At the sound of a bell, the three "Wei Xiaoli" companies gathered in Hong Kong stocks.
On March 10, NIO officially landed on the Hong Kong Stock Exchange, opening at HK$160 per share on the first day, with the Hong Kong stock market valued at HK$267.041 billion, and then rose to HK$280 billion.
Just half an hour after the opening of the market, Weilai's stock price took a sharp turn.
As of the close, Weilai closed at 158.9 yuan, down 0.69%, continuing the script of Xiaopeng and ideal Hong Kong stock debut day .50.
On the contrary, the "miserable" Xiaopeng and the ideal have ushered in a wave of sharp rise.
Sure enough, the joys and sorrows of the new car-making forces are not the same.
For such a opening performance, Weilai should have expected it earlier, and shouted out the slogan of "listing without financing" before listing.
What Weilai creates for the market and investors is also a feeling and image of "full of confidence".
So behind this, why is Weilai listed? What is the difference between this and Xiaopeng and Ideal's previous secondary listing in Hong Kong?
What is the reason for the listing of "not for money"?
On the occasion of its listing in Hong Kong, NIO has proposed to the Singapore Stock Exchange to achieve listing by way of introduction, and the specific listing date is yet to be reviewed.
Whether it is the Hong Kong Stock Exchange or the Singapore Stock Exchange, NIO adopts the method of "introducing listing", does not issue new shares or raise funds, but the shareholders of the company apply for listing and trading of their old shares, and do not involve new financing.
In this regard, WEILai explained that returning to Hong Kong for listing can provide investors with alternative trading locations and alleviate geopolitical risks.
In fact, looking back at NIO's original listing plan, this is not the case.
In March 2021, it was reported that NIO submitted a secondary listing application in Hong Kong through a "secret way".
As for why it failed to be successfully listed for the second time, it seems to be inseparable from the user trust fund it established in 2019.
Nio is not yet profitable, the user trust can not share dividends, if you want to make a profit, you can only sell equity.
According to public information, the initial assets of the NIO User Trust fund are 50 million shares, which can be sold no more than 5% per fiscal year, and the sale of more than 50 million shares is not restricted.
Industry insiders analyzed, "Is the user trust holding sold?" When to sell? How much to sell? What is its impact on Li Bin's voting rights? ”
These problems seem to need to be well clarified by Weilai.
It is precisely because WEIlai has not substantively solved the above-mentioned trust shareholding problem, coupled with vague explanations, so the second listing has been "suppressed" by the Hong Kong Stock Exchange.
In addition, the "return" of new car-making forces such as Weilai from the US stock market to Hong Kong stocks is closely related to a new policy of the United States.
In March 2021, the United States officially passed the Foreign Company Accountability Act, which requires all companies listed in the United States to undergo APCOB (Public Company Accounting Oversight Board) review of accounting papers or be forcibly delisted.
Many domestic analysts believe that the "accounting working paper" will inevitably encounter data security problems.
Didi is a rather representative case.
Therefore, WEI's return to Hong Kong stocks is a "last resort". The same is true of choosing to go public "not for money".
The "delivery dilemma" that cannot be escaped, the "running horse and expanding the circle" that cannot be stopped
In 2021, the new energy market began to "second outbreak" of sales.
The new car-making forces have doubled in delivery, with annual sales approaching 100,000 units.
However, as the first of the three new car-making forces and the first to achieve mass production, Weilai seems to have signs of "falling behind".
In February this year, Weilai also fell out of the top three of the sales list of new car-making forces for the first time.
Behind this, the stability of the supply chain has become one of the biggest variables affecting the speed of WEILAI.
As early as last year, Weilai has been affected by the shortage of semiconductor chips, when a 20 yuan chip could be fried for 2800 yuan on the black market. Since then, the epidemic has also continued to affect some of WEI's single suppliers, resulting in a decline in its deliveries.
In addition to the significant problems in the supply chain, Weilai, which starts from the high-end, also lacks a explosive product that can really ignite the market, and lacks "explosiveness" in market expansion.
For example, the new cars ET7 and ET5 released by Weilai last year have not been delivered until this year.
According to the prospectus, ET7 and ET5 are expected to be delivered in March and September 2022 respectively. Consumers' mentality of holding coins for purchase has also had a partial impact on sales.
After falling into the "delivery dilemma", Weilai chose to open up a second battlefield and began to "expand the circle".
According to Kung Fu Automobile, WEILAI has set up a mobile phone project team in Shenzhen, and is currently recruiting a large number of mobile phone industry talents such as BSP engineers, communication test engineers, and imaging chip design engineers.
This is after Geely, car companies once again entered the mobile phone field.
Although WEILAI did not respond positively to the above information, as of now, WEILAI has not denied the news.
At the same time as entering the mobile phone business, Weilai also plans to "roll a volume" in the field of power batteries.
On February 24, power battery manufacturer Sunwoda used the form of an announcement to convey the news that a number of car companies increased their capital. The subscription list also includes new car-making forces such as Weilai, Xiaopeng and Ideal, with the three companies contributing 250 million yuan, 400 million yuan and 400 million yuan respectively.
For Weilai, this investment is an important layout of its own battery supply chain system.
In the final analysis, whether it is going to sea, mobile phone business, or the capital increase in the upstream and downstream of the supply chain, Weilai can temporarily attract "market attention", but it still needs self-hematopoiesis and capital input to win this time race.
Wisdom drives public opinion
It is undeniable that Weilai's return to Hong Kong stocks has the influence of external factors, but in the long run, it has also gained more competitive chips for its own development.
After all, returning to Hong Kong can not only be closer to domestic investors, but also conducive to further improving the company's brand image and enhancing its influence.
Of course, as far as the current situation of Weilai is concerned, there are still many problems, including supply chain problems and new cars being listed on time, and the road ahead is full of difficulties.
So, how Weilai will break the game, and let's wait and see.