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2021-06-28
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The battle for ammunition, this game returns to Hong Kong, and XPeng wins!
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Nio, XPeng and Ideal have started the road of capital competition from US stocks to Hong Kong stocks.</p><p>It is reported that Nio and Li Auto have secretly handed in documents related to Hong Kong listing.</p><p><b>However, in this round of battle for \"the first smart electric vehicle stock in Hong Kong stocks\", XPeng Motors took the lead and took the lead in obtaining ammunition.</b></p><p>On June 23, XPeng Automobile passed the hearing of the Hong Kong Stock Exchange.</p><p>On June 24, the latest prospectus documents showed that the company has officially launched the Hong Kong stock listing plan, and will sell 4.25 million shares in Hong Kong public offering and 80.75 million new Class A ordinary shares in international offering, with a maximum price of HK $180 per share. At the same time, 12.75 million over-allotment options were granted to international underwriters.</p><p><b>According to the issue price of HK $180, XPeng Automobile's fundraising amount is expected to be HK $15.3-17.595 billion.</b></p><p>At present, Ali firmly occupies the position of the second largest shareholder.</p><p>According to the prospectus, He XPeng, chairman of XPeng Motors, holds 21.75% of the shares as the largest shareholder, Taobao china holds 11.9%, IDG Capital holds 4.8%, XPeng Motors co-founder and president Xia Heng holds 3.8%, Wuyuan Capital holds 3.2% of the shares, and GGV Capital holds 2.8% of the shares.</p><p><img src=\"https://static.tigerbbs.com/2f9e962775d657ebd2a3f75285b59138\" tg-width=\"554\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>01</b></p><p><b>Double primary listing first share in three years, significant</b></p><p>The listing of XPeng Automobile in Hong Kong is less than a year after the US stock market rang the bell on August 27 last year.</p><p>Generally speaking, there are three ways for Chinese concept stocks to return to A-shares or Hong Kong stocks: one is to delist from the US stock market and re-list on A-shares or Hong Kong stocks; the other is to retain the US stock market and list it on the Hong Kong stock market for the second time; and the third is to retain the US stock market. The listing status is listed on the US stock market and the Hong Kong stock market respectively, that is, dual primary listing.</p><p><b>Among them, dual primary listings face stricter supervision and need to be jointly supervised by the US Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</b></p><p><b>XPeng Automobile's return to Hong Kong for listing is the third way, which means that the company is listed on two stock exchanges at the same time, and at the same time meets the regulatory requirements of the two places for listed companies.</b></p><p>At present, many companies listed in the United States have chosen the secondary listing of Hong Kong stocks. On March 23, Baidu was listed on the Hong Kong stock market; On March 29, Bilibili (i.e. Station B) was officially listed on the Hong Kong Stock Exchange; Previously, Autohome also announced the start of trading on the main board of the Hong Kong Stock Exchange.</p><p><b>However, XPeng is the first dual primary listing company in Hong Kong and the United States since BeiGene's dual primary listing on the Hong Kong Stock Exchange three years ago.</b></p><p>The Hong Kong Stock Exchange attaches great importance to XPeng's return to Hong Kong for listing. It is said that the Hong Kong Stock Exchange, which has been ringing the bell online for more than a year due to the epidemic, also hopes to make an exception for XPeng Automobile and resume the offline bell ringing ceremony.</p><p>According to the regulations of Hong Kong Stock Connect, after XPeng Automobile is listed on the main board of Hong Kong, it can meet the access conditions of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and will directly open up channels for A-share investors. In addition, XPeng Automobile shares can still be freely transferred and traded between Hong Kong and new york exchanges.</p><p>For XPeng, after raising funds in Hong Kong stocks, it can directly open up the RMB market and further extend the capital tentacles; For A-share investors, smart electric vehicles are no longer out of reach.</p><p><b>02</b></p><p><b>Why is the \"first share\" XPeng?</b></p><p>XPeng He, the founder of XPeng Motor, once said after the successful bell of the US stock market: \"It is very important to get more ammunition in order to win the long-distance race.\"</p><p>Behind the rapid acquisition of ammunition is the intelligent technology that XPeng Motors has always been proud of and focused on.</p><p><b>And this is what the Hong Kong Stock Exchange is scarce and desires.</b></p><p>It can be seen from Baidu, which was listed in Hong Kong for the second time before, that what capital respects is its \"first AI stock\" aura.</p><p>Since its establishment in 2015, XPeng Automobile has focused on intelligent technology, and began to build a full-stack self-research system in 2017. According to HIS Markit, XPeng is the only Chinese automotive company to develop its own full-stack autonomous driving software.</p><p><b>Therefore, XPeng vehicles are exactly the smart electric vehicle logo that the Hong Kong Stock Exchange needs to be able to stand up to the title of \"AI\" in the automotive field.</b></p><p>From the price comparison, we can also see the strength of XPeng's return to Hong Kong.</p><p>The IPO price of Hong Kong stocks has reached HK $180. When it was listed on the US stock market last year, XPeng's IPO price was only US $15. Until the US stock market closed on June 25, the price was US $42.16.</p><p><b>03 Full-stack autonomous driving, substantial growth in revenue, accelerated hematopoiesis</b></p><p>As one of the leading smart electric vehicle manufacturers in China, XPeng is the only automotive company in China that develops its own full-stack autonomous driving software, focusing on software, data and hardware technologies as the core to provide autonomous driving, intelligent interconnection and core automotive systems. bring innovation.</p><p>Compared with traditional cars, XPeng cars integrate software and hardware and have become the top five best-selling brands in the Chinese mid-to-high-end electric vehicle market.</p><p><img src=\"https://static.tigerbbs.com/1f94ea92d2e1ee5ac28ad4c5112990c5\" tg-width=\"554\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>From the perspective of vehicle delivery,</b>XPeng vehicles delivered 29 vehicles, 12,728 vehicles and 27,041 vehicles in 2018, 2019, and 2020 respectively. In the first quarter of 2021, 13,340 vehicles have been delivered, nearly half of the number delivered last year.</p><p><img src=\"https://static.tigerbbs.com/84fbe34a2ccca4e21e9d00dbc0924313\" tg-width=\"483\" tg-height=\"290\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>As of March 31, 2021, XPeng has delivered 30,102 G3 models and 23,036 P7 vehicles to customers, and has launched the third smart electric vehicle network P5 in May 2021. According to IHS Markit data, this model is expected to be the first mass-produced smart electric vehicle equipped with lidar after delivery.</p><p><b>From the income level,</b>The total revenue of XPeng Automobile in 2018, 2019 and 2020 was RMB 9.7 million, RMB 2.312 billion and RMB 5.744 billion respectively; In the first quarter of 2021, revenue was 2.951 billion yuan, more than half of last year's total revenue.</p><p><img src=\"https://static.tigerbbs.com/1997d350c6943f37311165c86abe7cf0\" tg-width=\"482\" tg-height=\"292\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>At the same time, the gross profit margin of XPeng Automobile has been rising all the way, and has increased to 11.2% in the first quarter of 2021, which is expected to catch up with Ideal and even Nio.</p><p>In addition, XPeng disclosed in the prospectus that its automatic assisted driving service XPILOT software revenue accounted for 2.5% of its revenue in the first quarter.</p><p><b>If we can continue to increase the proportion of software services, XPeng will be expected to embark on a development direction different from other companies and realize hematopoietic function as soon as possible.</b></p><p><b>Epilogue</b></p><p>At present, in addition to the three outstanding car manufacturers and traditional car companies, the trend of Internet car manufacturing is also growing.</p><p>Among them, Huawei and 360 specialize in intelligent network services; Baidu, Didi, and Byte have cut into the field of subdivided autonomous driving, while Xiaomi wants to be a complete vehicle owner.</p><p>However, with the advancement of the intelligent trend of new energy vehicles, as an Internet car company with independent research and development software and hardware integration, XPeng still has imaginable space on this broad track in the future.</p><p><b>However, in the face of the situation that there is a wolf in front and a tiger in the back, it is self-evident that the ability to win the \"first stock of smart electric vehicles\" in Hong Kong stocks will support XPeng vehicles.</b></p><p>XPeng has promised to break even by the end of 2023 or 2024, but achieving this goal will undoubtedly require more deliveries, higher R&D investment, and extensive product layout, all of which require more funding.</p><p>The troops and horses didn't move, but food and grass went first.</p><p>Facing the tough battle that may continue in the future, XPeng is ready.</p>","source":"highlight_wallstreetcn","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>The battle for ammunition, this game returns to Hong Kong, and XPeng wins!</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; 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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\">\nThe battle for ammunition, this game returns to Hong Kong, and XPeng wins!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻 </strong><span class=\"h-time small\">2021-06-28 17:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In recent years, the smart electric vehicle industry has been prosperous and fierce, and it has become the epitome of the Spring and Autumn Period and the Warring States Period.</p><p>The fierce competition landscape naturally means the importance of strong capital reserves. Nio, XPeng and Ideal have started the road of capital competition from US stocks to Hong Kong stocks.</p><p>It is reported that Nio and Li Auto have secretly handed in documents related to Hong Kong listing.</p><p><b>However, in this round of battle for \"the first smart electric vehicle stock in Hong Kong stocks\", XPeng Motors took the lead and took the lead in obtaining ammunition.</b></p><p>On June 23, XPeng Automobile passed the hearing of the Hong Kong Stock Exchange.</p><p>On June 24, the latest prospectus documents showed that the company has officially launched the Hong Kong stock listing plan, and will sell 4.25 million shares in Hong Kong public offering and 80.75 million new Class A ordinary shares in international offering, with a maximum price of HK $180 per share. At the same time, 12.75 million over-allotment options were granted to international underwriters.</p><p><b>According to the issue price of HK $180, XPeng Automobile's fundraising amount is expected to be HK $15.3-17.595 billion.</b></p><p>At present, Ali firmly occupies the position of the second largest shareholder.</p><p>According to the prospectus, He XPeng, chairman of XPeng Motors, holds 21.75% of the shares as the largest shareholder, Taobao china holds 11.9%, IDG Capital holds 4.8%, XPeng Motors co-founder and president Xia Heng holds 3.8%, Wuyuan Capital holds 3.2% of the shares, and GGV Capital holds 2.8% of the shares.</p><p><img src=\"https://static.tigerbbs.com/2f9e962775d657ebd2a3f75285b59138\" tg-width=\"554\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>01</b></p><p><b>Double primary listing first share in three years, significant</b></p><p>The listing of XPeng Automobile in Hong Kong is less than a year after the US stock market rang the bell on August 27 last year.</p><p>Generally speaking, there are three ways for Chinese concept stocks to return to A-shares or Hong Kong stocks: one is to delist from the US stock market and re-list on A-shares or Hong Kong stocks; the other is to retain the US stock market and list it on the Hong Kong stock market for the second time; and the third is to retain the US stock market. The listing status is listed on the US stock market and the Hong Kong stock market respectively, that is, dual primary listing.</p><p><b>Among them, dual primary listings face stricter supervision and need to be jointly supervised by the US Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</b></p><p><b>XPeng Automobile's return to Hong Kong for listing is the third way, which means that the company is listed on two stock exchanges at the same time, and at the same time meets the regulatory requirements of the two places for listed companies.</b></p><p>At present, many companies listed in the United States have chosen the secondary listing of Hong Kong stocks. On March 23, Baidu was listed on the Hong Kong stock market; On March 29, Bilibili (i.e. Station B) was officially listed on the Hong Kong Stock Exchange; Previously, Autohome also announced the start of trading on the main board of the Hong Kong Stock Exchange.</p><p><b>However, XPeng is the first dual primary listing company in Hong Kong and the United States since BeiGene's dual primary listing on the Hong Kong Stock Exchange three years ago.</b></p><p>The Hong Kong Stock Exchange attaches great importance to XPeng's return to Hong Kong for listing. It is said that the Hong Kong Stock Exchange, which has been ringing the bell online for more than a year due to the epidemic, also hopes to make an exception for XPeng Automobile and resume the offline bell ringing ceremony.</p><p>According to the regulations of Hong Kong Stock Connect, after XPeng Automobile is listed on the main board of Hong Kong, it can meet the access conditions of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and will directly open up channels for A-share investors. In addition, XPeng Automobile shares can still be freely transferred and traded between Hong Kong and new york exchanges.</p><p>For XPeng, after raising funds in Hong Kong stocks, it can directly open up the RMB market and further extend the capital tentacles; For A-share investors, smart electric vehicles are no longer out of reach.</p><p><b>02</b></p><p><b>Why is the \"first share\" XPeng?</b></p><p>XPeng He, the founder of XPeng Motor, once said after the successful bell of the US stock market: \"It is very important to get more ammunition in order to win the long-distance race.\"</p><p>Behind the rapid acquisition of ammunition is the intelligent technology that XPeng Motors has always been proud of and focused on.</p><p><b>And this is what the Hong Kong Stock Exchange is scarce and desires.</b></p><p>It can be seen from Baidu, which was listed in Hong Kong for the second time before, that what capital respects is its \"first AI stock\" aura.</p><p>Since its establishment in 2015, XPeng Automobile has focused on intelligent technology, and began to build a full-stack self-research system in 2017. According to HIS Markit, XPeng is the only Chinese automotive company to develop its own full-stack autonomous driving software.</p><p><b>Therefore, XPeng vehicles are exactly the smart electric vehicle logo that the Hong Kong Stock Exchange needs to be able to stand up to the title of \"AI\" in the automotive field.</b></p><p>From the price comparison, we can also see the strength of XPeng's return to Hong Kong.</p><p>The IPO price of Hong Kong stocks has reached HK $180. When it was listed on the US stock market last year, XPeng's IPO price was only US $15. Until the US stock market closed on June 25, the price was US $42.16.</p><p><b>03 Full-stack autonomous driving, substantial growth in revenue, accelerated hematopoiesis</b></p><p>As one of the leading smart electric vehicle manufacturers in China, XPeng is the only automotive company in China that develops its own full-stack autonomous driving software, focusing on software, data and hardware technologies as the core to provide autonomous driving, intelligent interconnection and core automotive systems. bring innovation.</p><p>Compared with traditional cars, XPeng cars integrate software and hardware and have become the top five best-selling brands in the Chinese mid-to-high-end electric vehicle market.</p><p><img src=\"https://static.tigerbbs.com/1f94ea92d2e1ee5ac28ad4c5112990c5\" tg-width=\"554\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>From the perspective of vehicle delivery,</b>XPeng vehicles delivered 29 vehicles, 12,728 vehicles and 27,041 vehicles in 2018, 2019, and 2020 respectively. In the first quarter of 2021, 13,340 vehicles have been delivered, nearly half of the number delivered last year.</p><p><img src=\"https://static.tigerbbs.com/84fbe34a2ccca4e21e9d00dbc0924313\" tg-width=\"483\" tg-height=\"290\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>As of March 31, 2021, XPeng has delivered 30,102 G3 models and 23,036 P7 vehicles to customers, and has launched the third smart electric vehicle network P5 in May 2021. According to IHS Markit data, this model is expected to be the first mass-produced smart electric vehicle equipped with lidar after delivery.</p><p><b>From the income level,</b>The total revenue of XPeng Automobile in 2018, 2019 and 2020 was RMB 9.7 million, RMB 2.312 billion and RMB 5.744 billion respectively; In the first quarter of 2021, revenue was 2.951 billion yuan, more than half of last year's total revenue.</p><p><img src=\"https://static.tigerbbs.com/1997d350c6943f37311165c86abe7cf0\" tg-width=\"482\" tg-height=\"292\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>At the same time, the gross profit margin of XPeng Automobile has been rising all the way, and has increased to 11.2% in the first quarter of 2021, which is expected to catch up with Ideal and even Nio.</p><p>In addition, XPeng disclosed in the prospectus that its automatic assisted driving service XPILOT software revenue accounted for 2.5% of its revenue in the first quarter.</p><p><b>If we can continue to increase the proportion of software services, XPeng will be expected to embark on a development direction different from other companies and realize hematopoietic function as soon as possible.</b></p><p><b>Epilogue</b></p><p>At present, in addition to the three outstanding car manufacturers and traditional car companies, the trend of Internet car manufacturing is also growing.</p><p>Among them, Huawei and 360 specialize in intelligent network services; Baidu, Didi, and Byte have cut into the field of subdivided autonomous driving, while Xiaomi wants to be a complete vehicle owner.</p><p>However, with the advancement of the intelligent trend of new energy vehicles, as an Internet car company with independent research and development software and hardware integration, XPeng still has imaginable space on this broad track in the future.</p><p><b>However, in the face of the situation that there is a wolf in front and a tiger in the back, it is self-evident that the ability to win the \"first stock of smart electric vehicles\" in Hong Kong stocks will support XPeng vehicles.</b></p><p>XPeng has promised to break even by the end of 2023 or 2024, but achieving this goal will undoubtedly require more deliveries, higher R&D investment, and extensive product layout, all of which require more funding.</p><p>The troops and horses didn't move, but food and grass went first.</p><p>Facing the tough battle that may continue in the future, XPeng is ready.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/AcBEeM2yeqBpOLRWdPvThA\">华尔街见闻 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4aa4c2246df411f68e16a21f6d365311","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/AcBEeM2yeqBpOLRWdPvThA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1198246953","content_text":"近几年来，智能电动车行业景象一片繁荣、征伐激烈，俨然成为了春秋战国的缩影。\n激烈的竞争格局自然意味着雄厚资本储备的重要性，蔚来、小鹏和理想纷纷开启了从美股到港股的资本争夺之路。\n据悉，蔚来和理想汽车已经秘交了香港上市相关文件。\n不过在此轮“港股智能电动车第一股”的争战中，小鹏汽车拔得头筹，率先取得弹药。\n6月23日，小鹏汽车通过港交所聆讯。\n6月24日，最新招股文件显示公司已正式启动港股上市计划，将发售包括香港公开发售的425万股及国际发售的8075万股新A类普通股，每股最高定价在180港元。同时，向国际承销商授出1275万股超额配售权。\n按照180港元的发行价，小鹏汽车此次募资额预计为153-175.95亿港元。\n目前阿里系牢牢占据第二大股东的位置。\n招股书显示，小鹏汽车董事长何小鹏持股21.75%为最大股东，淘宝中国持股11.9%，IDG资本持股4.8%，小鹏汽车联合创始人、总裁夏珩持股3.8%，五源资本持股3.2%，纪源资本持股2.8%。\n\n来源：招股书\n01\n三年来的双重主要上市第一股，意义重大\n本次小鹏汽车赴港上市距去年8月27日美股敲钟时隔不足1年。\n一般来说，中概股回归A股或港股有三种途径：其一是从美股退市重新在A股或港股上市，其二是保留美股同时在港股第二次上市，其三是保留美股上市地位在美股和港股分别上市，也就是双重主要上市。\n其中双重主要上市所面对的监管更加严格，需要受到美国证券交易委员会（SEC）和香港证券及期货事务监察委员会（SFC）的共同监管。\n小鹏汽车此次回港上市走的即是第三条路，意味着公司在两个证券交易所同时挂牌，且同时满足两地对上市公司的各项监管要求。\n当前已有不少在美上市企业选择港股二次上市。3月23日，百度在港股上市；3月29日，哔哩哔哩（即B站）正式在港交所挂牌；此前，汽车之家也宣布在香港联交所主板开始交易。\n但小鹏是继3年前百济神州在港交所双重主要上市以来的第一家港美双重主要上市公司。\n港交所对此次小鹏回港上市十分重视，据称，因疫情施行线上敲钟一年多的港交所，也有希望为小鹏汽车破例，恢复线下敲钟仪式。\n根据港股通的规定，小鹏汽车在香港主板上市之后，可以满足沪港通与深港通的接入条件，将直接打通A股投资者渠道。此外，小鹏汽车股票在香港和纽约两个交易所间仍可以自由转移和交易。\n对于小鹏来说，港股募资后能够直接打通人民币市场，将资本触角进一步延伸；而对于A股投资者来说，智能电动车也不再遥不可及。\n02\n为什么“第一股”是小鹏？\n小鹏汽车的创始人何小鹏曾经在美股成功敲钟之后说：“多拿弹药非常重要，才能赢得长跑。”\n快速取得弹药的背后是小鹏汽车一直以来引以为傲并重点投入的智能技术。\n而这正是港交所稀缺和渴望的。\n从此前在港二次上市的百度即可见一斑，资本推崇的正是其的“AI第一股”光环。\n而小鹏汽车从2015年成立起，就主打智能技术，并在2017年开始搭建全栈自研体系。根据HIS Markit的数据，小鹏是中国唯一一家自行开发全栈自动驾驶软件的汽车公司。\n因此，小鹏汽车正是港交所需要的在汽车领域能够顶得起“AI”头衔的智能电动车标的。\n从价格对比也可见此次小鹏回港之强势。\n港股此番招股价格已经高达180港元，而去年在美股挂牌时，小鹏的招股价仅15美元，直到6月25日美股收盘，价格为42.16美元。\n03全栈自动驾驶，收入大幅增长，造血加速\n作为国内领先的智能电动汽车厂商之一，小鹏是国内唯一一家自行开发全栈自动驾驶软件的汽车公司，专注于以软件、数据和硬件技术为核心，为自动驾驶、智能互联和核心汽车系统带来创新。\n与传统汽车相比，小鹏汽车集软硬件为一体，已经成为中国中高端电动汽车市场排名前五的畅销品牌。\n\n来源：招股书\n从车辆交付层面来看，小鹏汽车2018、2019、2020年分别交付29辆、12728辆与27041辆，2021年一季度已经交付13340辆，接近去年全年交付数量的一半。\n\n来源：招股书\n截至2021年3月31日，小鹏已经向客户交付30102辆G3车型，交付23036辆P7，并已经于2021年5月推出第三款智能电动汽车网P5。根据IHS Markit数据，该车型预计在交付后将成为首款配备激光雷达的量产智能电动汽车。\n从收入层面，小鹏汽车2018、2019、2020年的总收入分别为人民币970万元、23.12亿元和57.44亿元；2021年一季度，收入为29.51亿元，超过去年总收入的一半。\n\n来源：招股书\n与此同时小鹏汽车的毛利率一路上行，已经在2021年一季度已经提升至11.2%，有望追上理想甚至蔚来。\n此外，小鹏在招股书中披露，其自动辅助驾驶服务XPILOT软件收入占第一季度营收的2.5%。\n如能继续提升软件服务的占比，小鹏将有望走出一条迥异于其他企业的发展方向，早日实现造血功能。\n尾声\n目前，除造车三杰和传统车企外，互联网造车之风也越刮越大。\n其中，华为、360专攻智能网联服务；百度、滴滴、字节切入细分自动驾驶领域，而小米想要做整车一族。\n不过，随着新能源汽车智能化趋势的推进，作为拥有自主研发软硬件一体化的互联网车企，未来小鹏在这个宽广的赛道上还是具备可想象的空间。\n但面对前有狼后是虎的局面，能够拿下港股“智能电动车第一股”对于小鹏汽车的支撑能力不言而喻。\n小鹏汽车承诺，到2023年底或2024年实现收支平衡，但要实现这一目标无疑需要更多的交付量、更高的研发投入以及广泛的产品布局，而这一切都需要更多的资金。\n兵马未动，粮草先行。\n面对未来可能继续的艰苦战役，小鹏已经做好了准备。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":150068663,"gmtCreate":1624876211352,"gmtModify":1703846784276,"author":{"id":"3581727110198661","authorId":"3581727110198661","name":"KeeYep","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581727110198661","idStr":"3581727110198661"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150068663","repostId":"1198246953","repostType":4,"repost":{"id":"1198246953","kind":"news","pubTimestamp":1624873680,"share":"https://ttm.financial/m/news/1198246953?lang=en_US&edition=fundamental","pubTime":"2021-06-28 17:48","market":"us","language":"zh","title":"The battle for ammunition, this game returns to Hong Kong, and XPeng wins!","url":"https://stock-news.laohu8.com/highlight/detail?id=1198246953","media":"华尔街见闻 ","summary":"近几年来，智能电动车行业景象一片繁荣、征伐激烈，俨然成为了春秋战国的缩影。\n激烈的竞争格局自然意味着雄厚资本储备的重要性，蔚来、小鹏和理想纷纷开启了从美股到港股的资本争夺之路。\n据悉，蔚来和理想汽车已","content":"<p>In recent years, the smart electric vehicle industry has been prosperous and fierce, and it has become the epitome of the Spring and Autumn Period and the Warring States Period.</p><p>The fierce competition landscape naturally means the importance of strong capital reserves. Nio, XPeng and Ideal have started the road of capital competition from US stocks to Hong Kong stocks.</p><p>It is reported that Nio and Li Auto have secretly handed in documents related to Hong Kong listing.</p><p><b>However, in this round of battle for \"the first smart electric vehicle stock in Hong Kong stocks\", XPeng Motors took the lead and took the lead in obtaining ammunition.</b></p><p>On June 23, XPeng Automobile passed the hearing of the Hong Kong Stock Exchange.</p><p>On June 24, the latest prospectus documents showed that the company has officially launched the Hong Kong stock listing plan, and will sell 4.25 million shares in Hong Kong public offering and 80.75 million new Class A ordinary shares in international offering, with a maximum price of HK $180 per share. At the same time, 12.75 million over-allotment options were granted to international underwriters.</p><p><b>According to the issue price of HK $180, XPeng Automobile's fundraising amount is expected to be HK $15.3-17.595 billion.</b></p><p>At present, Ali firmly occupies the position of the second largest shareholder.</p><p>According to the prospectus, He XPeng, chairman of XPeng Motors, holds 21.75% of the shares as the largest shareholder, Taobao china holds 11.9%, IDG Capital holds 4.8%, XPeng Motors co-founder and president Xia Heng holds 3.8%, Wuyuan Capital holds 3.2% of the shares, and GGV Capital holds 2.8% of the shares.</p><p><img src=\"https://static.tigerbbs.com/2f9e962775d657ebd2a3f75285b59138\" tg-width=\"554\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>01</b></p><p><b>Double primary listing first share in three years, significant</b></p><p>The listing of XPeng Automobile in Hong Kong is less than a year after the US stock market rang the bell on August 27 last year.</p><p>Generally speaking, there are three ways for Chinese concept stocks to return to A-shares or Hong Kong stocks: one is to delist from the US stock market and re-list on A-shares or Hong Kong stocks; the other is to retain the US stock market and list it on the Hong Kong stock market for the second time; and the third is to retain the US stock market. The listing status is listed on the US stock market and the Hong Kong stock market respectively, that is, dual primary listing.</p><p><b>Among them, dual primary listings face stricter supervision and need to be jointly supervised by the US Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</b></p><p><b>XPeng Automobile's return to Hong Kong for listing is the third way, which means that the company is listed on two stock exchanges at the same time, and at the same time meets the regulatory requirements of the two places for listed companies.</b></p><p>At present, many companies listed in the United States have chosen the secondary listing of Hong Kong stocks. On March 23, Baidu was listed on the Hong Kong stock market; On March 29, Bilibili (i.e. Station B) was officially listed on the Hong Kong Stock Exchange; Previously, Autohome also announced the start of trading on the main board of the Hong Kong Stock Exchange.</p><p><b>However, XPeng is the first dual primary listing company in Hong Kong and the United States since BeiGene's dual primary listing on the Hong Kong Stock Exchange three years ago.</b></p><p>The Hong Kong Stock Exchange attaches great importance to XPeng's return to Hong Kong for listing. It is said that the Hong Kong Stock Exchange, which has been ringing the bell online for more than a year due to the epidemic, also hopes to make an exception for XPeng Automobile and resume the offline bell ringing ceremony.</p><p>According to the regulations of Hong Kong Stock Connect, after XPeng Automobile is listed on the main board of Hong Kong, it can meet the access conditions of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and will directly open up channels for A-share investors. In addition, XPeng Automobile shares can still be freely transferred and traded between Hong Kong and new york exchanges.</p><p>For XPeng, after raising funds in Hong Kong stocks, it can directly open up the RMB market and further extend the capital tentacles; For A-share investors, smart electric vehicles are no longer out of reach.</p><p><b>02</b></p><p><b>Why is the \"first share\" XPeng?</b></p><p>XPeng He, the founder of XPeng Motor, once said after the successful bell of the US stock market: \"It is very important to get more ammunition in order to win the long-distance race.\"</p><p>Behind the rapid acquisition of ammunition is the intelligent technology that XPeng Motors has always been proud of and focused on.</p><p><b>And this is what the Hong Kong Stock Exchange is scarce and desires.</b></p><p>It can be seen from Baidu, which was listed in Hong Kong for the second time before, that what capital respects is its \"first AI stock\" aura.</p><p>Since its establishment in 2015, XPeng Automobile has focused on intelligent technology, and began to build a full-stack self-research system in 2017. According to HIS Markit, XPeng is the only Chinese automotive company to develop its own full-stack autonomous driving software.</p><p><b>Therefore, XPeng vehicles are exactly the smart electric vehicle logo that the Hong Kong Stock Exchange needs to be able to stand up to the title of \"AI\" in the automotive field.</b></p><p>From the price comparison, we can also see the strength of XPeng's return to Hong Kong.</p><p>The IPO price of Hong Kong stocks has reached HK $180. When it was listed on the US stock market last year, XPeng's IPO price was only US $15. Until the US stock market closed on June 25, the price was US $42.16.</p><p><b>03 Full-stack autonomous driving, substantial growth in revenue, accelerated hematopoiesis</b></p><p>As one of the leading smart electric vehicle manufacturers in China, XPeng is the only automotive company in China that develops its own full-stack autonomous driving software, focusing on software, data and hardware technologies as the core to provide autonomous driving, intelligent interconnection and core automotive systems. bring innovation.</p><p>Compared with traditional cars, XPeng cars integrate software and hardware and have become the top five best-selling brands in the Chinese mid-to-high-end electric vehicle market.</p><p><img src=\"https://static.tigerbbs.com/1f94ea92d2e1ee5ac28ad4c5112990c5\" tg-width=\"554\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>From the perspective of vehicle delivery,</b>XPeng vehicles delivered 29 vehicles, 12,728 vehicles and 27,041 vehicles in 2018, 2019, and 2020 respectively. In the first quarter of 2021, 13,340 vehicles have been delivered, nearly half of the number delivered last year.</p><p><img src=\"https://static.tigerbbs.com/84fbe34a2ccca4e21e9d00dbc0924313\" tg-width=\"483\" tg-height=\"290\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>As of March 31, 2021, XPeng has delivered 30,102 G3 models and 23,036 P7 vehicles to customers, and has launched the third smart electric vehicle network P5 in May 2021. According to IHS Markit data, this model is expected to be the first mass-produced smart electric vehicle equipped with lidar after delivery.</p><p><b>From the income level,</b>The total revenue of XPeng Automobile in 2018, 2019 and 2020 was RMB 9.7 million, RMB 2.312 billion and RMB 5.744 billion respectively; In the first quarter of 2021, revenue was 2.951 billion yuan, more than half of last year's total revenue.</p><p><img src=\"https://static.tigerbbs.com/1997d350c6943f37311165c86abe7cf0\" tg-width=\"482\" tg-height=\"292\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>At the same time, the gross profit margin of XPeng Automobile has been rising all the way, and has increased to 11.2% in the first quarter of 2021, which is expected to catch up with Ideal and even Nio.</p><p>In addition, XPeng disclosed in the prospectus that its automatic assisted driving service XPILOT software revenue accounted for 2.5% of its revenue in the first quarter.</p><p><b>If we can continue to increase the proportion of software services, XPeng will be expected to embark on a development direction different from other companies and realize hematopoietic function as soon as possible.</b></p><p><b>Epilogue</b></p><p>At present, in addition to the three outstanding car manufacturers and traditional car companies, the trend of Internet car manufacturing is also growing.</p><p>Among them, Huawei and 360 specialize in intelligent network services; Baidu, Didi, and Byte have cut into the field of subdivided autonomous driving, while Xiaomi wants to be a complete vehicle owner.</p><p>However, with the advancement of the intelligent trend of new energy vehicles, as an Internet car company with independent research and development software and hardware integration, XPeng still has imaginable space on this broad track in the future.</p><p><b>However, in the face of the situation that there is a wolf in front and a tiger in the back, it is self-evident that the ability to win the \"first stock of smart electric vehicles\" in Hong Kong stocks will support XPeng vehicles.</b></p><p>XPeng has promised to break even by the end of 2023 or 2024, but achieving this goal will undoubtedly require more deliveries, higher R&D investment, and extensive product layout, all of which require more funding.</p><p>The troops and horses didn't move, but food and grass went first.</p><p>Facing the tough battle that may continue in the future, XPeng is ready.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nThe battle for ammunition, this game returns to Hong Kong, and XPeng wins!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻 </strong><span class=\"h-time small\">2021-06-28 17:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In recent years, the smart electric vehicle industry has been prosperous and fierce, and it has become the epitome of the Spring and Autumn Period and the Warring States Period.</p><p>The fierce competition landscape naturally means the importance of strong capital reserves. Nio, XPeng and Ideal have started the road of capital competition from US stocks to Hong Kong stocks.</p><p>It is reported that Nio and Li Auto have secretly handed in documents related to Hong Kong listing.</p><p><b>However, in this round of battle for \"the first smart electric vehicle stock in Hong Kong stocks\", XPeng Motors took the lead and took the lead in obtaining ammunition.</b></p><p>On June 23, XPeng Automobile passed the hearing of the Hong Kong Stock Exchange.</p><p>On June 24, the latest prospectus documents showed that the company has officially launched the Hong Kong stock listing plan, and will sell 4.25 million shares in Hong Kong public offering and 80.75 million new Class A ordinary shares in international offering, with a maximum price of HK $180 per share. At the same time, 12.75 million over-allotment options were granted to international underwriters.</p><p><b>According to the issue price of HK $180, XPeng Automobile's fundraising amount is expected to be HK $15.3-17.595 billion.</b></p><p>At present, Ali firmly occupies the position of the second largest shareholder.</p><p>According to the prospectus, He XPeng, chairman of XPeng Motors, holds 21.75% of the shares as the largest shareholder, Taobao china holds 11.9%, IDG Capital holds 4.8%, XPeng Motors co-founder and president Xia Heng holds 3.8%, Wuyuan Capital holds 3.2% of the shares, and GGV Capital holds 2.8% of the shares.</p><p><img src=\"https://static.tigerbbs.com/2f9e962775d657ebd2a3f75285b59138\" tg-width=\"554\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>01</b></p><p><b>Double primary listing first share in three years, significant</b></p><p>The listing of XPeng Automobile in Hong Kong is less than a year after the US stock market rang the bell on August 27 last year.</p><p>Generally speaking, there are three ways for Chinese concept stocks to return to A-shares or Hong Kong stocks: one is to delist from the US stock market and re-list on A-shares or Hong Kong stocks; the other is to retain the US stock market and list it on the Hong Kong stock market for the second time; and the third is to retain the US stock market. The listing status is listed on the US stock market and the Hong Kong stock market respectively, that is, dual primary listing.</p><p><b>Among them, dual primary listings face stricter supervision and need to be jointly supervised by the US Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</b></p><p><b>XPeng Automobile's return to Hong Kong for listing is the third way, which means that the company is listed on two stock exchanges at the same time, and at the same time meets the regulatory requirements of the two places for listed companies.</b></p><p>At present, many companies listed in the United States have chosen the secondary listing of Hong Kong stocks. On March 23, Baidu was listed on the Hong Kong stock market; On March 29, Bilibili (i.e. Station B) was officially listed on the Hong Kong Stock Exchange; Previously, Autohome also announced the start of trading on the main board of the Hong Kong Stock Exchange.</p><p><b>However, XPeng is the first dual primary listing company in Hong Kong and the United States since BeiGene's dual primary listing on the Hong Kong Stock Exchange three years ago.</b></p><p>The Hong Kong Stock Exchange attaches great importance to XPeng's return to Hong Kong for listing. It is said that the Hong Kong Stock Exchange, which has been ringing the bell online for more than a year due to the epidemic, also hopes to make an exception for XPeng Automobile and resume the offline bell ringing ceremony.</p><p>According to the regulations of Hong Kong Stock Connect, after XPeng Automobile is listed on the main board of Hong Kong, it can meet the access conditions of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and will directly open up channels for A-share investors. In addition, XPeng Automobile shares can still be freely transferred and traded between Hong Kong and new york exchanges.</p><p>For XPeng, after raising funds in Hong Kong stocks, it can directly open up the RMB market and further extend the capital tentacles; For A-share investors, smart electric vehicles are no longer out of reach.</p><p><b>02</b></p><p><b>Why is the \"first share\" XPeng?</b></p><p>XPeng He, the founder of XPeng Motor, once said after the successful bell of the US stock market: \"It is very important to get more ammunition in order to win the long-distance race.\"</p><p>Behind the rapid acquisition of ammunition is the intelligent technology that XPeng Motors has always been proud of and focused on.</p><p><b>And this is what the Hong Kong Stock Exchange is scarce and desires.</b></p><p>It can be seen from Baidu, which was listed in Hong Kong for the second time before, that what capital respects is its \"first AI stock\" aura.</p><p>Since its establishment in 2015, XPeng Automobile has focused on intelligent technology, and began to build a full-stack self-research system in 2017. According to HIS Markit, XPeng is the only Chinese automotive company to develop its own full-stack autonomous driving software.</p><p><b>Therefore, XPeng vehicles are exactly the smart electric vehicle logo that the Hong Kong Stock Exchange needs to be able to stand up to the title of \"AI\" in the automotive field.</b></p><p>From the price comparison, we can also see the strength of XPeng's return to Hong Kong.</p><p>The IPO price of Hong Kong stocks has reached HK $180. When it was listed on the US stock market last year, XPeng's IPO price was only US $15. Until the US stock market closed on June 25, the price was US $42.16.</p><p><b>03 Full-stack autonomous driving, substantial growth in revenue, accelerated hematopoiesis</b></p><p>As one of the leading smart electric vehicle manufacturers in China, XPeng is the only automotive company in China that develops its own full-stack autonomous driving software, focusing on software, data and hardware technologies as the core to provide autonomous driving, intelligent interconnection and core automotive systems. bring innovation.</p><p>Compared with traditional cars, XPeng cars integrate software and hardware and have become the top five best-selling brands in the Chinese mid-to-high-end electric vehicle market.</p><p><img src=\"https://static.tigerbbs.com/1f94ea92d2e1ee5ac28ad4c5112990c5\" tg-width=\"554\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>From the perspective of vehicle delivery,</b>XPeng vehicles delivered 29 vehicles, 12,728 vehicles and 27,041 vehicles in 2018, 2019, and 2020 respectively. In the first quarter of 2021, 13,340 vehicles have been delivered, nearly half of the number delivered last year.</p><p><img src=\"https://static.tigerbbs.com/84fbe34a2ccca4e21e9d00dbc0924313\" tg-width=\"483\" tg-height=\"290\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>As of March 31, 2021, XPeng has delivered 30,102 G3 models and 23,036 P7 vehicles to customers, and has launched the third smart electric vehicle network P5 in May 2021. According to IHS Markit data, this model is expected to be the first mass-produced smart electric vehicle equipped with lidar after delivery.</p><p><b>From the income level,</b>The total revenue of XPeng Automobile in 2018, 2019 and 2020 was RMB 9.7 million, RMB 2.312 billion and RMB 5.744 billion respectively; In the first quarter of 2021, revenue was 2.951 billion yuan, more than half of last year's total revenue.</p><p><img src=\"https://static.tigerbbs.com/1997d350c6943f37311165c86abe7cf0\" tg-width=\"482\" tg-height=\"292\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>At the same time, the gross profit margin of XPeng Automobile has been rising all the way, and has increased to 11.2% in the first quarter of 2021, which is expected to catch up with Ideal and even Nio.</p><p>In addition, XPeng disclosed in the prospectus that its automatic assisted driving service XPILOT software revenue accounted for 2.5% of its revenue in the first quarter.</p><p><b>If we can continue to increase the proportion of software services, XPeng will be expected to embark on a development direction different from other companies and realize hematopoietic function as soon as possible.</b></p><p><b>Epilogue</b></p><p>At present, in addition to the three outstanding car manufacturers and traditional car companies, the trend of Internet car manufacturing is also growing.</p><p>Among them, Huawei and 360 specialize in intelligent network services; Baidu, Didi, and Byte have cut into the field of subdivided autonomous driving, while Xiaomi wants to be a complete vehicle owner.</p><p>However, with the advancement of the intelligent trend of new energy vehicles, as an Internet car company with independent research and development software and hardware integration, XPeng still has imaginable space on this broad track in the future.</p><p><b>However, in the face of the situation that there is a wolf in front and a tiger in the back, it is self-evident that the ability to win the \"first stock of smart electric vehicles\" in Hong Kong stocks will support XPeng vehicles.</b></p><p>XPeng has promised to break even by the end of 2023 or 2024, but achieving this goal will undoubtedly require more deliveries, higher R&D investment, and extensive product layout, all of which require more funding.</p><p>The troops and horses didn't move, but food and grass went first.</p><p>Facing the tough battle that may continue in the future, XPeng is ready.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/AcBEeM2yeqBpOLRWdPvThA\">华尔街见闻 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4aa4c2246df411f68e16a21f6d365311","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/AcBEeM2yeqBpOLRWdPvThA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1198246953","content_text":"近几年来，智能电动车行业景象一片繁荣、征伐激烈，俨然成为了春秋战国的缩影。\n激烈的竞争格局自然意味着雄厚资本储备的重要性，蔚来、小鹏和理想纷纷开启了从美股到港股的资本争夺之路。\n据悉，蔚来和理想汽车已经秘交了香港上市相关文件。\n不过在此轮“港股智能电动车第一股”的争战中，小鹏汽车拔得头筹，率先取得弹药。\n6月23日，小鹏汽车通过港交所聆讯。\n6月24日，最新招股文件显示公司已正式启动港股上市计划，将发售包括香港公开发售的425万股及国际发售的8075万股新A类普通股，每股最高定价在180港元。同时，向国际承销商授出1275万股超额配售权。\n按照180港元的发行价，小鹏汽车此次募资额预计为153-175.95亿港元。\n目前阿里系牢牢占据第二大股东的位置。\n招股书显示，小鹏汽车董事长何小鹏持股21.75%为最大股东，淘宝中国持股11.9%，IDG资本持股4.8%，小鹏汽车联合创始人、总裁夏珩持股3.8%，五源资本持股3.2%，纪源资本持股2.8%。\n\n来源：招股书\n01\n三年来的双重主要上市第一股，意义重大\n本次小鹏汽车赴港上市距去年8月27日美股敲钟时隔不足1年。\n一般来说，中概股回归A股或港股有三种途径：其一是从美股退市重新在A股或港股上市，其二是保留美股同时在港股第二次上市，其三是保留美股上市地位在美股和港股分别上市，也就是双重主要上市。\n其中双重主要上市所面对的监管更加严格，需要受到美国证券交易委员会（SEC）和香港证券及期货事务监察委员会（SFC）的共同监管。\n小鹏汽车此次回港上市走的即是第三条路，意味着公司在两个证券交易所同时挂牌，且同时满足两地对上市公司的各项监管要求。\n当前已有不少在美上市企业选择港股二次上市。3月23日，百度在港股上市；3月29日，哔哩哔哩（即B站）正式在港交所挂牌；此前，汽车之家也宣布在香港联交所主板开始交易。\n但小鹏是继3年前百济神州在港交所双重主要上市以来的第一家港美双重主要上市公司。\n港交所对此次小鹏回港上市十分重视，据称，因疫情施行线上敲钟一年多的港交所，也有希望为小鹏汽车破例，恢复线下敲钟仪式。\n根据港股通的规定，小鹏汽车在香港主板上市之后，可以满足沪港通与深港通的接入条件，将直接打通A股投资者渠道。此外，小鹏汽车股票在香港和纽约两个交易所间仍可以自由转移和交易。\n对于小鹏来说，港股募资后能够直接打通人民币市场，将资本触角进一步延伸；而对于A股投资者来说，智能电动车也不再遥不可及。\n02\n为什么“第一股”是小鹏？\n小鹏汽车的创始人何小鹏曾经在美股成功敲钟之后说：“多拿弹药非常重要，才能赢得长跑。”\n快速取得弹药的背后是小鹏汽车一直以来引以为傲并重点投入的智能技术。\n而这正是港交所稀缺和渴望的。\n从此前在港二次上市的百度即可见一斑，资本推崇的正是其的“AI第一股”光环。\n而小鹏汽车从2015年成立起，就主打智能技术，并在2017年开始搭建全栈自研体系。根据HIS Markit的数据，小鹏是中国唯一一家自行开发全栈自动驾驶软件的汽车公司。\n因此，小鹏汽车正是港交所需要的在汽车领域能够顶得起“AI”头衔的智能电动车标的。\n从价格对比也可见此次小鹏回港之强势。\n港股此番招股价格已经高达180港元，而去年在美股挂牌时，小鹏的招股价仅15美元，直到6月25日美股收盘，价格为42.16美元。\n03全栈自动驾驶，收入大幅增长，造血加速\n作为国内领先的智能电动汽车厂商之一，小鹏是国内唯一一家自行开发全栈自动驾驶软件的汽车公司，专注于以软件、数据和硬件技术为核心，为自动驾驶、智能互联和核心汽车系统带来创新。\n与传统汽车相比，小鹏汽车集软硬件为一体，已经成为中国中高端电动汽车市场排名前五的畅销品牌。\n\n来源：招股书\n从车辆交付层面来看，小鹏汽车2018、2019、2020年分别交付29辆、12728辆与27041辆，2021年一季度已经交付13340辆，接近去年全年交付数量的一半。\n\n来源：招股书\n截至2021年3月31日，小鹏已经向客户交付30102辆G3车型，交付23036辆P7，并已经于2021年5月推出第三款智能电动汽车网P5。根据IHS Markit数据，该车型预计在交付后将成为首款配备激光雷达的量产智能电动汽车。\n从收入层面，小鹏汽车2018、2019、2020年的总收入分别为人民币970万元、23.12亿元和57.44亿元；2021年一季度，收入为29.51亿元，超过去年总收入的一半。\n\n来源：招股书\n与此同时小鹏汽车的毛利率一路上行，已经在2021年一季度已经提升至11.2%，有望追上理想甚至蔚来。\n此外，小鹏在招股书中披露，其自动辅助驾驶服务XPILOT软件收入占第一季度营收的2.5%。\n如能继续提升软件服务的占比，小鹏将有望走出一条迥异于其他企业的发展方向，早日实现造血功能。\n尾声\n目前，除造车三杰和传统车企外，互联网造车之风也越刮越大。\n其中，华为、360专攻智能网联服务；百度、滴滴、字节切入细分自动驾驶领域，而小米想要做整车一族。\n不过，随着新能源汽车智能化趋势的推进，作为拥有自主研发软硬件一体化的互联网车企，未来小鹏在这个宽广的赛道上还是具备可想象的空间。\n但面对前有狼后是虎的局面，能够拿下港股“智能电动车第一股”对于小鹏汽车的支撑能力不言而喻。\n小鹏汽车承诺，到2023年底或2024年实现收支平衡，但要实现这一目标无疑需要更多的交付量、更高的研发投入以及广泛的产品布局，而这一切都需要更多的资金。\n兵马未动，粮草先行。\n面对未来可能继续的艰苦战役，小鹏已经做好了准备。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
