▎ Porsche is one step closer to an independent spin-off IPO.
This year, volkswagen group announced on its official website that it is discussing a potential IPO with Porsche Automotive Holdings (porsche holdings). Volkswagen and its largest shareholder, Porsche Holdings, negotiated a framework agreement that would form the basis for Porsche's future listing.
Volkswagen also said in a statement that the conclusion of the framework agreement still needs to be approved by the Volkswagen Group Management Committee and the Supervisory Board, and there is no final decision, and whether Porsche is listed is currently under further evaluation.
Foreign media reported that if Volkswagen decides to support Porsche's initial public offering (IPO), it may seek to list 25% of Porsche's shares, but there is no agreement yet, and the details of the final agreement may still change.
Once done, it could become one of the largest IPOs in European history.
According to sources, if the IPO is successful, Porsche will be valued at 90 billion euros, equivalent to 645.478 billion yuan, becoming the largest public offering in German history.
Volkswagen will also receive the dual support of valuation and cash to provide financial ammunition for its electrification transformation.
Volkswagen and Porsche
Porsche AG is a subsidiary of the Volkswagen Group, which in 2012 completed its first purchase of 100% control of Porsche, while the Porsche Piech family directly and indirectly holds 53.3% of the voting rights of the entire Volkswagen Group.
According to foreign media Reuters, Volkswagen has begun negotiations with its largest shareholder, Porsche Holdings, and drafted a preliminary agreement on the independent listing of Porsche.
Volkswagen said the agreement is not a final version and will need to be approved by the boards of directors of both Volkswagen and Porsche Holdings before it can take effect.
As of now, Volkswagen and Porsche Holdings have not commented on the details of Porsche's independent IPO.
It is understood that Volkswagen may issue the same number of ordinary and preferred shares of Porsche AG in a potential IPO and may pay special dividends to its owners to gain support.
At the same time, Volkswagen's push for Porsche's public offering could release its 25% stake.
It is reported that the Porsche and Pierch families, which control Porsche SE, are considering taking a direct stake in Porsche AG. For years, Volkswagen has been pushing for a less centralized corporate structure to become more flexible. However, the initial public offering of The Raton SE, Volkswagen's truck manufacturing unit, failed due to internal disputes and limited free float, while plans to separate the Lamborghini supercar and Ducati motorcycle brands have not made progress.
Speculation about a Porsche listing has boosted much of the market's hopes for it over the past year, but the company has yet to make any decisions due to complex stakeholder setup issues.
About a year ago, Volkswagen CEO Herbert Diess poured cold water on Porsche's listing. But Porsche executives believe this will make the world-renowned car brand more independent.
Porsche CEO Oliver Blume said at a briefing last year: "I am very interested in Porsche considering going public. But he noted that the final decision will not be made by him, "we have to give decision-making power to Volkswagen, they have nothing yet decided." ”
Porsche Chief Financial Officer Lutz Meschke first pointed out the benefits of an IPO in 2018, saying the move could replicate Ferrari's practice of selling shares to unlock brand value. However, the deliberations at the time did not receive support from Volkswagen.
The prospect of a Porsche listing could still be overshadowed by Volkswagen's board of directors, which is rife with competition and conflicts of interest between large union factions, big employers in Lower Saxony, and Porsche heirs.
Porsche AG said it could buy Shares in Porsche in the event of an IPO. People close to the family recently said in December that the family was considering selling part of its 53 percent stake in Volkswagen to gain a substantial stake in Porsche, which it ceded to Volkswagen after a failed attempt to take over Volkswagen in 2008.
Valuations are as high as €90 billion
As one of the most well-known luxury brands under Volkswagen, although Porsche is not responsible for sales, the high premium brought by high-end tonality makes Porsche the main source of profit for Volkswagen.
Porsche disclosed data show that in 2021, Porsche's new car deliveries in the Chinese market were 95,671 units, an increase of 8% year-on-year, accounting for 32% of global sales, which made China the world's largest single market for seven consecutive years, of which the share of pure electric and plug-in hybrid models delivered in the Chinese market increased to 18%, and the pure electric model Taycan set a record of 7315 deliveries.
In addition, Porsche delivered 301,915 units worldwide in 2021, an increase of 11% year-on-year, of which Porsche's first pure electric sports car, the Taycan, delivered 41,296 units, more than tripled year-on-year.
Volkswagen's financial report shows that in the first three quarters of 2021, the Porsche brand sold a total of 209,000 vehicles, accounting for 3.23% of Volkswagen's sales in the same period.
During the same period, Porsche's pre-tax earnings amounted to EUR 3,356 million, equivalent to more than RMB24 billion, representing 34% of the pre-tax earnings of Volkswagen's business.
The strong premium ability also makes the capital market very optimistic about Porsche's prospects.
Some analysts estimate that Porsche's valuation may be as high as 90 billion euros, equivalent to 645.478 billion yuan, which is close to the parent company Volkswagen's 112 billion euros.
At that time, if the listing is successful, it will create the largest IPO in German history.
The IPO funded the electrification transition
Porsche is a major driver of Volkswagen's profits and one of its most recognizable brands. Manufacturers of the 911 sports car and the Taycan all-electric sports sedan contribute a significant portion of the Volkswagen Group's profits. In addition to the main Volkswagen brands and Porsches, the German manufacturer also owns brands such as Audi, Lamborghini and Bentley.
Last October, Tesla created a record market value of more than one trillion yuan for the first time, and even in the environment of Musk's crazy sell-off and the Fed's tightening policy, Tesla's market value ranked first.
In addition, Rivian, the first manufacturer in the United States to build electric pickup trucks, had a market value of more than $80 billion on the first day of listing on the NASDAQ, making it the world's seventh-largest automaker in one fell swoop. On the second day of listing, Rivian continued to soar more than 20%, surpassing General Motors in market capitalization. A week later, the stock price continued to soar for a while beyond Volkswagen's market value.
Whether it is crazy capital or electric vehicles writing the future, for automakers, transformation is imperative.
Volkswagen's choice to list Porsche independently at this time node is a bit intriguing, and the final direction is to provide financial ammunition for its own electrification transformation strategy.
According to public information, in July last year, Volkswagen accelerated the pace of its electrification transformation, according to the schedule, by 2030, Volkswagen's new car sales in the European market, pure electric vehicle penetration rate to reach more than 70%. In the Chinese and US markets, the penetration rate of pure electric vehicles will also reach 50%.
In order to achieve the goal, Volkswagen launched a large-scale investment plan, Volkswagen Group CEO Herbert Diess, at the end of last year disclosed on his personal social platform, in the next few years, Volkswagen will invest 89 billion euros in the field of future technology, equivalent to 637.71 billion yuan, the focus of investment, is new energy vehicles and automatic driving. to close the gap with Tesla and widen the distance with existing competitors, Toyota Motor Corp. and Stellantis.
Volkswagen also said that as part of the group's far-reaching transformation, it will increase spending on battery-powered electric vehicles by about 50 percent to 52 billion euros ($59 billion) by 2026.
Porsche's separate listing could provide Volkswagen with new sources of financing to further advance its vehicle electrification and develop new technologies such as autonomous vehicles.
Weekly Investment Report
1. Yisheng Jiankang obtained angel round financing
Yisheng Jiankang is a precision detection and home testing company serving women's health, and has successfully developed an integrated device for peripheral blood collection, which does not require extensive effort to collect venous blood, and users can accurately, quantitatively and conveniently complete peripheral blood collection in a few minutes. Focusing on the endocrine and ovarian health of women whose needs have not yet been met, Yisheng Jiankang conducts six sex hormone and AMH (anti-Mullerian tube hormone) testing, providing golden fertility assessment, premature ovarian failure, and regular monitoring of fertility-related indicators. The company recently obtained tens of millions of yuan of angel round investment, led by Genesis Partner Capital CCV, and followed by Shulan Medical.
2. Jingye Intelligent was listed today at an issue price of 33.89 yuan per share
Jingye Intelligent is a nuclear industry intelligent manufacturing solution provider, focusing on the nuclear industry special series of robots and for new energy batteries and other industries to provide intelligent equipment, its products include nuclear environment for the combination of robots, seven-axis electric follow-up master-slave robot arm, automatic sampling device, tandem robots and so on. Today, it was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, the company's securities code is 688290, the issue price is 33.89 yuan / share, and the price-to-earnings ratio is 41.94 times.
3. Happy shot of small phase angel round of financing of 2 million
Xipai Xiaoxiang is a trend image service brand, focusing on "trend image photos" of internet celebrity photography brands. The industry's first photo studio with online reservation, cloud refinement, and instant online film selection mode. At the same time, it provides door-to-door shooting services for corporate image photos. Recently completed the angel round of 2 million financing.
4. Yongtaiyun was listed today at an issue price of 30.46 yuan per share
Yongtaiyun is a dangerous goods and chemicals logistics supply chain platform, providing international freight forwarding, warehousing, tank containers, customs declaration, commodity inspection, qualification, professional knowledge training and other logistics supply chain solutions. Listed on the main board of the Shenzhen Stock Exchange today, the company's securities code is 001228, the issue price is 30.46 yuan / share, and the price-to-earnings ratio is 19.88 times.
5. Guoneng Rixin was listed today at an issue price of 45.13 yuan / share
Guoneng Rixin is a new energy software product and service provider, focusing on the development and management of new energy applications, providing overall solutions such as new energy consumption, grid-connected operation, intelligent operation and maintenance, and coordinated control. Listed on the Growth Enterprise Market of the Shenzhen Stock Exchange today, the company's securities code is 301162, the issue price is 45.13 yuan / share, and the price-to-earnings ratio is 61.3 times.
6. Delong Laser is listed today at an issue price of 30.18 yuan / share
Delong Laser is a high-end equipment manufacturing enterprise. Committed to the research and development, production and sales of various types of high-end industrial applications of laser equipment, especially based on ultraviolet laser and ultra-short pulse laser technology equipment, the company's products have been widely used in semiconductors, displays, precision electronics, university research and new energy and other precision processing fields. Today, it is listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, the company's securities code is 688170, the issue price is 30.18 yuan / share, and the price-to-earnings ratio is 38.86 times.
7. Jingbei Group received 10 million Pre-A round of financing
Jingbei Group is a developer of children's physical fitness projects, the company focuses on the field of children's physical fitness, children at different ages will have corresponding physical fitness development sensitive periods, the need for targeted training. Jingbei Group defines this stage as the stage of sports enlightenment, hoping to help children establish more perfect movement patterns and athletic abilities through the curriculum. Recently obtained a 10 million yuan Pre-A round of financing, the investor is a local zhengzhou veteran family fund, involved in industries including real estate, large-scale construction projects, manufacturing and so on.
8. Haysai will receive tens of millions of Pre-A round of financing in the future
Haysai Future is a building digital management service provider. The core technologies mainly include the Mozi space geometry engine and the AI engine that deeply cultivates the architectural scene. Among them, the Mozi Space Geometry Engine is the underlying engine of the 3D design and display of Haisai Future BIM module, and has completed the 3D geometric core, intelligent pipeline layout function, and prefabricated forward design of the underlying layer. At present, the "Haisai Architectural Meta-Universe" platform under construction provides services such as intelligent interactive design platform mozi-BIM, digital real-time construction management SAAS, and prefabricated buildings for the global construction industry, helping the construction industry to complete digital transformation and upgrading, thereby improving the digital management and operation capabilities of cities. Recently, it obtained tens of millions of Pre-A round financing from Nantong Haimen Jinjiu Phase I Technology Stock Investment Fund. This financing is mainly used for R&D investment, team expansion and market expansion.
9. Zhongxing Zhilian has completed tens of millions of yuan of angel round financing
Zhongxing Zhilian is a comprehensive service provider of microsatellites and satellite constellations, committed to the research of microsatellites, mainly industrial-grade devices, integrated design, the development of low-cost, highly reliable satellite technology approach, with the whole chain development capabilities from partial components to the whole satellite. Recently completed tens of millions of yuan angel round financing, this round of financing is exclusively invested by PwC Capital. The round of financing will be mainly used for the company's microsatellite research and development investment and the development of constellation test satellites.
10. Bag Lala received 5 million yuan A1 round of financing
Dalala provides a new degradable and environmentally friendly bag delivery method for hospital scenarios to meet the needs of users for environmentally friendly bags, and at the same time completely solves the management problem of environmental protection bags in hospitals. Recently obtained 5 million yuan A1 round of financing, invested by Shanghai Zhengyan. At present, the company has launched the A2 round of financing, mainly for hospital market development and equipment laying, commercial products and private domain operation monetization tools research and development.
11. Shuzhidao Medical Completed Hundreds of Millions of Yuan A Round of Financing
Shuzhidao Medical is an automatic surgical robot R & D manufacturer, is a platform company focusing on the field of surgical robots, and is committed to creating an intelligent consumable ecosystem that meets the characteristics of robot technology. Recently completed hundreds of millions of yuan A round of financing. This round of financing is jointly led by Lize Capital and Jifeng Capital, and followed by Huatong Capital and IDG Capital. After this round of financing, Shudao will further improve the construction of the fully automated surgical robot platform and gradually promote the clinical trials of related products.
12. Huazhu Technology completed the A+ round of financing
Huazhu Technology is a smart construction site SaaS solution provider, focusing on the development and application of software and hardware products on construction sites, and is committed to the construction of informatization in the field of engineering construction. Recently completed the A+ round of financing, led by Mingyu Venture Capital, ShengYe followed the investment, the existing shareholder Yonghua Investment continued to increase, and Wei kuai Capital served as the exclusive financial adviser. The financing is mainly used to help Huazhu Technology accelerate the upgrading and expansion of the SaaS business of smart construction sites.
13. Aneng Completes Strategic Financing
Aeronymis is a company dedicated to gene chip technology. The company has developed a practical gene chip diagnostic technology platform, mainly engaged in gene diagnosis chip series products, local poverty products, cervical cancer screening products, etc., which are widely used by many hospitals and medical institutions across the country. Recently completed the strategic financing, the investor is Kangqiao Capital. Fa is Ekay Capital.
14. Xishi received a strategic investment of millions of yuan
Xishi is a liquor brand, the main national tide and pure grain brewing of a new generation of national liquor, at present, Xishi has launched The Xishi 1997 series, Xishi fu fu two strong fragrance products, the former for the light bottle of rations and wine, priced at 78 yuan, the latter is mainly for wedding banquets, parties, festivals and other scenes, the price of 258 yuan. Recently completed millions of yuan of strategic financing, this round of financing will be mainly used for new product research and development and channel construction and brand promotion.
15. M20 Genomics completed tens of millions of yuan pre-A round of financing
M20 Genomics is a life sciences company engaged in single-cell sequencing technology and its related applications. Independently developed the domestic high-throughput single-cell sequencing technology, and thus drew the mammalian cell map and human cell map, the results were published in Cell and Nature. Recently completed tens of millions of yuan pre-A round of financing, led by Sequoia China, Taiyu Investment and investment, the original shareholders Qiming Venture Capital and Chaosheng Capital super pro rata additional investment.
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