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boostpan
2021-07-07

XPeng returns to Hong Kong, the show begins

在泡沫破灭之前吃的最胖，成为最后的赢家？不妨拭目以待。

XPeng returns to Hong Kong, the show begins

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Buddy_tree
·2021-07-07
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Carrie12
·2021-07-07
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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":140228199,"tweetId":"140228199","gmtCreate":1625662969211,"gmtModify":1703745868114,"author":{"id":3581488621348304,"idStr":"3581488621348304","authorId":3581488621348304,"authorIdStr":"3581488621348304","name":"boostpan","avatar":"https://static.tigerbbs.com/007cf1b8304a8dbbf5f10eac0272cc9f","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Ok</body></html>","htmlText":"<html><head></head><body>Ok</body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/140228199","repostId":2149397066,"repostType":4,"repost":{"id":"2149397066","kind":"highlight","pubTimestamp":1625661696,"share":"https://ttm.financial/m/news/2149397066?lang=en_US&edition=fundamental","pubTime":"2021-07-07 20:41","market":"hk","language":"zh","title":"XPeng returns to Hong Kong, the show begins","url":"https://stock-news.laohu8.com/highlight/detail?id=2149397066","media":"格隆汇","summary":"在泡沫破灭之前吃的最胖，成为最后的赢家？不妨拭目以待。","content":"July 7th,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Officially listed in Hong Kong, becoming a Hong Kong stock market \"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The first electric vehicle stock \".The company previously announced that a total of 85 million shares were issued in this listing, priced at HK $165. Calculated based on the closing price of XPeng Motor in the Japanese and US stocks overnight of US $43.74 on July 6, the equivalent Hong Kong stock price is HK $169.9.Hong Kong stocks are priced at HK $165 at a discount of about 2.88% to overnight US stocks, this is the best result of all Chinese concept stocks returning to Hong Kong for listing in the past 12 months.At the opening today, XPeng Automobile rose 1.82% to HK $168, with a market value of HK $284.1 billion. As of the close of the day, XPeng Motor's Hong Kong stock price was quoted at HK $165, which was the same as the issue price.For the net proceeds of approximately HK $13.781 billion, XPeng has a very clear plan for its use:About 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; About 35% is expected to be used to accelerate the company's business expansion by enhancing the company's brand recognition; Approximately 10% is expected to be used to improve production capacity, including expanding production capacity, upgrading production facilities and developing production technology; Approximately 10% is expected to be used for general corporate purposes, including working capital.<img src=\"https://static.tigerbbs.com/7f596165e6a80f10faf1f8eb5ba5bc2a\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">Although the stock price did not \"take off\" on the day of listing, from this perspective, now increasing financing efforts and taking the lead in returning to Hong Kong for listing in \"Wei Xiaoli\" means that in the next stage, XPeng will focus on technology research and development, product marketing as the direction of increasing investment.Therefore, from the timing of this secondary listing, it further highlights the strategic intention of XPeng Automobile.1Capital market, is the mountain rain coming?Now, XPeng's performance is rising steadily, and its fundamentals are constantly improving.As of 2021Q1, XPeng Automobile has 178 sales stores and 61 service centers nationwide, covering 70 cities, and most of the stores are located in shopping malls.In terms of charging facility network layout, as of 2021Q1, there are 172 XPeng brand super charging stations across the country, covering 60 cities. The company offers a free charging plan to eligible car owners, and by the end of March, the plan has covered more than 140 cities.In terms of financial data, the company achieved significant growth and strong operating results during the Track Record Period. From 2018 to 2020, the company's total revenue increased from 9.706 million yuan to 5.844 billion yuan. With strong revenue growth, the company's gross profit margin has turned positive by 2020.In terms of current profitability, the company recorded a total revenue of 450 million yuan in 2021Q1. Although the net loss was 120 million yuan, the gross profit margin reached 11.2%. In contrast, the company's gross profit margin for the whole year of 2020 is only 4.5%, which can be described as rapid growth.<img src=\"https://static.tigerbbs.com/00a97bce85eb76588676c88dfde6ae4b\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">In the balance sheet, XPeng held more than 30 billion in cash in 2021Q1, with total current assets of more than 40 billion yuan, and an asset-liability ratio of 28%. In the quarter<a href=\"https://laohu8.com/S/NIO\">Nio</a>The cash in the hands of the car is 47.2 billion yuan. Not only is XPeng Auto financially very healthy, but it doesn't look like it's short of money.Then the question arises-why did XPeng choose to go to Hong Kong for dual listing at this time?From the perspective of funds alone, this listing may not be a particularly friendly time node now.Although several new car-making forces in the U.S. stock market all rebounded in May, and XPeng Motor even rebounded by nearly 80%, the negative factors that caused the sharp drop in technology stocks at the beginning of the year are still there.During the epidemic, the Federal Reserve led the central banks of Europe, Japan and other countries to release water. In 2020H2, global technology stocks once stepped out of the \"six relatives don't recognize\" market. Under the speculation, a number of technology companies that are still in the growth stage and have unlimited imagination There are many companies whose valuations are higher than the sky. The new energy vehicle sector of the U.S. stock market is particularly profitable.<img src=\"https://static.tigerbbs.com/f8cee43fb69c57ec7c8537527c05e174\" tg-width=\"1080\" tg-height=\"777\" referrerpolicy=\"no-referrer\">But in early 2021, inflation expectations scared the stock market into a sharp correction. So let alone what it will be like when rate hike really lands. Last month, the Federal Reserve released a signal and began to endorse the next stage of policy discussions, which means that although rate hike has not yet arrived, it is not far away.Listed on the Hong Kong Stock Exchange, the valuation premium may not be as high as that of the Nasdaq exchange.As of now, the PE valuation of the Hong Kong stock Hang Seng Technology Index is 43 times; The U.S. stock Nasdaq index is nearly 50 times, and the A-share GEM index is nearly 60 times. At present, the company's Hong Kong stock listing price is only a 2.88% discount to the company's US stock market.The times are unfavorable, and the overall market valuation is not high. What is XPeng's intention of listing in Hong Kong?2Raise funds, want it now!Reading between the lines of the news, it can be seen that this time the form of \"dual listing\" is adopted.This form is relatively rare so far, and it is the first Chinese concept stock to be dual-listed on Hong Kong and US stocks in the past three years. This has undoubtedly become one of the biggest highlights of XPeng's listing.Compared with \"secondary listing\", \"dual listing\" can be included in Hong Kong Stock Connect, thereby absorbing funds from the mainland; However, such listed companies cannot trade in the mainland through Hong Kong Stock Connect. Therefore, after the \"dual listing\" of XPeng Automobile in Hong Kong, it is expected to be bought by mainland funds, which in turn will obtain a higher liquidity premium. In other words, \"dual listing\" opens the door for mainland investors to buy XPeng vehicles.This also explains why Hong Kong was chosen as<a href=\"https://laohu8.com/S/RF\">Regional Finance</a>Center, \"dual-listed\" XPeng can attract funds from both international and mainland China. You know, even Biden himself personally admitted that China has seized the opportunity in car manufacturing, and Chinese investors are bound to have stronger confidence in new energy vehicles.But this only explains why Hong Kong was chosen. ThenWhy is XPeng raising so much money now?First of all, the listing threshold in Hong Kong is lower than that in the A-share market, and the listing and financing action can be completed faster.Secondly, if there are too many uncontrollable factors in the short term when the Hong Kong stock market is listed now, then we might as well prolong the thinking time and see XPeng's strategy from a longer-term perspective.First of all, we should return to the new energy vehicle track itself: building a car is really too expensive. Li Bin, CEO of Nio Motor, once said that don't build cars without 20 billion. A few years ago, Dyson, the \"tycoon\" of vacuum cleaners and household appliances, spent huge sums of money to launch a new energy vehicle manufacturing plan relying on his own reserves of many technologies such as engines and air conditioners. It's a pity that I lost all 21.8 billion, and I didn't make a waste, so I had to reluctantly cut my meat and leave the market from the money-burning war.Look at Nio's own expenses,It has already exceeded 20 billion yuan: as of 2021Q1, Nio's sales and management expenses have accumulated 18.093 billion yuan; R&D expenses totaled 15.67 billion yuan, which does not include taxes, financial expenses, depreciation and amortization costs, etc.<img src=\"https://static.tigerbbs.com/205b1efe2ddcea746b3b54ac3abb57a1\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">On the one hand, new energy vehicles burn a lot of money, and on the other hand, the track is moving towards involution.China has the world's largest pure electric passenger vehicle (EV) market, and China's EV sales are expected to increase from approximately 100 million units in 2020 to 4.2 million units in 2025, which will exceed the combined EV sales in the United States and Europe. It is expected that the penetration rate of electric vehicles in China's passenger car market will exceed 10% in 2022, which represents an inflection point for the electric vehicle industry.Although the cake is still expanding, the competition among new energy vehicle brands has already been fierce.Traditional car-making forces and technology giants are extending their tentacles to the new energy vehicle track, eroding the living space of new forces.In Europe,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has fallen from the altar. From 2019 to 2020, its market share has dropped from 5% to 3.5%, losing to traditional big brands such as Volkswagen, PSA, and Daimler, ranking 11th among brands. The formulation of carbon emission targets and the pressure of huge fines have pushed traditional car companies to the new energy vehicle track, further intensifying conflicts with new forces. With the end of the \"carbon neutrality\" transition stage at the end of 2020, new car-making forces will face more intense competition in 2021.This phenomenon is not only happening in Europe, but also in China and the United States. Moreover, there are many players whose sales volume, business scale, and net profit completely abuse Wei Xiaoli, such as<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, Huawei, Xiaomi and other technology companies.And these three companies are the winners of the last smartphone bubble...3Pile up bubbles and smash winnersNow we must make good use of our first-mover advantage,New car-making forces must obtain funds and increase efforts to promote R&D and sales before entering the stage of stock competition.Today's new energy vehicle capital boom is comparable to the previous smartphone bubble.China's smartphone market developed rapidly from 2008 to 2015. Since 2008, the smartphone market has maintained a compound growth rate of about 27%, showing a rapid development trend. In 2008, the number of manufacturers participating in the competition was less than 30, but in 2013, it exceeded 100. Enterprises are competing to enter the mobile phone manufacturing industry, and there are countless brands, big and small, and the mobile phone industry has started the \"Hundred Regiments War\".<img src=\"https://static.tigerbbs.com/6ef7ec2a969c0a93d25a00b6d529d4b8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">At that time, the market was flooded with a large number of models, with different price ranges and features. Players are trying to build a unique moat and gain a firm foothold in the fierce competition, including some competitive brands.There are many players' business models and core technologies that cannot beat their opponents, and they have to be marginalized in silence because they burn money without results.The remaining brands such as Apple, Huawei, Xiaomi, and OV are the winners in that bubble-the accumulation of a large amount of capital has created a large number of companies in all links of the mobile phone industry chain.Then, under the big waves, the industry leader who was born finally seized the funds and opportunities brought by the bubble and became the backbone of China's smartphone industry.At present, just like the \"Hundred Regiments War\" of mobile phones back then, the current market consensus on the new energy vehicle track is that in this capital carnival bubble, only a few players can seize the opportunity and have the last laugh.In this respect, XPeng has its unique advantages.First of all, technically, He XPeng, who was born as a programmer, has put a lot of efforts into technology research and development.XPeng has always placed great emphasis on \"intelligence\", that is, innovative technology, data, and in-depth internal software development and R&D.He XPeng also said at the listing ceremony: \"As a leading Chinese smart car designer and manufacturer, a technology company with Internet and artificial intelligence innovation, XPeng is committed to\" being a future transportation explorer \".In fact, intelligence is the next trend of the new energy vehicle industry. XPeng's step was very accurate.Different from the traditional automobile manufacturing industry, the possibility of electrification and electronization of new energy vehicles makes it an excellent platform and user access point for building a \"smart city\". The story has been told for more than ten years. Driven by the IoT, smart driving, and 5G network boom, some investors don't seem to mind this story being told for another decade.The XPeng Creation and Early Growth team has some proven technologies as well as young ones keen to try and make top-of-the-line products. At present, a large part of XPeng's existing employees are R&D personnel. As of the end of 2020H1, about 43% of XPeng's employees focused on research and development, of which 66%, 17% and 17% were dedicated to automotive design and engineering, autonomous driving, and intelligent operating systems respectively.Furthermore, XPeng Motor's focus on \"subscriptions and value-added services\" is an important part of its self-identifying strength, which indicates a focus on the 21st century technological lifestyle that is app-based, smartphone-based, and leveraging future services and value streams.In fact, leaving aside Tesla, which is deeply involved in turmoil, XPeng Motors is a player who has done a relatively good job in intelligence among the new Chinese local car-making force \"Wei Xiaoli\". Interested friends can go and have a look at the evaluation, which will not be expanded here.4Epilogue: Technology leads, timing is kingIn high-tech industries, timing is everything.Since the country began to implement the new energy vehicle subsidy policy in 2010, it has achieved a year-on-year increase of 2.9 times in new energy vehicle production and a year-on-year increase of 2.8 times in sales in 2015. Therefore, the country promotes the development of new energy vehicles, especially electric vehicles, which has allowed many people to see opportunities for the development of electric vehicles.<img src=\"https://static.tigerbbs.com/ccf54ebaf06dc6fcba9a02aff3f7a40f\" tg-width=\"1080\" tg-height=\"777\" referrerpolicy=\"no-referrer\">The development of intelligence and networking has enabled electric vehicles to find differentiated competitive advantages, and has also allowed many parts suppliers to see future development trends, thus promoting the advancement of electric vehicle OEMs.Tesla's successful case also allows the market to see the possibility of success of new energy vehicles. But there are also cases of \"getting up early and catching up late\" like Faraday Future on the track.Look backThe road to success of \"Wei Xiaoli\" has stepped on every opportunity conducive to the development of new energy vehicles.In the next stage, the tasks of new forces will gradually transition from confrontation with fuel vehicles to competition with each other.For such a rapidly iterative and technology-led track, the characteristics of some technology industries are particularly obvious.Bill Gates has a famous saying: \"<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It's only 18 months before bankruptcy forever. \" The so-called 18 months is the period required to double the density of semiconductor transistors according to Moore's Law.From \"slow is fast\" before XPeng went public in the United States, to now rushing to the Hong Kong Stock Exchange, XPeng has received another 15 billion Hong Kong dollars in financing on the basis of holding more than 30 billion yuan in cash in 2021Q1, taking advantage of the many uncertainties in the capital market in 2021H2. Before the landing, it was obvious that it gained the first-mover advantage in the second half.<img src=\"https://static.tigerbbs.com/a6b44b8b03579b4b3daefe0ab7f6ead8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">But then again, high-tech industries have very high requirements for efficiency. They must quickly respond to market needs, technological changes, and their own operational requirements. Problems in any link may be abandoned by the times.The biggest problem for XPeng vehicles at present lies in its growth speed. Can we quickly build a solid moat through this financing, eat the fattest before the bubble bursts, and become the final winner? We might as well wait and see.","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng returns to Hong Kong, the show begins</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng returns to Hong Kong, the show begins\n</h2>\n<h4 class=\"meta\">\n\n格隆汇2021-07-07 20:41\n\n</h4>\n</header>\n<article>\nJuly 7th,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Officially listed in Hong Kong, becoming a Hong Kong stock market \"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The first electric vehicle stock \".The company previously announced that a total of 85 million shares were issued in this listing, priced at HK $165. Calculated based on the closing price of XPeng Motor in the Japanese and US stocks overnight of US $43.74 on July 6, the equivalent Hong Kong stock price is HK $169.9.Hong Kong stocks are priced at HK $165 at a discount of about 2.88% to overnight US stocks, this is the best result of all Chinese concept stocks returning to Hong Kong for listing in the past 12 months.At the opening today, XPeng Automobile rose 1.82% to HK $168, with a market value of HK $284.1 billion. As of the close of the day, XPeng Motor's Hong Kong stock price was quoted at HK $165, which was the same as the issue price.For the net proceeds of approximately HK $13.781 billion, XPeng has a very clear plan for its use:About 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; About 35% is expected to be used to accelerate the company's business expansion by enhancing the company's brand recognition; Approximately 10% is expected to be used to improve production capacity, including expanding production capacity, upgrading production facilities and developing production technology; Approximately 10% is expected to be used for general corporate purposes, including working capital.<img src=\"https://static.tigerbbs.com/7f596165e6a80f10faf1f8eb5ba5bc2a\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">Although the stock price did not \"take off\" on the day of listing, from this perspective, now increasing financing efforts and taking the lead in returning to Hong Kong for listing in \"Wei Xiaoli\" means that in the next stage, XPeng will focus on technology research and development, product marketing as the direction of increasing investment.Therefore, from the timing of this secondary listing, it further highlights the strategic intention of XPeng Automobile.1Capital market, is the mountain rain coming?Now, XPeng's performance is rising steadily, and its fundamentals are constantly improving.As of 2021Q1, XPeng Automobile has 178 sales stores and 61 service centers nationwide, covering 70 cities, and most of the stores are located in shopping malls.In terms of charging facility network layout, as of 2021Q1, there are 172 XPeng brand super charging stations across the country, covering 60 cities. The company offers a free charging plan to eligible car owners, and by the end of March, the plan has covered more than 140 cities.In terms of financial data, the company achieved significant growth and strong operating results during the Track Record Period. From 2018 to 2020, the company's total revenue increased from 9.706 million yuan to 5.844 billion yuan. With strong revenue growth, the company's gross profit margin has turned positive by 2020.In terms of current profitability, the company recorded a total revenue of 450 million yuan in 2021Q1. Although the net loss was 120 million yuan, the gross profit margin reached 11.2%. In contrast, the company's gross profit margin for the whole year of 2020 is only 4.5%, which can be described as rapid growth.<img src=\"https://static.tigerbbs.com/00a97bce85eb76588676c88dfde6ae4b\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">In the balance sheet, XPeng held more than 30 billion in cash in 2021Q1, with total current assets of more than 40 billion yuan, and an asset-liability ratio of 28%. In the quarter<a href=\"https://laohu8.com/S/NIO\">Nio</a>The cash in the hands of the car is 47.2 billion yuan. Not only is XPeng Auto financially very healthy, but it doesn't look like it's short of money.Then the question arises-why did XPeng choose to go to Hong Kong for dual listing at this time?From the perspective of funds alone, this listing may not be a particularly friendly time node now.Although several new car-making forces in the U.S. stock market all rebounded in May, and XPeng Motor even rebounded by nearly 80%, the negative factors that caused the sharp drop in technology stocks at the beginning of the year are still there.During the epidemic, the Federal Reserve led the central banks of Europe, Japan and other countries to release water. In 2020H2, global technology stocks once stepped out of the \"six relatives don't recognize\" market. Under the speculation, a number of technology companies that are still in the growth stage and have unlimited imagination There are many companies whose valuations are higher than the sky. The new energy vehicle sector of the U.S. stock market is particularly profitable.<img src=\"https://static.tigerbbs.com/f8cee43fb69c57ec7c8537527c05e174\" tg-width=\"1080\" tg-height=\"777\" referrerpolicy=\"no-referrer\">But in early 2021, inflation expectations scared the stock market into a sharp correction. So let alone what it will be like when rate hike really lands. Last month, the Federal Reserve released a signal and began to endorse the next stage of policy discussions, which means that although rate hike has not yet arrived, it is not far away.Listed on the Hong Kong Stock Exchange, the valuation premium may not be as high as that of the Nasdaq exchange.As of now, the PE valuation of the Hong Kong stock Hang Seng Technology Index is 43 times; The U.S. stock Nasdaq index is nearly 50 times, and the A-share GEM index is nearly 60 times. At present, the company's Hong Kong stock listing price is only a 2.88% discount to the company's US stock market.The times are unfavorable, and the overall market valuation is not high. What is XPeng's intention of listing in Hong Kong?2Raise funds, want it now!Reading between the lines of the news, it can be seen that this time the form of \"dual listing\" is adopted.This form is relatively rare so far, and it is the first Chinese concept stock to be dual-listed on Hong Kong and US stocks in the past three years. This has undoubtedly become one of the biggest highlights of XPeng's listing.Compared with \"secondary listing\", \"dual listing\" can be included in Hong Kong Stock Connect, thereby absorbing funds from the mainland; However, such listed companies cannot trade in the mainland through Hong Kong Stock Connect. Therefore, after the \"dual listing\" of XPeng Automobile in Hong Kong, it is expected to be bought by mainland funds, which in turn will obtain a higher liquidity premium. In other words, \"dual listing\" opens the door for mainland investors to buy XPeng vehicles.This also explains why Hong Kong was chosen as<a href=\"https://laohu8.com/S/RF\">Regional Finance</a>Center, \"dual-listed\" XPeng can attract funds from both international and mainland China. You know, even Biden himself personally admitted that China has seized the opportunity in car manufacturing, and Chinese investors are bound to have stronger confidence in new energy vehicles.But this only explains why Hong Kong was chosen. ThenWhy is XPeng raising so much money now?First of all, the listing threshold in Hong Kong is lower than that in the A-share market, and the listing and financing action can be completed faster.Secondly, if there are too many uncontrollable factors in the short term when the Hong Kong stock market is listed now, then we might as well prolong the thinking time and see XPeng's strategy from a longer-term perspective.First of all, we should return to the new energy vehicle track itself: building a car is really too expensive. Li Bin, CEO of Nio Motor, once said that don't build cars without 20 billion. A few years ago, Dyson, the \"tycoon\" of vacuum cleaners and household appliances, spent huge sums of money to launch a new energy vehicle manufacturing plan relying on his own reserves of many technologies such as engines and air conditioners. It's a pity that I lost all 21.8 billion, and I didn't make a waste, so I had to reluctantly cut my meat and leave the market from the money-burning war.Look at Nio's own expenses,It has already exceeded 20 billion yuan: as of 2021Q1, Nio's sales and management expenses have accumulated 18.093 billion yuan; R&D expenses totaled 15.67 billion yuan, which does not include taxes, financial expenses, depreciation and amortization costs, etc.<img src=\"https://static.tigerbbs.com/205b1efe2ddcea746b3b54ac3abb57a1\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">On the one hand, new energy vehicles burn a lot of money, and on the other hand, the track is moving towards involution.China has the world's largest pure electric passenger vehicle (EV) market, and China's EV sales are expected to increase from approximately 100 million units in 2020 to 4.2 million units in 2025, which will exceed the combined EV sales in the United States and Europe. It is expected that the penetration rate of electric vehicles in China's passenger car market will exceed 10% in 2022, which represents an inflection point for the electric vehicle industry.Although the cake is still expanding, the competition among new energy vehicle brands has already been fierce.Traditional car-making forces and technology giants are extending their tentacles to the new energy vehicle track, eroding the living space of new forces.In Europe,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has fallen from the altar. From 2019 to 2020, its market share has dropped from 5% to 3.5%, losing to traditional big brands such as Volkswagen, PSA, and Daimler, ranking 11th among brands. The formulation of carbon emission targets and the pressure of huge fines have pushed traditional car companies to the new energy vehicle track, further intensifying conflicts with new forces. With the end of the \"carbon neutrality\" transition stage at the end of 2020, new car-making forces will face more intense competition in 2021.This phenomenon is not only happening in Europe, but also in China and the United States. Moreover, there are many players whose sales volume, business scale, and net profit completely abuse Wei Xiaoli, such as<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, Huawei, Xiaomi and other technology companies.And these three companies are the winners of the last smartphone bubble...3Pile up bubbles and smash winnersNow we must make good use of our first-mover advantage,New car-making forces must obtain funds and increase efforts to promote R&D and sales before entering the stage of stock competition.Today's new energy vehicle capital boom is comparable to the previous smartphone bubble.China's smartphone market developed rapidly from 2008 to 2015. Since 2008, the smartphone market has maintained a compound growth rate of about 27%, showing a rapid development trend. In 2008, the number of manufacturers participating in the competition was less than 30, but in 2013, it exceeded 100. Enterprises are competing to enter the mobile phone manufacturing industry, and there are countless brands, big and small, and the mobile phone industry has started the \"Hundred Regiments War\".<img src=\"https://static.tigerbbs.com/6ef7ec2a969c0a93d25a00b6d529d4b8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">At that time, the market was flooded with a large number of models, with different price ranges and features. Players are trying to build a unique moat and gain a firm foothold in the fierce competition, including some competitive brands.There are many players' business models and core technologies that cannot beat their opponents, and they have to be marginalized in silence because they burn money without results.The remaining brands such as Apple, Huawei, Xiaomi, and OV are the winners in that bubble-the accumulation of a large amount of capital has created a large number of companies in all links of the mobile phone industry chain.Then, under the big waves, the industry leader who was born finally seized the funds and opportunities brought by the bubble and became the backbone of China's smartphone industry.At present, just like the \"Hundred Regiments War\" of mobile phones back then, the current market consensus on the new energy vehicle track is that in this capital carnival bubble, only a few players can seize the opportunity and have the last laugh.In this respect, XPeng has its unique advantages.First of all, technically, He XPeng, who was born as a programmer, has put a lot of efforts into technology research and development.XPeng has always placed great emphasis on \"intelligence\", that is, innovative technology, data, and in-depth internal software development and R&D.He XPeng also said at the listing ceremony: \"As a leading Chinese smart car designer and manufacturer, a technology company with Internet and artificial intelligence innovation, XPeng is committed to\" being a future transportation explorer \".In fact, intelligence is the next trend of the new energy vehicle industry. XPeng's step was very accurate.Different from the traditional automobile manufacturing industry, the possibility of electrification and electronization of new energy vehicles makes it an excellent platform and user access point for building a \"smart city\". The story has been told for more than ten years. Driven by the IoT, smart driving, and 5G network boom, some investors don't seem to mind this story being told for another decade.The XPeng Creation and Early Growth team has some proven technologies as well as young ones keen to try and make top-of-the-line products. At present, a large part of XPeng's existing employees are R&D personnel. As of the end of 2020H1, about 43% of XPeng's employees focused on research and development, of which 66%, 17% and 17% were dedicated to automotive design and engineering, autonomous driving, and intelligent operating systems respectively.Furthermore, XPeng Motor's focus on \"subscriptions and value-added services\" is an important part of its self-identifying strength, which indicates a focus on the 21st century technological lifestyle that is app-based, smartphone-based, and leveraging future services and value streams.In fact, leaving aside Tesla, which is deeply involved in turmoil, XPeng Motors is a player who has done a relatively good job in intelligence among the new Chinese local car-making force \"Wei Xiaoli\". Interested friends can go and have a look at the evaluation, which will not be expanded here.4Epilogue: Technology leads, timing is kingIn high-tech industries, timing is everything.Since the country began to implement the new energy vehicle subsidy policy in 2010, it has achieved a year-on-year increase of 2.9 times in new energy vehicle production and a year-on-year increase of 2.8 times in sales in 2015. Therefore, the country promotes the development of new energy vehicles, especially electric vehicles, which has allowed many people to see opportunities for the development of electric vehicles.<img src=\"https://static.tigerbbs.com/ccf54ebaf06dc6fcba9a02aff3f7a40f\" tg-width=\"1080\" tg-height=\"777\" referrerpolicy=\"no-referrer\">The development of intelligence and networking has enabled electric vehicles to find differentiated competitive advantages, and has also allowed many parts suppliers to see future development trends, thus promoting the advancement of electric vehicle OEMs.Tesla's successful case also allows the market to see the possibility of success of new energy vehicles. But there are also cases of \"getting up early and catching up late\" like Faraday Future on the track.Look backThe road to success of \"Wei Xiaoli\" has stepped on every opportunity conducive to the development of new energy vehicles.In the next stage, the tasks of new forces will gradually transition from confrontation with fuel vehicles to competition with each other.For such a rapidly iterative and technology-led track, the characteristics of some technology industries are particularly obvious.Bill Gates has a famous saying: \"<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It's only 18 months before bankruptcy forever. \" The so-called 18 months is the period required to double the density of semiconductor transistors according to Moore's Law.From \"slow is fast\" before XPeng went public in the United States, to now rushing to the Hong Kong Stock Exchange, XPeng has received another 15 billion Hong Kong dollars in financing on the basis of holding more than 30 billion yuan in cash in 2021Q1, taking advantage of the many uncertainties in the capital market in 2021H2. Before the landing, it was obvious that it gained the first-mover advantage in the second half.<img src=\"https://static.tigerbbs.com/a6b44b8b03579b4b3daefe0ab7f6ead8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">But then again, high-tech industries have very high requirements for efficiency. They must quickly respond to market needs, technological changes, and their own operational requirements. Problems in any link may be abandoned by the times.The biggest problem for XPeng vehicles at present lies in its growth speed. Can we quickly build a solid moat through this financing, eat the fattest before the bubble bursts, and become the final winner? We might as well wait and see.\n<div class=\"bt-text\">\n\n\n source：<a href=\"http://www.gelonghui.com/p/474025\">格隆汇</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7eac6cc41383115590c8d3c252edfb6d","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"http://www.gelonghui.com/p/474025","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2149397066","content_text":"7月7日，小鹏汽车正式在港挂牌上市，成为港股“智能电动车第一股”。\n此前公司公告称，此番上市共发行8500万股，定价165港元。以7月6日隔夜日美股小鹏汽车收盘价43.74美元计算，折合港股价格为169.9港元，港股165港元的定价较隔夜美股折价约2.88%，这已经是过去12个月所有中概股回归香港上市的最佳结果。\n今日开盘，小鹏汽车涨1.82%，报168港元，市值达到2841亿港元。截至当天收盘，小鹏汽车港股报165港元，与发行价持平。\n对于所得款项净额约137.81亿港元，小鹏对其用途规划非常明确：\n约45%预期将用于拓展公司的产品组合及开发更先进的技术；约35%预期将用于通过提升公司的品牌认知度，加速公司的业务扩张；约10%预期将用于提升生产能力，包括扩大产能、升级生产设施和开发生产技术；约10%预期将用于一般公司用途，包括用作运营资金。\n\n尽管股价没有在上市当天“起飞”，但从这个维度上看，如今加大融资力度，在“蔚小理”中率先实现回港上市，意味着下一阶段，小鹏将把技术研发、产品营销作为加大投入的方向。\n因此这次二次上市从时机上看，更加凸显小鹏汽车的战略意图。\n1\n资本市场，山雨欲来？\n现在的小鹏，业绩节节攀升，基本面不断向好。\n截至2021Q1，小鹏汽车全国销售门店达178家，服务中心达61家，覆盖70个城市，绝大多数门店均位于购物中心。\n充电设施网络布局方面，截至2021Q1，全国共有172座小鹏品牌超级充电站，覆盖60个城市。公司向符合条件的车主提供免费充电计划，截至3月底，该计划已覆盖超过140个城市。\n财务数据方面，于往绩记录期间，公司实现了显著的增长及强劲的经营业绩。2018~2020年，公司总收入由970.6万元增长至58.44亿元。随着收入的强劲增长，公司毛利率至2020年已经实现转正。\n目前盈利能力上，2021Q1公司录得总收入4.50亿元，虽然净亏损1.20亿元，但毛利率达到11.2%。相比之下，公司2020年全年毛利率仅为4.5%，可谓增长迅速。\n\n在资产负债表当中，2021Q1小鹏手握300多亿现金，流动资产合计400多亿元，资产负债率28%，当季蔚来汽车手中的现金为472亿元。小鹏汽车财务状况不仅非常健康，而且看起来并不缺钱。\n那么问题就来了——小鹏为什么此时选择赴港双重上市呢？\n单从资金面角度看这次上市，现在可能不是一个特别友好的时间节点。\n尽管几家美股造车新势力，在5月份都实现了反弹，小鹏汽车甚至反弹接近80%，但造成年初那波科技股大跌的利空因素仍然在。\n借着疫情期间美联储带着欧日等国央行大放水，2020H2全球科技股曾经走出了“六亲不认”的行情，爆炒之下，还处在成长期、拥有无限想象空间的一众科技公司估值高出天际的比比皆是。美股新能源汽车板块尤其收益。\n\n但在2021年初，通胀预期把股票市场吓得大幅回调。所以更别说当加息真正落地时，会是怎样光景。上个月，美联储已经释放信号，开始为讨论下一阶段政策背书，也就是说加息虽然还没来，但已经不远了。\n在港交所上市，估值溢价可能不及纳斯达克交易所来的高。截至目前，港股恒生科技指数PE估值为43倍；而美股纳斯达克指数近50倍，A股创业板指数近60倍。而目前公司港股上市定价，较公司美股仅折价2.88%。\n时不利兮，市场整体估值也不高，小鹏赴港上市究竟图啥？\n2\n筹集资金，现在就要！\n从新闻的字里行间，可以看出本次是采用“双重上市”形式。\n这种形式目前为止较为少见，是近3年内首个港美股双重上市的中概股。这无疑成为小鹏本次上市的最大亮点之一。\n与“二次上市”相比，“双重上市”能够被纳入港股通，进而吸纳来自内地的资金；而如此上市的公司无法通过港股通，在内地进行交易。因此，小鹏汽车在港“双重上市”之后有望获得内地资金买入，进而将获得更高的流动性溢价。换句话说，“双重上市”为内地投资者购买小鹏汽车敞开了大门。\n这也解释了为什么会选择香港——作为地区金融中心，“双重上市”的小鹏可以同时吸纳来自国际和中国内地的资金。要知道，就连拜登本人都亲口承认，中国在造车方面已经抢占了先机，中国投资者对新能源汽车信心势必更加坚定。\n但这仅仅解释了，为什么选择香港。那么小鹏为什么现在就要筹集这么多资金呢？\n首先，香港上市门槛低于A股市场，能够更快完成上市筹资的动作。\n其次，如果说现在港股上市，短期来看有太多不可控因素，那么我们不妨将思考的时间拉长，用更长远的眼光来看到小鹏的策略。\n首先应当回归到新能源汽车赛道本身：造车真的太花钱。蔚来汽车CEO李斌曾表示，没有200亿不要造车。前几年，吸尘器和家用电器“大亨”戴森曾经依仗自身对发动机和空气调节等多项技术的储备，斥巨资启动了新能源造车计划。只可惜，赔光了218亿，也没打出个水漂，只得忍痛从烧钱大战中割肉离场。\n再看看蔚来自己的花销，早就超过了200亿元：截至2021Q1，蔚来销售和管理费用累计180.93亿元；研发费用累计156.7亿元，这其中还不包括税收、财务费用、折旧及摊销等等方面的成本。\n\n一方面是新能源汽车大量烧钱，另一方面是赛道正在走向内卷。\n中国拥有全球最大的纯电动乘用车（电动汽车）市场，中国电动汽车销量预期将从2020年的约100百万辆增加至2025年的420万辆，这将超过美国及欧洲电动汽车销量的总和。预期2022年电动汽车在中国乘用车市场的渗透率将超过10%，这代表着电动汽车行业的一个拐点。\n尽管蛋糕仍在不断扩大，但新能源汽车品牌之间的竞争，早已打得火热。传统造车势力、科技巨头正在将触角伸向新能源车赛道，蚕食新势力的生存空间。\n在欧洲，特斯拉已经跌落神坛，2019~2020年市占率从5%下滑到3.5%，不敌大众、PSA、戴姆勒等等传统大品牌，在品牌中排名第十一。碳排放目标的制定和巨额罚款的压力，将传统车企推向新能源车赛道，进一步激化了与新势力之间的矛盾。随着2020年底“碳中和”过度阶段收尾，2021年，造车新势力将面临更激烈的竞争。\n这种现象不仅发生在欧洲，在中国和美国市场也是如此。而且，销量、业务规模、净利润完虐蔚小理的玩家，比比皆是，比如苹果、华为、小米等科技公司。\n而这三家公司，就是在上一场智能手机泡沫中，“卷”出来的赢家……\n3\n堆砌泡沫，砸出赢家\n如今要利用好先发优势，造车新势力就必须赶在进入存量竞争阶段之前，获得资金、加大力度推动研发和销售。\n今天的新能源汽车资本热潮，堪比之前那场智能手机泡沫。\n2008~2015年中国智能手机市场发展迅速，自2008年起，智能手机市场保持27%左右的复合增长率，呈现快速发展态势。2008年参与竞争的厂商数量不足30家，2013年则突破百家。企业争相入局手机制造行业，大小品牌不胜枚举，手机行业开启“百团大战”。\n\n在那个时候，市场上充斥着大量机型，价格区间、特色功能各有侧重。各玩家纷纷试图建立独特护城河，在激烈竞争中站稳脚跟，其中不乏一些有竞争力的品牌。\n有许多玩家商业模式、核心技术无法战胜对手，烧钱无果只好在沉默中边缘化。\n而剩下的苹果、华为、小米、OV等品牌，则是那场泡沫中的赢家——大量资本的堆砌，在手机产业链各环节砸出了大量公司，然后在大浪淘沙之下，诞生出的行业龙头，最终抓住泡沫带来的资金和机遇，成为中国智能手机产业的中坚力量。\n眼下，正如当年手机“百团大战”，目前对于新能源汽车赛道，市场的共识是：这场资本狂欢的泡沫中，只有少数玩家能抓住机遇，笑到最后。\n在这方面，小鹏有其独特优势。\n首先技术上，程序猿出身的何小鹏将很多力气放在了技术研发上。小鹏汽车一直非常强调“智能”，即创新技术，数据，深入的内部软件开发和研发。何小鹏也在上市仪式上表示：“作为中国领先的智能汽车设计和制造商、互联网及人工智能创新的科技公司，小鹏致力于“做未来交通探索者”。\n事实上，智能化就是新能源汽车行业下一个风口所在。小鹏的这一步，踏得非常准。\n区别于传统汽车制造行业，新能源汽车实现电气化、电子化的可能性，使之成为打造“智慧城市”的绝佳平台和用户接入口，其中的故事已经讲了快十多年。在IoT、智能驾驶、5G网络热潮的推动下，一些投资者似乎并不介意这个故事再讲十年。\n小鹏创建和早期成长团队拥有一些成熟的技术以及热衷于尝试制造顶级产品的年轻技术。目前小鹏汽车现有的员工中很大一部分是研发人员。截至2020H1末，小鹏汽车约有43%的员工专注于研发，其中分别有66%，17%和17%致力于汽车设计和工程、自动驾驶、智能操作系统。\n此外，小鹏汽车对“订阅和增值服务”的关注是其自我识别优势的重要组成部分，这表明对21世纪技术生活方式的关注，即基于应用程序、智能手机，并利用未来的服务和价值流。\n事实上，撇开深陷风波的特斯拉不谈，小鹏汽车是中国本土造车新势力“蔚小理”当中，智能化做得比较不错的玩家。感兴趣的朋友可以去看看测评，在此不展开。\n4\n尾声：技术先导，时机为王\n高技术行业，时机就是一切。\n自2010年国家开始实施新能源汽车补贴政策以来，在2015年实现了新能源汽车生产同比增长2.9倍和销售同比增长2.8倍的效果。所以国家推动新能源汽车发展，尤其是电动汽车，让很多人看到了电动汽车发展的机会。\n\n智能化和网联化的发展，让电动汽车找到了差异化竞争优势，也让很多零部件供应商看到了未来发展趋势，从而促进了电动汽车OEM的前进。\n特斯拉成功的案例，也让市场看到了新能源汽车成功的可能性。但赛道上也不乏法拉第未来这类“起早赶晚集”的案例。\n回看“蔚小理”的成功之路，踏准了每一个有利于新能源汽车发展的时机。在下一阶段，新势力的任务逐渐从与燃油车实现对抗，过渡到相互之间的竞争。而对于这样一个迭代迅速、技术主导的赛道，一些技术行业的特征也尤为明显。\n比尔盖茨有这样一句名言：“微软离破产永远只有18个月。”所谓18个月，是摩尔定律中，半导体晶体管密度翻倍所需要的周期。\n从小鹏赴美上市前的“慢就是快”，到如今抢滩港交所，小鹏在2021Q1手握300多亿元现金的基础上，再次获得150亿港元融资，趁着2021H2资本市场诸多不确定性落地之前，显然是获得了下半场的先手优势。\n\n但话又说回来，高技术行业对效率的要求非常高，对市场需要要做出快速反映，对技术变革要做出快速反映，对自身运营要求也要做出快速反映，哪个环节出现问题，都有可能被时代抛弃。\n小鹏汽车目前最大的难题，在于其成长速度。究竟能否通过这次融资，快速建立坚固的护城河，在泡沫破灭之前吃的最胖，成为最后的赢家？不妨拭目以待。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1013,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbo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