In the early morning of August 8, Xiaopeng auto officially submitted the IPO documents to the US Securities Regulatory Commission and proposed to be listed on the New York Stock Exchange with the stock code of “xpev”. The proposed issuance scale is US $100 million, and the underwriter is < / P > < p > although there is still a gap between the three companies and Tesla with a market value of 270 billion US dollars, Tesla’s rapid development in the capital market has driven China’s new energy vehicle sector Good expectations for US stocks. < / P > < p > China needs its own “Tesla”, which is the common expectation of the new automobile manufacturing forces. Li Bin, Li Xiang and he Xiaopeng, the leaders of the above-mentioned three automobile enterprises who are about to “meet” on Wall Street, who among them will achieve the “Chinese version of Tesla”? As revealed in the prospectus, from the perspective of ownership structure, before IPO, the management of Xiaopeng automobile held 40.9% shares, of which he Xiaopeng held 31.6% of which was the largest shareholder. Alibaba’s 14.4% stake is the largest external shareholder. Other major shareholders include Xiaomi, GGV Jiyuan capital and Chenxing capital. In terms of ideal automobile, after IPO at the end of July this year, Wang Xing and meituan Fang leapt from the second shareholder to the largest shareholder of ideal automobile after IPO at the end of July. However, according to the AB share rules, Li Xiang’s voting rights are still the highest, reaching 72.7%, while Wang Xing and meituan have 8.3% voting rights. < p > < p > when Weilai auto, the first listed company, was submitted in August 2018, Li Bin held 17.2% of Weilai automobile as the largest shareholder, and the rest of Tencent held 15.2%, which was the second largest shareholder. As of July 8, this year, Tencent’s shareholding had risen to 16.3%. < p > < p > in 2019, Weilai automobile, whose stock had fallen to the “red line” of US $1, has developed smoothly in the first quarter of this year: on March 5, Weilai announced the completion of US $235 million convertible bond financing, which was funded by the financial investment of several Asian investment funds. At that time, Weilai automobile obtained a total of 435 million US dollars of convertible bond financing in a month. < / P > < p > but the financing road of the ideal car is a little bumpy. Li Xiang, the founder of the company, said that he had experienced the fate of financing for three times. He therefore expressed his gratitude to Li Tie, CFO of ideal automobile, and Zhang Ying of Jingwei China for “extending the life” of the company in a critical period. At the launch ceremony of ideal car Nasdaq, Li Xiang said with emotion: “in wheel B, it was Jingwei China that saved us at the most difficult time. At the end of 2018, the cash on the account was less than 900 million yuan, but the car was scheduled to be released in April 2019. As an automobile enterprise, 900 million yuan could not even be put into production, so it was very difficult at that time. I contacted Zhang Ying with a very good fund and injected 1.7 billion yuan in less than two weeks to help us release the car in 2019. But after 2019, the money is not enough, so we will continue For financing, Li Tie and I have met about 100 investment institutions, but no one has invested. At that time, Zhang Ying asked me to discuss with Zhu Hansong of Goldman Sachs, and finally decided to go to my best friends to ask for money. I found four good friends who are 100 billion dollars today. Fortunately, two good friends helped us, one is Wang Xing of meituan and the other is byte skipping Zhang Yiming. Since then, our financing path has changed completely. ” < p > < p > according to the prospectus, the income of Xiaopeng automobile, the third new automobile manufacturing force to be listed in the United States, will be 2.32 billion yuan in 2019, an increase of 238 times compared with that in 2018, and the service and other income will be 150 million yuan, 26 times higher than that in 2018. As of the second quarter of 2020, there are cash assets in Xiaopeng automobile account, totaling 2118.3 billion yuan. Before IPO, Xiaopeng auto is expected to hold more than 8 billion yuan of cash assets. For this reason, some media have been crowned with the title of “the new force of China’s car making on the eve of IPO ‘the strongest cash reserve'”. < p > < p > he Xiaopeng, CEO of Xiaopeng automobile, once said publicly: “in terms of sales and the current capital market, 2020 will be the first year of smart cars, just like the smart phone era in 2010.” How do you understand this? According to some data, in 2019, the sales volume of new energy vehicles in China will be 1.206 million, accounting for only 4.82% of automobile sales. Deloitte, one of the four largest accounting firms in the world, predicted that by 2030, 31 million electric vehicles could be sold worldwide, accounting for one third of the total sales of automobiles at that time. < / P > < p > < p > “the cake” is very big, and Tesla, the big brother, has taken the lead in the front, and its share price has reached a record high, surpassing Toyota to become the top auto company with the highest market value in the world. According to the data of < / P > < p > in June, the sales volume of new energy passenger cars in China was 86500. Tesla’s domestic model 3 alone accounted for about 17% of the sales of new energy vehicles in China in June. The sales volume of domestic model 3 accounts for 23% of the total domestic sales. < p > < p > Weilai automobile, the leader of new energy vehicles in China, is still far away from Tesla in terms of total sales although it exceeds model 3 in terms of passenger unit price and is rated as J.D.Power in terms of quality. < / P > < p > “if Tesla does not take the lead as an example, will Weilai automobile create a development strategy of” first out ep9 “and then gradually build cars? Will Xiaopeng automobile put the automatic driving function in such an important position? If there is no return for investors brought by Tesla’s IPO as an example, how many funds dare to invest heavily in Weilai at the early stage? ” Zhang Kangkang, Ph.D. of Automobile Department of Tsinghua University, analyzes that “if there is no musk, there will be no Tesla today, and electrification will be postponed for at least 5-20 years. Tesla, which accelerates the process of history, has gained a great reputation, which is what it deserves. If there was no Tesla, there would probably be no later Wei Lai, Xiao Peng and ideal. Is it reasonable for model 3 to “eat meat” and “drink soup”? If you want to eat meat, you can innovate now and eat tomorrow’s meat. Innovation is risky. You have to be beaten first and then eat meat. ” < p > < p > since its establishment for five years, Xiaopeng automobile has delivered 20707 vehicles with its main models G3 and P7; Weilai’s 50000 vehicles have been completed on the production line; ideal one has delivered 10000 vehicles by the end of June this year. The price range of Xiaopeng’s P7 after subsidy ranges from 229900 to 349900 yuan, the starting price of Weilai ES6 is from 358000 yuan to 498000 yuan, and the ideal one quotation is about 328000 yuan. < / P > < p > according to the analysis of people in the automobile industry, the main service system of Weilai positioning luxury car is different, and the ideal car mainly focuses on increasing the program. Xiaopeng is positioned as a medium and high-end electric vehicle, and its automotive electronic and electrical architecture is closest to Tesla, focusing on intelligence. < / P > < p > according to public information, the total revenue of ideal automobile in 2018, 2019 and the first quarter of 2020 is RMB 0, 284 million and 852 million respectively, and the net losses are 1.532 billion yuan, 2.438 billion yuan and 77 million yuan respectively; the revenue in 2019 is 7.825 billion yuan, the total revenue in the first quarter of 2020 is 1.37 billion yuan, and the net loss in 2019 and 2020 is 11.413 billion yuan and 1.723 billion yuan respectively In 2019, the revenue of Peng automobile is 2.32 billion yuan, and the annual net loss is 3.69 billion yuan. In the first half of 2020, the revenue of Xiaopeng automobile is 1.003 billion yuan, and the net loss is 795 million yuan. < p > < p > it is gratifying that the net loss of Xiaopeng automobile has narrowed. The gross profit margin of Weilai automobile and ideal automobile, which have landed in the US stock market, has gradually turned positive. The gross profit rate of ideal automobile in the first quarter of this year has reached 8.02%, and Weilai also confirms that the gross profit rate will turn to positive growth in the second quarter of this year.