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Geely Automobile: Why did the first share of the Sci-tech Innovation Edition choose to withdraw? _ listed

Release Time:2022-06-15 Topic:Geely Auto's stock symbol is Reading:55 Navigation:Stock Liao information > Car > Domestic cars > Geely Automobile: Why did the first share of the Sci-tech Innovation Edition choose to withdraw? _ listed phone-reading

The company's products are divided into two major brands, Geely and Geometry, covering the A0 to B mainstream passenger car market. In 2017, 2018, 2019 and January-June 2020, the total sales volume of Geely and Geometry brands were 1,241,100 units, 1,380,400 units, 1,233,500 units, and 475,700 units; in 2017, the company launched a new mid-to-high-end joint venture brand Lynk & Co. In 2017, 2018, 2019 and January-June 2020, Lynk & Co sold respectively It was 6,000, 120,400, 128,100 and 54,800.

The company is listed on the Hong Kong Stock Exchange. The control of Run Holdings, and the subsequent injection of automobile-related business assets into the company.

From 2017 to 2019 and the first half of 2020, Geely Auto’s revenue was RMB 93.553 billion and RMB 107.335 billion respectively, 98.139 billion yuan, and 37.121 billion yuan to achieve net profit attributable to the parent of 10.493 billion yuan, 12.463 billion yuan, 8.215 billion yuan, and 2.301 billion yuan respectively.

On June 17, 2020, Geely Auto announced for the first time that the board of directors approved the preliminary proposal for the possible issuance of RMB shares and listing on the Shanghai Stock Exchange's Science and Technology Innovation Board. On September 1, 2020, Geely Automobile Holdings Co., Ltd.'s application for listing on the Science and Technology Innovation Board was accepted by the Shanghai Stock Exchange. At the same time, it disclosed a detailed prospectus.

According to the prospectus, Geely Auto intends to initially issue no more than 1.731 billion shares on the Sci-Tech Innovation Board, and no more than 15% of the sum of the total number of issued shares and the number of RMB shares issued this time on the day before the board meeting for the issuance and listing (i.e. June 23, 2020).

According to the prospectus, Geely Auto’s fund-raising investment project plans to invest a total of 20.42 billion yuan, of which it plans to use 20 billion yuan of IPO funds to invest in new model product research and development projects (use 8 billion yuan to raise funds), forward-looking Technology research and development projects (using 3 billion yuan of funds raised), industrial acquisition projects (using 3 billion yuan of funds raised), and supplementary working capital (using 6 billion yuan of funds raised) are four aspects.

2. The reason for withdrawal leads to speculation

Regarding the reason for the withdrawal, Geely Automobile issued an announcement saying that it was due to the company's business decision and strategic adjustment. He also stated that when the relevant conditions are mature, it will actively promote the listing of RMB shares. In addition, Geely Auto did not respond more to the withdrawal of the science and technology version.

Some people in the industry speculate that it may be affected by the slowdown in the pace of listing on the Science and Technology Innovation Board.

Compared with the main board market, the registration system of the STAR Market has a relatively high valuation, which has become the main reason for new and old car companies to compete for the STAR Market.

As a new board, it took only 116 days from November 5, 2018 to the official launch of the complete set of documents for the Science and Technology Innovation Board in the early morning of March 2, 2019. inevitably bring some problems. For example, due to the impact of the Ant Financial incident, the Science and Technology Innovation Board has strengthened the "technological content" review of listed companies, which has delayed the entire review.

On December 4 last year, the Shanghai Stock Exchange revised and released the "Science and Technology Innovation Board Stock Issuance and Listing Review Rules" and the "Science and Technology Innovation Board Listing Committee of the Shanghai Stock Exchange".Management Measures", the policy for IPOs on the Science and Technology Innovation Board is being tightened, and many companies have stopped at the Science and Technology Innovation Board. On June 22, the Shanghai Stock Exchange issued the newly revised "Science and Technology Innovation Board Listed Companies' Material Asset Restructuring Review Rules" and "Science and Technology Innovation Board Listing Committee Management Measures". At the same time, in order to further clarify the review standards and procedures for mergers and acquisitions of companies listed on the Science and Technology Innovation Board, and improve the transparency of the restructuring review work, according to relevant regulations, the Shanghai Stock Exchange has formulated and released the "Guidelines for the Application of the Review Rules for Issuance and Listing on the Science and Technology Innovation Board No. 2 - Listed Companies' Significant Assets" Restructuring Audit Standards and Related Matters.

In short, the Science and Technology Innovation Board is improving the relevant regulations step by step in practice, and at the same time, it is further standardized and strict. Perhaps it is precisely because of this that the belated auto companies have not been able to board the Science and Technology Innovation Board for a long time.

In addition, Geely Auto was reported to have encountered obstacles in its listing on the Science and Technology Innovation Board in March due to a "high-tech positioning" problem.

As a financing platform customized by high-tech enterprises, the Science and Technology Innovation Board mainly serves technological innovation enterprises that conform to national strategies, break through key core technologies, and are highly recognized by the market. In the face of rumors of "high-tech positioning", Yang Xueliang, vice president of Geely Holdings, said that there is no further information to provide. According to the information disclosure specifications of the listing process, everything is subject to the approval of the regulatory authorities.

It is understood that Geely Automobile still has two major risks.

First, it did not obtain the "Geely" brand trademark, but obtained a free authorization from its controlling shareholder, Geely Holding Group. At the same time, more than 8,000 of its main authorized patents are jointly owned by Geely Auto, its subsidiaries and its controlling shareholders.

Second, Geely Automobile has not obtained the vehicle manufacturing qualification. During the operation of passenger car-related business, by selling complete vehicle kits to a catalog company controlled by Geely Holding, the catalog company further inspects and processes it and obtains a complete vehicle qualification certificate for passenger cars and sells it to Geely Automobile, which will then sell it to Geely Automobile. Make external sales.

3. Or prepare for the independent listing of Krypton

The announcement also stated that it will seek different external financing solutions for the development of Jikr Intelligent Technology Holdings Co., Ltd.

On March 23 this year, Jikr Smart Technology officially announced its establishment. Jikr is jointly invested by Geely Auto and Geely Holding Group, of which Geely Auto holds 51% and Geely Holding Group holds 49%. Li Shufu served as the chairman of Jikr Intelligent Technology, and An Conghui served as the CEO of Jikr Intelligent Technology. In April this year, the company released the first mass-produced model ZEEKR 001. At present, the company has settled its global headquarters in Ningbo.

Nowadays, the penetration rate of electric vehicles in the market is gradually increasing. Electric car companies have started the second layout. Previously, Xpeng Motors chose the "dual listing" model to accelerate its layout in the Hong Kong stock market. Chery, SAIC and other traditional car companies have also begun to seek new financing for their independent new energy businesses. It can be seen that the competition in the smart electric vehicle market is fierce and more diversified.

The withdrawal of Geely Automobile's application for listing on the Science and Technology Innovation Board this time, and the turn to fully promote the diversified financing plan of Jikr Automobile,

In the eyes of many industry insiders, this is more clear and precise strategies. An industry insider said: "Compared to new companies with clearer business layout and stronger conceptual attributes, it is difficult for the capital market to have much plans for a large-scale company like Geely Auto. This is not only Geely, but now basically All traditional companies want to list their new energy vehicle companies separately to raise funds.” Geely Auto may have withdrawn its application for listing on the Science and Technology Innovation Board due to its own strategic adjustment considerations p>

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