Text/"Autobot" Huang
In the past two days, rumors about Wei Lai have suddenly become frequent, and the speed of falsification, clarification and refreshing between messages has also become a spectacular sight. Both the automobile industry and the investment circle are keenly aware that the spring of Weilai seems to have arrived ahead of schedule.
Who is the object of gossip?
Before the close of trading on Wednesday (15), the share price of Weilai Automobile rose sharply, causing the NYSE to blow. After the resumption of trading, it rose 10%, reaching $ 4. 19, and closed at $4.29 that day. This is the first time that Weilai stood above $4 after the announcement of Q 1 financial report on May 29th, 20 19. For Weilai management, this is really a beautiful day.
Even if 16 fell more than 8% before the market, I'm afraid it won't affect Li Bin's mood. It is better to be chased by several car companies at the same time. The key is that Weilai's model has been recognized by the industry, rather than the previous venture capital circle optimistic, the industry looked on coldly.
In fact, after Feng Weihuo, a 20191CICC gold medal analyst, joined Weilai, the startup company in the financial whirlpool suddenly broadened its financing path.
At the end of 20 19, Feng Ke publicly stated: "Weilai automobile financing project has made remarkable progress and is currently in progress, so relevant confidential information cannot be disclosed."
He doesn't mean the Great Wall. After Weilai was forced to postpone the development of the second generation platform due to financial problems, there were rumors that Weilai tried to cooperate with Great Wall to develop the 1.5 generation platform. It is said that the Great Wall asked for controlling Weilai, but the latter refused, and the two sides did not negotiate.
According to the financial report of 20 18, the largest shareholder of Weilai is Li Bin (14.4%), followed by Tencent (13.3%) and Bailey? Gifford? & amp？ Co.(9.7%) and Collar Capital (6.2%). Among them, Bailey? Gifford? & amp？ The company is a non-original external institutional shareholder.
As we all know, Weilai has a multi-layer shareholding structure. Its common stock is divided into three levels: A, B and C, with A shares 1 vote, B shares with 4 votes and C shares with 8 votes. Therefore, Li Bin holds 48% of the voting rights, followed by Tencent 2 1.6%.
On October 20 19 10, Li Bin's 1/3 shares were transferred to establish a user trust, but he still retained the voting rights of the shares. Although Li Bin failed to account for more than 50%, Weilai still has the final decision in Li Bin due to the scattered remaining shares.
However, after the Great Wall withdrew, GAC, Geely and FAW all had an affair with Weilai. Every family offers different conditions. There is no doubt that Li Bin has established a new automobile company with distinctive features, core technology and brand value potential. However, it is said that Geely thinks Weilai has done a poor job in marketing, so he doesn't want to continue to serve as chairman and CEO.
Until 65438+1October 15, the media widely reported that GAC intended to invest 10 billion USD in Weilai, with a view to reaching closer equity cooperation with the latter.
Clarification of GAC
2065438+April 2009, GAC has cooperated with Weilai to release its own brand "YCAN Co-creation"; 1October 22nd 10, the first paragraph is open for blind subscription; 65438+February 27th, production model HYCAN? 007 opens the pre-sale. This car may be officially launched in April 2020. The speed at which its products are launched is amazing for the automobile industry, which shows that the cooperation between the two parties is smooth.
The cooperation between the two parties, Weilai is to make up for the lack of production capacity (Weilai has been produced by Jianghuai OEM and the Shanghai factory project died); GAC can get new energy points. So some people think that cooperation between the two sides is an expedient measure. Because neither production capacity nor points are the only choices for both parties.
But equity investment, everything is different, at least it shows that the two sides have begun to come together strategically. However, on 16, GAC issued a clarification announcement, saying that the news was untrue. Subsequently, Weilai's share price fell, which may be related to this.
GAC said: "At present, the two sides have discussed Weilai's financing plan, but it is still in the early stage and has not formed any binding agreement. There is great uncertainty about whether an agreement can be reached in the end. "
However, GAC also said: "Even if it participates, it is estimated that the total amount of its own funds and raised funds will not exceed US$ 654.38+RMB 50 million."
This information reveals at least three points: first, GAC is indeed talking about equity investment with Weilai; Second, the contract has not been signed; Thirdly, GAC has no intention of becoming a heavyweight shareholder, and naturally it has no intention of challenging Li Bin's dominant position.
When GAC's "clarification announcement" came out, the possibility of SAIC and FAW became very low. In any case, the problem that Wei Lai can't get the capital has been broken. 20 19 Up to now, two financing rumors of Yizhuang Guotou and Xing Wu District Government of Huzhou City have finally come to nothing, and Wei Lai is very hurt.
Change and invariability
In the past year, investors' attitude towards new energy vehicle start-ups did turn cautious, but the financing of head enterprises finally gained something. Weimar and Li, who was a latecomer, were merged into the C round, which was surprisingly consistent.
As the "head", Weilai once occupied the top spot in brand value, topicality and product attention, and the failure of capital integration was unreasonable.
Part of the reason is that Weilai is listed in North America, so its financial situation is relatively transparent. The data is so ugly that investors are discouraged. Q3 financial report released in February 20 19 shows that as of September 30, 20 19, total assets of Weilai Automobile reached 654.38+0.684 billion yuan, and total liabilities reached 654.38+0.895 billion yuan. Strictly speaking, Weilai Automobile is insolvent.
Weilai also wrote in Q3 financial report: "If the situation does not change, Weilai will not have enough liquidity to cope with the operating expenses in the next 65,438+02 months". In other words, if there is no financing or there is a fundamental change in product sales, Weilai may not last for a year, which is simply a capital "persuasion letter".
So, why is Weilai suddenly on fire now?
Before the financing results come out, everyone can think that the bidders of these scandals are from some aspects, but at least GAC's intention is very clear, and the two sides also have a basis for cooperation.
20 19 was a difficult year. Even though Weilai took a series of layoffs after the second quarter, it not only reduced administrative and marketing expenses, but also cut some R&D expenses, but the pace of its new car listing was not significantly affected.
NIO in 20 19 12? During the day, Weilai no longer lavished, but released the new ES8 and coupe SUV? EC6 .
This is considering that even if we stick to the traditional model, Weilai is expected to make money by selling cars, which means Weilai has profit potential; Moreover, Weilai was able to make products with market recognition of more than 400,000 yuan, which broke through the price ceiling of China brand. Weilai's active R&D capability and unique business ecology also have irreplaceable experience in China brands.
In other words, Weilai's comprehensive commercial value is much better than its financial statements. The recognition of traditional car companies (although the dust has not yet settled) also illustrates this point.
However, although Li Bin's own user thinking has been proved to be a sharp weapon, the industry is also worried that these high-cost service promises will be unbearable for Weilai after the sharp increase in products delivered.
Others believe that Tesla also promised many generous conditions to the first batch of customers in the early days, and then these founding membership terms quietly disappeared. Whether Weilai's future will return to tradition or continue to take a unique road, I'm afraid it will be clear in the next few days. (Text/"Autobot" Huang, part of the picture source network) Copyright statement This article is the exclusive original manuscript of Autobot, and the copyright belongs to Autobot.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.