There is no fastest, only faster. As Aian submitted the relevant materials for the initial public offering application to the China Securities Regulatory Commission, this 100-billion-dollar unicorn started its journey to go public. And it’s only been 2 months since the last financing.
As soon as the New Year arrives in 2023, there will be big news in the field of new energy vehicles.
According to news, GAC Aian intends to hit the first stock on the new energy vehicle science and technology innovation board. In October 2022, the company completed its A round of financing, and its valuation exceeded 100 billion in one fell swoop.
An investor in the new energy field in Shenzhen said in an interview with a reporter from Venture Capital Daily that the reason why Aian launched its listing in the new year is because the new energy vehicle market is relatively good in 2022, and companies can achieve better performance, so investors want to Take advantage of this time point to complete the IPO.
The financing is only in February, and the unicorn is about to go public
There is no fastest, only faster. As Aian submitted the relevant materials for the initial public offering application to the China Securities Regulatory Commission, this 100-billion-dollar unicorn started its journey to go public. And it’s only been 2 months since the last financing.
In October 2022, Aian completed the A-round financing of RMB 18.294 billion; in March of the same year, it completed the Pre-A round of financing of RMB 2.566 billion. It took only one year for Aian to start financing and become a unicorn with hundreds of billions of dollars.
A year later, Aian has a greater “ambition” and plans to sprint for the first share of the new energy vehicle science and technology innovation board.
Behind the listing is the fierce competition for new energy vehicles, and OEMs need to continue to expand financing channels. An investor in the new energy field in Shenzhen told a reporter from Venture Capital Daily that because new energy vehicles require a lot of funds, after VC/P invested 18.294 billion yuan in October last year, the money in the primary market has no such strong patience. “At the same time, compared with 2022, vehicle companies will enter a relatively cold cycle in 2023, and car companies must provide all-round support if they want to get out.”
In the view of this investor, compared with other new car-making forces, Aian is considered to be a car company that entered this field earlier. “GAC has deployed new energy vehicles before 2019, and the penetration rate has reached 35%. Car companies will have the most certainty in their performance in 2022, and their growth rate may double. After the purchase subsidy policy is cancelled, the market expects 2023 The growth rate of car companies will drop to 30%, and if they do not go public at this time, it may be more difficult in the future.”
Data show that GAC Aian will sell more than 30,000 vehicles in December 2022, a year-on-year increase of 107%; the cumulative sales in 2022 will be 271,000 vehicles, a year-on-year increase of 126%, setting a new record for sales growth.
Another investor who pays attention to new energy vehicles told the reporter of Venture Capital Daily that after the high fever in 2022, the valuation of new energy vehicles has come down.
“On the one hand, the Fed’s continued interest rate hikes have had a greater impact on Hong Kong stocks, and the financing pace of the entire market has slowed down; on the other hand, after the downturn in the US IPO market, the valuations of many technology companies have declined. The most obvious is Tesla The decline will be relatively large, and the decline will reach 70% in 2022, which will lead to a relatively large decline in Wei Xiaoli. The unfriendly market environment may not be able to support the final round of primary market valuation after listing.” The investor believes that .
In fact, before the listing, Ian’s valuation had reached 100 billion, which made the market wonder how much room for imagination Ian still has after its successful listing.
To be listed on the Science and Technology Innovation Board, how many scientific and technological attributes are there?
During the listing process, Aian positioned its target on the Science and Technology Innovation Board, which has also attracted the attention of the market.
The above-mentioned new energy investor in Shenzhen told the reporter of Venture Capital Daily that it may be difficult for the research and development investment of vehicle manufacturing to reach the point of the Science and Technology Innovation Board. This is mainly due to the large investment in C-end marketing of the whole vehicle, which makes the proportion of research and development relatively small. At the same time, the Science and Technology Innovation Board requires that high-value patents can be converted to provide continuous income for the main business. “As far as I know, at present, the patents of GAC Research Institute have been transferred to Aian.”
“But on the whole, there are still doubts about whether the technological content of vehicle manufacturers is sufficient. In Aian ‘s view, among the most critical three-electric systems of motors, batteries, and electronic control, the batteries are purchased by Zhongxinhang, and GAC is also Self-built battery factory. As for the motor and electronic control part, it is designed by itself, and then ordered by outsourced; or it is all packaged and completely outsourced, this part depends on the prospectus.”
As for the smart system, the investor believes that GAC still sells Volkswagen, which has not reached the level of smart cars. “Even if there is an intelligent system, it is only a part. It is just to tell consumers that there are software systems such as intelligent systems and autonomous driving. But compared with small start-up companies, Aion is also very large in size. It is difficult to tell a story with this part of the content, and the autonomous driving track itself will enter a plunge cycle in 2022.”
The other side of the coin is that GAC, as an established automaker, also has obvious competitive advantages, namely a strong degree of self-control and cost reduction.
A reporter from Venture Capital Daily found that among the 53 strategic investors in the A round, there are strategic supporters and industrial synergy investors, such as charging and swapping energy ecology: Nanwang Nengchuang, State Grid Yingda Industry Fund; key battery resources: Ganfeng Lithium Industry , Hanrui Cobalt Industry , Hanhui Capital, Keda Manufacturing; chip design and manufacturing: SMIC, Yuexin Semiconductor , etc.; and well-known professional investment institutions, such as PICC Capital, Shenzhen Venture Capital, Dongfang Fuhai, Guangmin Investment, Yingke Capital.
Among them, Shenzhen Venture Capital, Oriental Fortune, and Guangmin Investment are all institutions in Guangdong Province. In this regard, some investors said that the investment of these institutions can be regarded as supporting local state-owned enterprises, and has a certain background and color of local state-owned investment. “Of course, if the final market value is not as expected after investors invest, they can only accept it.”
“The purpose of betting by multiple industry synergists is also very simple, that is, to open up the industrial chain. In addition to investing in GAC, these institutions have also invested in many start-up companies, and these start-up companies are mainly engaged in motors, electronic control and other auto parts, so In terms of layout, it is necessary to enter the downstream complete vehicle and connect the entire upstream and downstream.” The investor said.
Special statement: The content of the article is for reference only and does not constitute investment advice. Investors operate at their own risk accordingly.
This article comes from the WeChat public account “Venture Capital Daily” (ID: gh_8b25bce7ef22) , author: Chen Mei, 36 Krypton is authorized to publish.
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