Why did Geely land on the science and technology innovation board?

Geely's IPO will be the first share of China's auto companies' science and technology innovation board. Science and technology innovation board, as its name implies, promotes scientific and technological innovation. At present, the flexibility and popularity of China stock market is much higher than that of A-share main board market. As a traditional automobile enterprise, with what scientific and technological achievements, Geely took the lead in landing on the scientific and technological innovation board among automobile enterprises.

Yan Wen Automobile Company drives Wang Shuoqi.

Compared with Li and Xpeng Motors who just landed on the NYSE, Geely's IPO seems to have little impact on the auto industry.

There are 28 automakers in China A-share market. In fact, there seems to be no shortage of another vehicle manufacturer.

But people forgot to ask, why did Geely land on the science and technology innovation board? Not a-share motherboard?

Yesterday, US technology stocks ushered in a sharp drop, and technology companies including Apple and Tesla suffered heavy losses. Today, the performance of A shares has also gone through a wave of decline with US stocks, but it is different. Investors remain quite calm and restrained. At the close, the Shanghai Composite Index only fell by 0.87%, and the technology sectors such as electricity and semiconductors also achieved growth.

The changes in the Chinese and American stock markets have made the competition between China and the United States in the field of science and technology feel one after another in the capital market.

On September 1 day, official website of Shanghai Stock Exchange showed that the IPO status of Geely Automobile Technology Innovation Board was changed to "accepted", which means that Geely may go public in the near future, and it also means that Geely, a Hong Kong-listed car company with a market value of over HK$ 100 billion, will become the first vehicle company to land on the technology innovation board.

As a private vehicle enterprise, Geely Automobile has landed in science and technology innovation board, which is of great significance. On the other hand, it can be said that a traditional automobile company has finally successfully transformed from manufacturing to technology company.

This can be regarded as a sign.

Why do you say that? Because science and technology innovation board has requirements for the main business of financing projects, not all promising projects can land in science and technology innovation board.

According to the prospectus issued by Geely, the initial number of shares issued by Geely Automobile in this return to A shares does not exceed 65,438+0,7365,438+0,666,448, accounting for no more than 65,438+05.00% of the total number of shares issued.

This time, Geely Automobile plans to raise 20 billion yuan for new car product research and development projects, forward-looking technology research and development projects, industrial acquisition projects and construction investment to supplement liquidity.

At present, Great Wall Motor, Guangzhou Automobile Group and BYD are listed on the A-share and Hong Kong stock markets.

In what ways is Geely qualified to land on the science and technology innovation board?

Geely's current situation

At present, the market value of Geely Automobile in Hong Kong stocks is as high as HK$ 654.38+020 billion. Geely Automobile has been the first company to sell its own brands for three consecutive years, with a market share of 6.9% in June-May this year.

According to Tianyancha's data, Geely Automobile has 56 holding subsidiaries and 7 shareholding companies. Among them, there are 46 domestic holding subsidiaries and 10 overseas holding subsidiaries.

Among the above 56 holding subsidiaries, * * * owns 5 first-class subsidiaries, 8 second-class subsidiaries, 22 third-class subsidiaries and 265,438+0 fourth-class subsidiaries.

According to the financial data published in its prospectus, from 20 17 to 20 19 and the first half of 2020, Geely Automobile achieved revenue of 93.553 billion yuan, 107335 million yuan, 981390,000 yuan and 376.538+0.2038 respectively. The net profit returned to the mother was 65.438+0.0493 billion yuan, 65.438+0.2463 billion yuan, 82./kloc-0.5 billion yuan and 23.0 10 billion yuan respectively.

In contrast, in the first half of this year, FAW Li Xia, Zotye Automobile and Lifan Automobile, all of which were listed on the market, were successively "*ST", and there was a risk of delisting due to debt explosion.

Comparing the brand's existence in China automobile market, it can be said that it is two worlds.

According to the sales data, the total sales volume of Geely Automobile from June to June was 530,446 vehicles, ranking fourth in the industry and first in China brand.

Since its launch, the brand has sold more than 300,000 vehicles, which has become a banner of domestic high-end automobile brands.

This year is also seriously affected by the epidemic, but since April, sales are increasing. May and June increased by 20% and 2 1% year-on-year, and the recovery situation was good.

However, although Geely recovered well and still ranked first among domestic brands, its profit of 23,065,438+billion yuan still dropped significantly compared with the same period last year. At this time, entering the capital market for financing can supplement the cash flow during the period of high investment in automobile industry transformation and ensure that the investment in R&D funds will not decrease.

Geely is positioned in the science and technology innovation board.

But then again, with Geely's scale and operating conditions, it is no problem to land on the A-share main board normally. Why choose a relatively small-scale listed company like Science and Technology Innovation Board?

It is necessary to have a general understanding of science and technology innovation board. The Science and Technology Innovation Board was officially launched in 20 19, which is a strategic measure to promote science and technology innovation in China and an important measure to adapt to the incremental capital reform of science and technology enterprises in China, corresponding to NASDAQ in the United States.

The enterprises selected by the science and technology innovation board have clear requirements:

Adhere to the world's scientific and technological frontier, the main battlefield of the economy, and the major needs of the country, mainly serving scientific and technological innovation enterprises that conform to the national strategy, break through key core technologies, and have high market recognition.

From the perspective of market function, science and technology innovation board mainly realizes the deeper integration of capital market and scientific and technological innovation.

Its characteristic is that it does not limit the pricing of initial public offering, and it also allows enterprises to adopt dual ownership structure.

The price of the science and technology innovation board did not go up in the first five trading days, and then it was 20%. T+ 1 trading mechanism is adopted, but after-hours fixed-price trading is added.

According to the data of financial media, since the beginning of this year, the share prices of listed companies on the science and technology innovation board have risen by 107.87% on average. Among them, Shanghai Silicon Industry (688 126) has the highest cumulative increase of 979.69%. Including Shanghai Silicon Industry, there are 2 1 stock of science and technology innovation board whose share price has increased by more than 200%.

In addition, the science and technology innovation board itself has certain flexibility advantages, and the audit speed is accelerated, the audit time is clearer and the audit is more transparent. At the same time, in order to further stimulate the vitality of enterprises, the scope of equity incentive conditions for science and technology innovation board is also relaxed.

On April 30 this year, the Announcement on Relevant Arrangements for Domestic Listing of Innovative Pilot Red-chip Enterprises issued by the China Securities Regulatory Commission showed that if the market value requirements of overseas listed red-chip enterprises meet one of the following criteria, they can knock on the door of science and technology innovation board: "The market value is not less than 200 billion yuan; Or the market value is more than 20 billion yuan, and it has independent research and development, internationally leading technology and strong scientific and technological innovation ability, and is in a comparative advantage position in the competition in the same industry. "

Geely Automobile's listing criteria this time are: "With a market value of more than 20 billion yuan, it has independent research and development, internationally leading technology and strong scientific and technological innovation ability, and is in a comparative advantage position in the competition in the same industry."

However, according to the latest Interim Provisions of Shanghai Stock Exchange on the Declaration and Recommendation of science and technology innovation board Enterprises' Issuance and Listing, enterprises applying for science and technology innovation board should come from the following seven industries:

The field of new generation information technology;

High-end equipment field;

The field of new materials;

New energy field;

Energy conservation and environmental protection;

Biomedical field;

Other fields are in line with the positioning of the science and technology innovation board.

In contrast, Geely's automobile manufacturing does not seem to fully meet the requirements, only related to new energy, but also seems to be related to high-end equipment, energy conservation and environmental protection, new materials and other fields.

The extension of the automobile industry has been infinitely magnified today.

It is worth noting that at the end of 20 18, "Geely Group Co., Ltd." was renamed as "Geely Science and Technology Group Co., Ltd.", and the enterprise paid more attention to the industrial investment of new energy, new technology and new mode in the ecological field of big travel, and planned to lay out the layout in the fields of satellite communication network, satellite data application, high-precision time and space service, and gradually realize the transformation to the future travel science and technology group.

From this perspective, Geely and the science and technology innovation board can be described as a perfect match.

Scientific and Technological Layout of Geely's "Integration of Heaven and Earth"

At present, the layout of Geely Technology is mainly divided into three aspects, namely, new energy, travel and aerospace.

In terms of new energy vehicles, Geely owns geometric brand and high-end electric vehicle brand Polestar. It is reported that Polestar plans to greatly expand its stores in China, and the pure electric car Polestar? 2 Delivered in China. Did the European Norwegian market beat Tesla's model in August? 3 become the first local brand;

In June, Geely's new energy vehicle direct rental travel platform "Xiaolinggou Travel" won a round of financing of 687.7 million yuan, which will be used to increase R&D testing, increase investment in intelligent systems and vehicle networking related technologies, cooperation and expansion of OEMs, urban layout and channel expansion.

At present, Geely has established five R&D centers in the world, invested tens of billions of R&D expenses every year, achieved brand collaboration and R&D cooperation with Volvo and Lotus, and enjoyed the integration of supply chain technical standards, creating a new generation of powertrain with European luxury car standards, "Geely Zhiqing".

In terms of mobile travel, the registered capital of Cao Cao Travel Beijing Company, a subsidiary of Geely Automobile, has increased to 65.438+0.6 billion yuan, an increase of 220%. At the same time, it is reported that the Cao Cao special car is undergoing the modification of Geely's "Geometry A" self-driving vehicle, and the test has started in March.

In aerospace, Yang Xueliang, vice president of Geely Automobile Group, confirmed in April that Geely will set foot in the field of "rocket".

At present, the first double-star subsystem prototype product independently designed and developed by the company's space-time fishway has been produced, and the key load has been verified on the ground. After the satellite is assembled, it will be transferred to various environmental tests, and the satellite-arrow assembly test will be carried out in June. It is planned to launch a speedboat rocket developed by aerospace science and technology at Jiuquan Satellite Launch Center before the end of this year.

It is worth mentioning that in the past ten years, Geely Holding Group's total investment in R&D has exceeded 1000 billion yuan, and there are more than 20,000 R&D designers in the group, with a total of 17677 patents. From 2065438 to 2009 alone, the R&D investment of Geely Holding reached 20.7 billion yuan, accounting for 6.3% of the total sales revenue, which was already at the average level of foreign brands.

On the whole, Zhi Jiajun believes that Geely's landing on the science and technology innovation board is the result of the joint action of three factors: time, location, people and people.

Due to the change of external environment, China financial market expects a number of high-quality domestic enterprises to list on A-shares.

The favorable location is because China is undergoing a new round of financial opening, the threshold of scientific and technological innovation board is relatively low, and the financing channels are convenient.

Harmony is because Geely itself is transforming into a technology enterprise, which coincides with the impact of the epidemic and needs more cash cow support.

All three are indispensable, and together * * * contributed to Geely's opportunity to land on the science and technology innovation board.

In recent years, automobile manufacturers have been calling for the transformation from traditional manufacturing to technology travel companies. Inadvertently, Geely's landing on the science and technology innovation board coincides with this trend. It also shows that the competition between automobile brands is not only the competition of models and products, but also the financing ability and the sustainability of R&D investment determine whether the ultimate result of this century-old biggest transformation will continue to take off or be abandoned and disappear silently.

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.