Nezha Automobile won "grain and grass" again.
On April 15, Nezha Automobile's official Weibo document said that a number of institutions signed an agreement with Hezhong Automobile, and the signatories jointly provided a total investment of no less than 5 billion yuan to Hezhong Automobile, and will coordinate relevant resources to support Nezha Automobile's parent company, Hezhong New Energy Automobile Co., Ltd. (hereinafter referred to as Hezhong Automobile), to achieve IPO as soon as possible.
As one of the new domestic car-making forces, Nezha Automobile's parent company, Hezhong Automobile, has not been successfully listed before. Now, with the entry of Xiaomi Automobile, the competition in the domestic new energy vehicle market has intensified again, can Hezhong Automobile, the parent company of Nezha Automobile, which has "reversed" sales, be successfully listed, obtain more financing channels, and accelerate the realization of its own hematopoietic ability?
Obtained financing of 5 billion yuan
Nezha Automobile's parent company, Hezhong Automobile, accelerated its IPO
After almost one month, the parent company of Nezha Automobile, a new car-making force, Hezhong Automobile, received financing again.
On April 15, Nezha Automobile's official Weibo issued a document stating that Tongxiang State-owned Capital Investment and Operation Co., Ltd., Yichun Jinhe Equity Investment Co., Ltd. (hereinafter referred to as Yichun Jinhe), Nanning Minsheng New Energy Industry Investment Partnership (Limited Partnership) (hereinafter referred to as Nanning Minsheng) and representatives of Hezhong Automobile jointly signed the "Joint Agreement on the High-quality Development of Hezhong Automobile".
According to the agreement, the signatories will further enhance the financial strength of Hezhong Automobile, jointly provide a total investment of no less than RMB 5 billion to Hezhong Automobile, coordinate relevant resources, support Hezhong Automobile to achieve IPO as soon as possible, continue to increase investment in product research and development and technological innovation of Hezhong Automobile, expand the intelligent network R&D center, and promote the expansion of Hezhong Automobile's export scale.
According to the equity relationship, two of the institutions that "transfused" to Hezhong Automobile this time are their existing shareholders, of which Nanning Minsheng holds 35.65% of the shares and is its largest shareholder, while Yichun Jinhe holds 25.89% of the shares and is its second largest shareholder. Tongxiang State-owned Capital Investment and Operation Co., Ltd. is a state-owned enterprise and is 100% owned by the Tongxiang Municipal Finance Bureau.
According to Tianyan, Hezhong Automobile has previously raised 13 rounds, and the public disclosure of the financing amount exceeds 20 billion yuan. Most recently, on March 20, the Hong Kong Special Administrative Region Government signed an agreement with the Hong Kong Special Administrative Region Government to provide a HK$200 million subsidy for Nezha Automobile, a subsidiary of Hezhong Automobile, and assist in a $200 million investment in the cornerstone round.
As one of the top five new energy vehicle manufacturers in China, the road to listing of Hezhong Automobile, the parent company of Nezha Automobile, is not smooth. In July 2020, Hezhong Auto had planned to list on the Science and Technology Innovation Board in 2021, but it was unsuccessful, in November 2021, it was reported that Hezhong Auto was considering an initial public offering in Hong Kong, which could raise about US$1 billion, and in June 2023, it was rumored that Hezhong Auto would be listed in Hong Kong, and now it is proposing to speed up the IPO process, which undoubtedly shows that Hezhong Auto is eager to go public.
From "top student" to "average student"
Can Nezha Auto turn the tide against the tide?
According to public information, Hezhong Automobile was established in 2014 and launched the car brand - Nezha Automobile in 2018. At present, Nezha Automobile has launched Nezha GT, Nezha S, Nezha AYA, Nezha X and other models. In addition, the Dahe Finance Cube reporter learned from the Nezha Automobile Brand Department that Nezha L will be listed in April 2024.
As a dark horse of a new car-making force, Nezha Automobile has been on the top spot of the new car-making force in 2022 with the annual delivery volume of 152073 vehicles. It's a pity that the good times didn't last long, and in 2023, Nezha Automobile's sales crown will give way to Li Auto, and it will be surpassed by Xiaopeng Motors, Weilai Automobile, and Leapmotor.
According to the data, in 2023, Nezha Automobile will deliver a total of 127496 vehicles, a year-on-year decrease of 14.16%, and only 51% of the annual sales target of 250,000 will be completed, while Li Auto will deliver a total of 376,030 vehicles, Xpeng Motors will deliver 141601 vehicles, NIO will deliver 160038 vehicles, and Leapmotor will deliver 144155 vehicles.
At present, the decline in sales of Nezha automobiles is transmitting the cold air to some of its "bone joints".
On February 8, an employee claiming to be Nezha Automobile asked CEO Daniel Zhang on social platforms: "Is the year-end bonus still issued?" On February 24, Nezha Automobile CEO Daniel Zhang responded to the year-end bonus: "The employee's annual performance payment coefficient and amount will be paid in March in the final review and confirmation." In addition, there are also online rumors that Nezha Automobile's Nanning factory has been suspended.
Under the pattern of fierce competition among new energy vehicles, the delivery situation of Nezha Automobile will not improve in 2024. In the first quarter of this year, Nezha Automobile delivered a total of 24,400 vehicles, a year-on-year decrease of 6.9%, and only 8% of the annual sales target was completed.
However, Nezha Automobile is also actively adapting. At the end of 2023, Nezha Automobile has made adjustments to its marketing team. Daniel Zhang personally went down to grasp marketing and concurrently served as the president of the marketing company. At the same time, Nezha Automobile also set its sights on overseas markets and achieved good results. It is understood that in Nezha Automobile's annual sales in 2023, its overseas market sales will be 20,000 units, a year-on-year increase of 567%, ranking first among the new domestic car-making forces. Nezha Automobile staff told the reporter of Dahe Finance Cube that it has more than 100 overseas sales channels, covering major domestic markets and ASEAN, South America and the Middle East, and is exploring Europe, Africa and other markets.
In 2024, Nezha Automobile's target sales are 300,000 units, including 100,000 units in overseas markets. At present, Nezha Automobile has established a factory in Thailand, the largest automobile manufacturer in Southeast Asia, and is the first new car manufacturer to build a factory in Thailand. In addition, Nezha Automobile's plant in Indonesia will also start production in the second quarter of this year.
However, building a car is a money-burning business. "The development of enterprises needs a lot of money, to say that we are not short of money is false, that is, now the listed and financed enterprises also need to refinance, for enterprises, the more money, the better. Daniel Zhang previously said publicly.
According to the 360 financial report of the investor of Hezhong Automobile, the parent company of Nezha Automobile, in 2020, Hezhong Automobile achieved revenue of 1.297 billion yuan and a net loss of 1.32 billion yuan, in 2021, its revenue was 5.735 billion yuan and a net loss of 2.908 billion yuan, and in 2023, it achieved an operating income of 13.329 billion yuan and a net loss of 6.919 billion yuan. In three years, the cumulative loss of Hezhong Automobile reached 11.148 billion yuan.
In the eyes of industry insiders, it remains to be seen how much of an investment of 5 billion yuan can play a role in Nezha Automobile, which has been losing money continuously. At present, the new energy vehicle market is extremely involuted, and Nezha Automobile needs to accelerate the listing progress, obtain more financing channels, and increase its brand sales to achieve its own hematopoiesis, in order to occupy a place in the future new energy vehicle market.
责编:王时丹 | 审校:陈筱娟 | 审核:李震 | 监审:万军伟
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