On the evening of August 21, Beijing time, Xiaopeng automobile updated the F-1 prospectus, proposed to issue 85 million ads (representing 170 million class a common shares), and also granted the Underwriters 12.75 million ads over allotment rights, with a pricing range of 11-13 US dollars / ads, and the proposed financing amount (including the over allotment rights) between us $1.075 billion and US $1.271 billion. Together with the over allotment rights, the value of Xiaopeng auto is about 8.613 billion US dollars at the median value of 12 US dollars. It is worth noting that Xiaopeng Auto’s prospectus shows that < / P > < p > previously, Xiaopeng auto formally submitted IPO documents to the US Securities Regulatory Commission at 2:00 a.m. on August 8, and proposed to be listed on the New York Stock Exchange with the stock code of “xpev”. Underwriters include Credit Suisse, JPMorgan Chase and Bank of America Securities. < / P > < p > at present, the automobile industry is in a complex situation of profound changes, and external forces such as Internet companies, big data companies, and technology companies have entered the automotive field. Also at the median IPO price, the ideal car was valued at about $8 billion. < / P > < p > according to the data of China passenger car market information association, as of the second quarter of 2020, the cumulative market share of the top five auto manufacturing forces’ sales volume has increased from 43% in 2018 to 90%. The future may be just as Wang Xingzeng predicted: in the future, only three new forces of car making will survive, namely Weilai, ideality and Xiaopeng. The grand curtain of the three kingdoms’ struggle for hegemony is unfolding slowly. Facing the opportunities and challenges, Xiaopeng automobile has three trump cards. < / P > < p > as we all know, automobile is a technology + capital intensive industry, and there is a large demand for fixed assets investment and working capital. Automobile companies should have a complete set of capabilities from R & D, manufacturing to sales and service, which is a continuous investment. The investment of an automobile production plant with an annual output of 100000 vehicles is about 2 billion yuan. Therefore, it is impossible to talk about car manufacturing without a start-up fund of 3 billion yuan in the initial stage. If there is no capital of more than 10 billion yuan, it is difficult for the automobile enterprises to enter into a sound operation. Therefore, the financing ability is the fundamental to the survival of automobile enterprises. Those who have more powerful ability to reserve funds “grain and grass” will have more opportunities to occupy the first opportunity in the future competition. < p > < p > according to the prospectus, the founder he Xiaopeng is the largest shareholder of Xiaopeng automobile, holding 31.6% of the shares, and the management including he Xiaopeng holds 40.9%; the second largest shareholder is Alibaba group, holding 14.4%. By the end of the second quarter of 2020, the total amount of cash assets on the account of Xiaopeng automobile was 2118.3 billion. In addition, Xiaopeng automobile has successfully completed the C + round financing of US $900 million in recent two months, with investors including Alibaba, coatue, ASPEX, red shirt and Hillhead. In addition to abundant cash on the account, Xiaopeng has also experienced about 11 rounds of financing before IPO. Alibaba and IDG have participated in multiple rounds of financing of Xiaopeng automobile. Before IPO, Xiaopeng auto is expected to hold more than 8.5 billion yuan of cash assets. < p > < p > the three new forces of car making have different emphases. Weilai pursues luxury and improves user stickiness; it is ideal to adopt additional programs to solve the mileage anxiety of electric vehicles; while Xiaopeng focuses on intelligence. This is also Xiaopeng’s corporate mission: we hope to use data to drive the transformation of intelligent electric vehicles and lead the way of travel in the future. < p > < p > Xiaopeng automobile is an intelligent automobile company that has mastered the whole industry from design, R & D to manufacturing, and is also the only company among the new forces to develop two platforms at the same time, which also makes Xiaopeng automobile go the most thorough car enterprise on the road of self-study. < p > < p > Wu Xinzhou, vice president of Xiaopeng automobile, once said that Xiaopeng was very firm and insisted on taking the road of self-study. To provide better and differentiated intelligent driving experience for Chinese car owners is the vitality of Xiaopeng, who will ignore the cost. < p > < p > the cost of Xiaopeng in intelligent building is extremely high. According to the IPO prospectus, the R & D cost in 2018 is 1.05 billion yuan; in 2019, it is 2.07 billion yuan, and in the first six months of 2020, it is 630 million yuan. Among them, R & D expenses accounted for 89.2% and 62.9% of the company’s total revenue in 2019 and the six months ending June 30, 2020, respectively. < / P > < p > a series of data show that Xiaopeng’s investment in R & D attaches importance to and investment in R & D, and this investment in R & D is to establish differentiated core competitiveness. In terms of automatic driving, xpilot automatic driving assistance system developed by Xiaopeng has unique differentiation advantages and is the only automatic driving assistance system with end-to-end self-developed technology and mass production in China. It has a clear and mass production R & D rhythm, and can make clear the delivery time of mass production and the application time of urban scene. < / P > < p > in the aspect of vehicle intelligence, the self-developed xmart OS on-board intelligent system supports AI voice assistant, remote app operation, vehicle OTA upgrade (including hardware OTA and software OTA upgrade), intelligent navigation, music and audio books, on-board application mall and other functions. AI voice assistant can recognize different keywords, classify text and understand semantics, support continuous natural language conversation, understand context semantics, and voice reply can be interrupted at any time, with an average monthly usage rate of more than 99%. At present, Xiaopeng automobile has self built factory, production qualification and completely independent operation. It is the only company in the new automobile manufacturing forces to develop two intelligent EV platforms at the same time and develop two SUVs and cars based on this. In terms of electronic and electrical structure, Xiaopeng has built a centralized electronic and electrical architecture similar to Tesla based on pure electric SEPA platform. SEPA platform is modular and lightweight. At present, SEPA platform is more than half a generation ahead of Volkswagen MEB platform, second only to Tesla. This platform can expand a variety of models, wheelbases or sizes, and each platform can effectively design and manufacture various models, which is expected to reduce the cost of raw materials and R & D expenses. This also means that in the future, Xiaopeng automobile will produce and update new iterative vehicles faster than its peers, and has the ability to continuously launch new products of multiple models every year. It can truly achieve unified quality control management ability and extremely effective cost control. < p > < p > throughout history, successful enterprises are all standing at the wind outlet of the times, looking at the opportunity and following the trend. At present, China’s new energy vehicles are in a key stage of transition from market introduction to industrial growth. Under the joint promotion of energy conservation and emission reduction demand, government subsidies, restrictions on travel and purchase, double points and other policies, China’s automobile market is ushering in the “golden age” of new energy vehicle development. Xiaopeng automobile is in the forefront of the industry in terms of electronic and electrical architecture, intelligent interactive system and automatic driving. The plan has been decided, the time has come, and the potential has come. Xiaopeng automobile has the ability and strength to become the leader in the new forces of car making.