Original Sharla Cheung titanium media

Titanium Media TMTPost.com

| Science and technology lead the new economy |

Do you think the market value of Xpeng Motors will be super ideal?

Sharla Cheung, editor of Titanium Media

Following Weilai and Ideality, Xpeng Motors, a new car-making enterprise in China, also successfully listed in the US stock market.

On the evening of August 27th, Beijing time, Xpeng Motors was officially listed on the NYSE, with the stock code "XPEV". The opening price was $23.1 /ADS, up 56% from the issue price. At the close, Xpeng Motors’s share price closed at $21.22, up 41.47% from the issue price, with a total market value of $15.59 billion.

The issue price is superb and ideal.

The IPO price of Xpeng Motors was $15 /ADS, and a total of 99.73 million American Depositary Shares (ADSs) were issued, with a pre-market value of $11.021 billion.

It is worth noting that Xpeng Motors originally planned to issue 85 million shares of ADS, and the corresponding financing scale was US$ 1.28 billion. However, due to the higher-than-expected market demand, the issuance scale was increased to about 99.73 million shares, which means that the total amount of funds raised by Xpeng Motors this time is about US$ 1.5 billion.

At the end of last month, the issue price of LI, which landed on Nasdaq, was $11.5 per share, and the total amount of funds raised was $1.1 billion. On the day of listing, the pre-market value was $9.724 billion. Weilai listed in the US in 2018 at an issue price of US$ 6.26 per share, raising a total of US$ 1 billion, and its pre-market value on the day of listing was US$ 6.4 billion.

Comparatively speaking, Xpeng Motors’s listing price, pre-market value and fund-raising scale all exceed Weilaihe’s ideal of listing in the United States. This means that the head enterprises, a new force in car manufacturing, are still valued by the capital market, and the pure electric mid-to high-end market has been cultivated and matured by Tesla model3 and Weilai ES6. Compared with Weilai’s listing in that year, Tucki and Ideality are just in time to go public.

According to the prospectus, Xpeng Motors has completed 10 rounds of financing since its establishment. The latest financing was the C+ and C++ rounds in July and August this year, which raised 900 million US dollars. The investors included Alibaba, Aspex, Coatue, Gaoyou Capital and Sequoia China, and the post-investment valuation was 8 billion US dollars. In November last year, Xpeng Motors raised $400 million in Series C and introduced the strategic investment Xiaomi Group. By the end of the second quarter of 2020, Xpeng Motors had cash assets of 2.12 billion RMB, and its cash reserves were better than those of Weilai Automobile and LI before IPO.

At present, there are Internet giants behind the three new car-making companies, which have formed a pattern of "Weilai+Tencent, Ideality+Meituan, Tucki+Ali".

By August 28th, Weilai’s market value had reached US$ 23.5 billion, and its ideal market value was US$ 16.2 billion. From the market value, Xpeng Motors was closer to the ideal, and even exceeded the ideal on the first day of listing, but there was still a certain gap between them.

The strength of the three companies should not be underestimated, but from the product point of view alone, Xpeng Motors currently has two models G3 and P7 on sale, and plans to launch the third pure electric car before the end of next year; Weilai has three products, ideally only ONE Li ONE, and no new models will be launched within three years.

In addition, Tucki and Weilai take the route of pure electric technology, and the ideal is extended-range hybrid, and pure electric products will be launched later, but compared with Xiaopeng and Weilai, the ideal is a big step behind in pure electric.

The net loss in the first half of the year was 775 million.

Like Weilai and Ideality, Tucki has been in a state of loss.

According to the prospectus, in 2018, Xpeng Motors’s revenue was 9.7 million yuan and its net loss was 1.399 billion yuan; In 2019, it achieved a revenue of 2.321 billion yuan and a net loss of 3.692 billion yuan; In the first half of this year, Xpeng Motors’s revenue was 1.003 billion yuan, down 18.52% year-on-year (1.231 billion yuan in the first half of 2019), with a gross profit of-36.116 million yuan and a net loss of 796 million yuan. The gross profit margin narrowed sharply to-3.6% year-on-year (-38.23% in the same period of 2019).

In this regard, Xpeng Motors explained in the prospectus that the reason why the company experienced a year-on-year decline in revenue in the first half of the year was mainly due to the fact that most of the orders delivered in the first quarter of 2019 were accumulated in 2018, resulting in high revenue in the quarter; At the same time, due to the impact of the COVID-19 epidemic in the first quarter of this year, the speed of vehicle delivery decreased, which affected the income in the first half of this year.

It is worth noting that as of July 31st, Tucki G3 has delivered 18,741 vehicles, and Tucki P7, which started delivery in May this year, has delivered 1,966 vehicles, with a cumulative delivery volume of 20,707 vehicles.

From January to July this year, Xpeng Motors delivered 7,950 vehicles, Weilai delivered 17,702 vehicles and LI delivered 12,182 vehicles. Tesla Model 3 delivered 11,014 vehicles in July alone, ranking first in the sales of new energy vehicles in China.

As a car company whose main source of income is car sales, the decline in sales directly affects its income. With the current sales performance in Xpeng Motors, after IPO, it will face greater sales pressure.

Xpeng Motors predicted that the cost of batteries would drop significantly in the next 2-3 years. At the same time, by expanding vehicle types and production scale, sharing multi-platform effect, supplier collaboration, etc., we can also reduce costs and increase efficiency.

Although it continues to lose money, Xpeng Motors continues to invest in R&D. In 2018, 2019 and the first half of 2020, Xpeng Motors’s R&D expenditure reached 1.051 billion yuan, 2.07 billion yuan and 630 million yuan respectively, accounting for 89.2% and 62.9% of the total revenue in 2019 and the first half of 2020. Up to now, the accumulated R&D investment is 3.752 billion yuan, cumulatively.

Emphasize self-research ability

Xpeng Motors said that the proceeds from this IPO will be used for R&D and expansion of sales channels, and the remaining funds will be used for general corporate purposes.

In the prospectus, Xpeng Motors said that it has designed and developed its own software, core hardware and data technology, and it is the first new force car enterprise in China to independently develop and commercialize autopilot software (hardware is based on Xavier of NVIDIA, which supports L3 autopilot).

Xpeng Motors repeatedly emphasized self-research in the prospectus, including autonomous driving, intelligent operating system, internal powertrain and electronic and electrical architecture, and disclosed his own proprietary algorithms, including localization and high-precision map fusion; Camera-based perception and multi-sensor fusion; Behavior planning, motion planning and control.

In order to further prove its self-research ability, Xpeng Motors also disclosed a lot of key information, such as the use of ADAS: the adaptive cruise control function has accumulated 25.1 million kilometers of driving, and the lane centering control function has accumulated 11.1 million kilometers of driving.

Tucki also revealed some functions that the latest XPilot 3.0 will realize, and plans to launch the "navigation guided pilot" which can be used on expressways early next year, namely NGP, which can realize the functions of automatically changing lanes, overtaking other vehicles, recognizing traffic signs and adjusting speed.

In addition to software, Xpeng Motors has also achieved autonomy at the core hardware level. In the most critical three-electric system of electric vehicles, except for battery core procurement, battery management system (BMS) and battery pack are all independently developed by Xpeng Motors. And has completed the dual product line layout of SUV and car, becoming the only smart car company in China that has mastered the whole industry from design, research and development to manufacturing.

Risks after IPO

Although in terms of software, the new domestic car-making forces have certain competitive advantages. But compared with Tesla, there is still a certain gap. As to whether Xpeng Motors’s share price is inflated, an insider told the titanium media, "Let the bullets fly for a while. As a bulk product, automobiles ultimately depend on product strength. If the sales volume can continue to grow, the capital market will continue to be optimistic. If it is a bubble, it will burst sooner or later. "

Listing is a double-edged sword, with advantages and disadvantages. Building a car is a process of heavy assets and long-term investment, and it is difficult to make a profit in the short term. For the new forces of building a car, listing is not only a manifestation of fulfilling their promises to investors, but also a way to attract other capital. At the same time, talents will also flow to the head enterprises in large numbers, thus ensuring that there is enough "ammunition" to go forward and fight.

At the current time node, the market prospect of new energy vehicles has been clearly visible. Behind the new forces competing to go public, they are more looking for opportunities to survive. Xpeng Motors’s choice of IPO is also a key step.

However, listing will also bring risks, and some of its own problems will be exposed in the capital market without any cover. For Xpeng Motors, a large amount of R&D investment will follow, and if the sales volume cannot be greatly increased, the loss will be enlarged.

Coupled with the limited number of models on the market and the charging services such as software ordering, there is also great uncertainty whether it can meet the expectations of users.

In addition, some core technologies, such as batteries and semiconductors, are dependent on suppliers, and the charging service is mainly dependent on third-party cooperation, with risks such as cooperation renewal and quality control, and the new Zhaoqing factory has operational risks, which will bring many uncertainties to the subsequent development of Xpeng Motors.

For Xpeng Motors, listing in the United States is just the beginning, and there will be many challenges in the future. How to continuously improve the product strength and become a real breaker in the new energy vehicle market is the key.

(This article is the first titanium media, author/Sharla Cheung)

Original title: "Xpeng Motors IPO with a market value of $15 billion, and its share price rose by 41% on the first day"

Read the original text

"Listen to the Wind" was created by many masters.

Siu Fai Mak and Zhuang Wenqiang.

Tony Leung Chiu Wai denied that the film was a copy of Lust, Caution when he played the old corner of Wang Baoqiang.

　 　 Listening to the Wind is adapted from Mai Jia’s classic spy novel, which tells the story that agent Zhou Xun finds Tony Leung Chiu Wai, a street blind gangster, and with the help of Tony Leung Chiu Wai’s superior hearing, finds the enemy radio station that has disappeared for many years and obtains military information to defend the country. Zhuang Wenqiang said, "There are many spy wars in The Listener, but some adaptations will be made to the original."

　 　 In fact, Mai Jia’s work has long been made into a TV series "Assassination", which was a smash hit, and the role played by Tony Leung Chiu Wai was played by Wang Baoqiang in that year. Referring to the difference in temperament between them, Zhuang Wenqiang said with a smile, "In fact, when I first read this book, I thought that this role should be played by Xiaogang Feng, but it is impossible. Of course, it is impossible for Tony Leung Chiu Wai to play Xiaogang Feng or Wang Baoqiang."

　 　 On the same day, The Listener also exposed the trailer for the first time. Many scenes and characters in it will make people think of The Wind and Lust, Caution, but Siu Fai Mak doesn’t think so. "Some people say it is like it. In fact, you will know that it is not like it after watching the whole film, and it is different from our previous shooting style."

Next page:Zhou Xun turned into an emotional liar. Tony Leung Chiu Wai gave up the electric eye and played the blind PK Andy Lau.

Cctv news(Reporter Xu Yeqing): On June 1, 2020, the Overall Plan for the Construction of Hainan Free Trade Port (hereinafter referred to as the "Overall Plan") was officially released and implemented. According to preliminary statistics, more than 110 policy documents have been issued. This series of support policies are like precious seeds, which are spread in every corner of Hainan and promote the smooth construction of Hainan Free Trade Port.

Cultural tourism consumption is "fruitful"

This year marks the tenth anniversary of the tax exemption policy for outlying islands, and the accumulated sales amount is about to exceed the 100 billion mark. In the tempering of time, tax exemption for outlying islands has gradually developed into a "golden signboard" in Hainan. In July last year, the new policy of duty-free shopping in Hainan Island was implemented, and the shopping quota was increased from 30,000 yuan per person to 100,000 yuan per year, and the number of times was no longer limited; The variety of duty-free goods on outlying islands is extended to electronic products such as mobile phones.

Haikong Global Boutique (Haikou) Duty Free City (hereinafter referred to as "Duty Free City") is a duty-free store in Haikou, Hainan Island. Chairman Zheng Xiangjun recalled that at the beginning of the preparation of the duty-free city, the international market was affected by the epidemic, and the production capacity of major international brands dropped sharply, the supply was tight, and it was extremely difficult to attract investment and purchase. "Despite this, we are still facing difficulties, and we are fully promoting the work of raising the tax-free sector in the spirit of nailing, which will continue to help Hainan’s tax-free projects in the outlying islands." The first phase of the final project was successfully opened on January 31, 2021 as scheduled.

"The activity is still quite strong!" Ms. Wang and Ms. Liu, who came to the duty-free city for shopping, both said that they had a good shopping experience here. It is understood that as of April 22, the cumulative sales revenue of the first phase of the duty-free city has reached 313 million yuan, and the cumulative number of shoppers has reached 270,840.

Haikong Global Boutique (Haikou) Duty Free City mainly sells perfume and cosmetics.

In recent years, rural tourism has also become one of the first choices for people to travel for vacation. In Yanfeng Town, Haikou City, there is also such a village with a new look.

Tourists are punching in at the "online celebrity" B&B. Photo by Xu Yeqing

Beautiful countryside, Yaocheng, has built a new model of "supporting government infrastructure, industrial investment by state-owned enterprises, sharing rural resources and guaranteeing farmers’ dividends" to build a beautiful village, which is ecologically orderly, harmonious with fields and hospitals, and dependent on enterprises and people. According to the relevant person in charge, the current "online celebrity" village is built on the basis of the original village, which combines modern design with the original ecological environment to create an "idyllic living room" in Jiangdong New District, which integrates homestay, pastoral health, business office, high-standard farmland planting and agricultural experience.

Comparison of the internal transformation of Yaocheng beautiful countryside Photo by Xu Yeqing

It is understood that in 2020, the number of tourists received in Hainan will increase quarter by quarter, making it one of the regions with the best tourism recovery in the country.

Major functional platforms "take root and sprout"

In order to promote the development of China’s health industry and the reform of China’s medical and health undertakings, in 2020, Lecheng Administration launched the "Global Special Drug Insurance" with system integration and innovation in cooperation with medical supervision, insurance supervision, customs, medical insurance and enterprises.

At the same time, relying on licensed medical treatment, licensed research, licensed operation and licensed international exchange, Boao Lecheng International Medical Tourism Pioneer Zone launched an innovative experiment in an underdeveloped medical province. At present, Boao Lecheng Smart Medical Industry Complex can use more than 130 kinds of domestic unlisted medical instruments.

Promote the construction of Sanya Yazhouwan Science and Technology City at a high level. Focusing on the requirements of the Master Plan, Sanya Yazhouwan Science and Technology City will focus on building "one port, three cities and one base", namely Nanfan Science and Technology City, Deep Sea Science and Technology City, Science and Education City, Nanshan Port and global animal and plant germplasm resources introduction transit base. It is understood that Yazhouwan Science and Technology City has added 2,290 registered enterprises in the past two years, and 254 projects have been signed and settled.

"The grass is growing, and the spring mountain is expected." With the effective implementation of the policy system of Hainan Free Trade Port, the continuous improvement of the development environment and the increase of market participants, Hainan is bound to have more "treasures" worth exploring and excavating.

　　On February 9, the Lantern Festival in Dongguan Street, Yangzhou, Jiangsu Province was crowded with tourists. On that day, it was the Lunar Lantern Festival, and thousands of lanterns were hung in the market of Dongguan Street in Yangzhou, allowing citizens and tourists to enjoy the festive atmosphere of the Lantern Festival. China News Agency issued Zhang Bingtao photo

　　"Selling glutinous rice balls, selling glutinous rice balls, second brother’s glutinous rice balls are round and round …" The 9th is the Lantern Festival on the 15th day of the first month, and it’s time to eat Yuanxiao again. On the fifteenth day of the first month, why do you want to eat Yuanxiao?

　　Zhao Zhi Heng, an expert in Tianjin folklore, said that Yuanxiao is a holiday food, just like the rice cakes in the Spring Festival and the zongzi in the Dragon Boat Festival. Eating Yuanxiao symbolizes family reunion like a full moon, and places people’s good wishes for future life. Yuanxiao is made of glutinous rice, either solid or stuffed.

　　Folklore experts said that regardless of the north and the south, the 15th day of the first month is the day for family reunion to eat Yuanxiao. The food name "Yuanxiao" is said to have appeared in the late Song Dynasty and early Yuan Dynasty because people used to eat it on the night of the Lantern Festival. Shangyuan Night is the first full moon night in the New Year. "A full moon begins with a circle", and a full moon shines in the sky. People gather to eat Yuanxiao, which is shaped like a full moon, and has a very subtle correspondence with natural phenomena. "The moon and the stars are burning in the sky, and there are two yuanxiao on earth", which expresses the happy mood of people’s family reunion.

　　The moon on the Lantern Festival this year is unpredictable. Wang Sichao, a researcher at Purple Mountain Observatory of Chinese Academy of Sciences, said that while the public is enjoying the full moon, a penumbral eclipse is also happening.

　　Wang Sichao introduced that the penumbral eclipse is an astronomical phenomenon that the moon enters the penumbra (a relatively bright part of the shadow) of the earth. At this time, the earth blocks part of the light from the sun to the moon, and the moon looks darker than usual. If you use a telescope to observe the moon, the feeling of darkening will be more obvious. Although the penumbral eclipse is not so spectacular and shocking, it is the best time to enjoy the full moon.

　　This penumbral eclipse started at 20: 37 Beijing time on the 9th and ended at 0: 40 on the 10th, and the whole process can be enjoyed throughout China. Among them, the eclipse, that is, the maximum penumbra eclipse, is around 22: 38, when it is the most appropriate time to observe the slightly dim moon. (Author: Zhou Runjian, Cai Yugao)

Editor: Liu Li

　　First, the national lottery sales

　　In December, the national lottery sales totaled 53.284 billion yuan [1], a year-on-year decrease of 8.565 billion yuan or 13.8%. Among them, the sales of welfare lottery institutions was 17.476 billion yuan, an increase of 5.646 billion yuan, an increase of 47.7%; The sales of sports lottery institutions reached 35.808 billion yuan, a year-on-year decrease of 14.211 billion yuan or 28.4%. Mainly because of football in the same period last year.The base of the pulling factors of the event is high.

　　From January to December, the national lottery sales totaled 579.696 billion yuan, an increase of 155.044 billion yuan or 36.5%. Among them, the sales of welfare lottery institutions was 194.441 billion yuan, an increase of 46.311 billion yuan, an increase of 31.3%; The sales of sports lottery institutions reached 385.255 billion yuan, an increase of 108.733 billion yuan or 39.3%.

　　Second, the sales of lottery tickets by type

　　In December, lottery digital lottery sales reached 16.952 billion yuan, a year-on-year increase of 29.3%. The sales of quiz lottery tickets was 22.431 billion yuan, down 47.8% year-on-year; The sales of instant lottery tickets reached 10.224 billion yuan, a year-on-year increase of 214.4%; Keno lottery sales reached 3.676 billion yuan, a year-on-year increase of 47.3%. In December, the sales volume of digital lottery, quiz, instant lottery and Keno lottery respectively accounted for 31.8%, 42.1%, 19.2% and 6.9% of the total lottery sales, and the sales volume of video lottery was 140,000 yuan, an increase of 120,000 yuan year-on-year.

　　From January to December, the sales of lottery digital lottery tickets reached 176.803 billion yuan, an increase of 21.385 billion yuan or 13.8%. The sales of quiz lottery tickets was 246.476 billion yuan, an increase of 65.550 billion yuan or 36.2% year-on-year; The sales of instant lottery tickets reached 119.021 billion yuan, an increase of 59.574 billion yuan or 100.2%. The sales of Keno lottery tickets reached 37.394 billion yuan, up 8.534 billion yuan or 29.6% year-on-year. From January to December, the sales volume of digital lottery, quiz, instant lottery and Keno lottery respectively accounted for 30.5%, 42.5%, 20.5% and 6.5% of the total lottery sales. Video lottery sales reached 1.53 million yuan, up 930,000 yuan year-on-year.

　　Third, the sales of lottery tickets by region

　　In December, compared with the same period of last year, the lottery sales in various provinces in China were mixed, among which Hunan, Guangdong, Chongqing and Xinjiang increased more, increasing by 231 million yuan, 191 million yuan, 163 million yuan and 138 million yuan respectively. Jiangsu, Zhejiang, Shandong, and Sichuan saw a large decline, with a year-on-year decrease of 1.722 billion yuan, 1.106 billion yuan, 735 million yuan, and 659 million yuan respectively.

　　From January to December, compared with the same period of last year, lottery sales in all provinces in China increased, with Guangdong, Jiangsu, Zhejiang and Shandong increasing by 16.321 billion yuan, 12.946 billion yuan, 12.442 billion yuan and 10.832 billion yuan respectively.

　　Lottery agencies at all levels should closely follow and analyze new situations and new problems, effectively strengthen the issuance and sales of lottery tickets, and ensure the smooth operation of the market. Financial departments at all levels should further strengthen lottery supervision, actively create a good external environment, maintain market order, and promote the sustained and healthy development of lottery.

　　Remarks: [1] The sales volume of lottery digital lottery tickets is counted according to the end time of the sales period; Traditional football of quiz lotteryAnd counting the sales volume according to the end time of the sales period in the single-game quiz with regional networking, and counting the sales volume according to the lottery time of the betting content in the single-game quiz with national networking of quiz lottery tickets; Instant lottery tickets count sales according to sales time; Video lottery statistics sales according to sales time; The sales volume of Keno lottery tickets is counted according to the end time of the sales period.