0, EPA1 and EPA2 three industry-leading new dedicated electric vehicle platforms; independently master the development capabilities of the "three electricity" system, launched 0 fire battery, Changan new generation of super-collector electric drive, intelligent vehicle domain controller "Chang'an Smart Core", etc., of which the domestic leading super-collector electric drive system can achieve a weight reduction of 10%, power density increase of 37%, efficiency increase of 5%; independently master the vehicle integration capabilities, fully grasp the platform integration development, modular design, reliability verification, etc., of which the domestic leading super-collector electric drive system can achieve a 10% reduction in weight, a 37% increase in power density, and a 5% increase in efficiency; independently master the integration capabilities of the whole vehicle, fully grasp the platform integration development, modular design, reliability verification, Key technologies such as body, chassis, interior and exterior trim, and electrical appliance development.
Based on technology, products are in the form, and the most important thing is the construction of core competitiveness. What is core competency? It's talent.
Changan New Energy has also made full preparations for the construction of system strength. It is understood that Changan New Energy has 1779 dreamers, including 119 high-level experts, 799 senior engineers, and 80s and 90s have become the backbone, which is the core competitiveness of Changan New Energy.
In this Series B financing, the employee shareholding platform also increased its capital by 117 million yuan. Changan Automobile said that through this round of financing, the implementation of core employee shareholding is conducive to enhancing the vitality of Changan New Energy development and helping to build an industry-leading leader in digital electric vehicles.
In addition to employee shareholding, the core team of Changan New Energy also implemented the project follow-up bet. "The company plans to launch two new cars C385 and A158 in 2022, a total of 734 employees invested 31.7 million yuan in cash to participate in the project development, the company out of the big head, the staff out of the small head." If the sales, profits, and quality of new cars exceed the target requirements, employees can earn money. If the target requirements are not met, employees will lose money. The purpose of our innovation constraint incentive is to cut off our retreat, because we firmly believe that no retreat is the best way, and no retreat is the road to success. Deng Chenghao, general manager of Changan New Energy, said.
On the basis of the above, Changan New Energy has hit the sales target of 210,000 vehicles this year, and it can be said that the arrow is on the string.
Write at the end:
According to the analysis, the next 3-5 years is likely to become a watershed in the new energy automobile industry, and market competition will enter a cruel "elimination match". How to "survive" is not only the most worrying thing for new car manufacturers, but also the problem that traditional car manufacturers have to face.
Among the many car companies moving towards new energy, Changan New Energy has made obvious achievements in the research and development of new platforms, new product research and development, and core technologies of Sandian through continuous implementation of the "Shangri-La" plan. Therefore, Changan New Energy has won the affirmation of the capital market while occupying the market. This time, with the help of the B round of financing, Changan New Energy undoubtedly reserved more capital "ammunition" for subsequent development and seized the "chips" of the industry highland.
Next, the performance of Changan New Energy will also be more creative.