Home / Metal News / Minor Metals / Science and Technology Innovation Board opened the market today to build a new force of financing opportunities?
Science and Technology Innovation Board opened the market today to build a new force of financing opportunities?
Jul 22,2019 15:03CST
The content below was translated by Tencent automatically for reference.

SMM News: at 09:30 on July 22, Science and Technology Innovation Board, known as China's "NASDAQ", sounded the sound of listing, the first batch of 25 enterprises listed on the market. The 25 collectively listed enterprises are: Ruichuang Weinna, Rong Bai Science and Technology, Huaxingyuan Chuang, Hong soft Science and Technology, Guangfeng Science and Technology, Fuguang shares, Anji Science and Technology, Zhongwei Company, Traffic Control Technology, Xinguang Optoelectronics, Lan Qi Science and Technology, Tianzhi Science and Technology, Yuexin Science and Technology, Nanwei Medicine, Platte, Hanchuan Intelligence, Fangbang Electronics, Xinmai Medical Service, Tianyi Superior, Wolde, Aerospace Hongtu, Western Superconductor, Jiayuan Science and Technology, Hangke Science and Technology, China pass number.

Since Science and Technology Innovation Board officially opened the board in June this year to accept applications for listing, the number of declared enterprises has reached 111. Many new energy car companies are rubbing their hands and are eager to get on the board. However, in the first batch of listed companies, there is no new car-building force with high market attention.

According to incomplete statistics, including Xiaopeng cars, singularity cars, sky cars, zero-running cars, future cars and other new car-building forces have been interested in landing science and technology to create a board. On the afternoon of July 10, the person in charge of the Singularity car denied that the Singularity car was about to land on the board, but still pointed out that the company was actively applying for the board. Xiaopeng car CEO he Xiaopeng has also revealed to the outside world that the future does not rule out the possibility of landing on the board.

New car-building forces are eager to "grab" Science and Technology Innovation Board, or have a lot to do with financing.

Why are you robbing Dengke's creative board?

In the past year, the scale and speed of private market investment in new energy vehicles have both declined, while Science and Technology Innovation Board, which is the main listed company on the board with high-end equipment, new energy and biopharmaceuticals, has brightened the eyes of automobile companies. Especially for the new car-building forces, itself belongs to the category of key support of Science and Technology Innovation Board, this continuous "money-burning" group, need to obtain more financing channels, such as landing on the board or the best choice.

Thanks to the pilot registration system implemented by Science and Technology Innovation Board, different from the Shanghai and Shenzhen plates, the new plate, independent of the existing main board market, is more tolerant of the standard conditions for access enterprises. The minimum application conditions are only that the estimated market value of the enterprise is not less than 1 billion yuan, and the profits in the past two years have been positive. The cumulative profit is not less than 50 million yuan. Or the latest year net profit is positive, and the operating income is not less than 100 million yuan. Compared with the stringent A-share listing conditions, Science and Technology Innovation Board is more friendly to emerging enterprises.

The existing Shanghai and Shenzhen plates, including the new third board, have more stringent profit requirements for applying for access to companies, which has shattered the listing dreams of new car-building forces landing at home. At this stage, car manufacturers are often in a state of loss, far from the word "profit". Take Weilai Automobile (hereinafter referred to as Weilai) as an example, it chooses to "ring the bell" on NASDAQ, or has a strategic consideration for the development of globalization, but there must be some factors, that is, Weilai has not made a profit at present and is unable to enter the domestic main board market.

Data show that in the first quarter of 2019, Weilai's net loss reached 2.6236 billion yuan, an increase of 71.4 per cent over the same period last year. In the past three years, the electric vehicle company, known as the "Chinese version of Tesla," has made a cumulative loss of nearly 20 billion yuan. Looking around the world, even Tesla, who ranks first in the share of pure electric vehicles, has been in a state of loss for a long time in the nearly 16 years since its establishment.

Loss is only a microcosm of the new car-building forces, and what is important is how to live after the loss has become a key difficulty in front of all the new car-building forces.

With the decline of new car-building forces in the capital markets, the retreat of subsidies for new energy vehicles, and the intensification of the collision between traditional car companies and new car-building forces, how to secure financing has become the biggest problem for these "new players". These can not achieve "hematopoiesis", can only rely on "blood transfusion" car companies, in the new energy vehicle "knockout" fierce second half, want to tie Ke Chuang board, seek a huge source of cash flow.

Some industry analysts believe that listing is crucial to the power of new cars, because the process of listing itself indicates that venture capital companies and institutions have a certain degree of recognition of enterprises, if they can successfully land on the Ke board, it means that the new car forces have won more time and development space for themselves, and the capital can be replenished.

As a matter of fact, the landing board can indeed create a more favorable financing environment and provide more convenient financing channels for these new car-building forces, which often invest 10 billion yuan in R & D products and build new factories. Not only that, these companies can also gain credit from the capital markets, further boosting consumer confidence and product sales.

But behind this beautiful vision, Science and Technology Innovation Board only provides more convenient financing channels for high-quality enterprises, and individual enterprises that are good at "storytelling" and "painting big cakes" want to turn it into a "blood transfusion device" or a dream for Nanke.

Science and Technology Innovation Board is not a universal "blood transfusion device"

Science and Technology Innovation Board's launch, although for the new energy vehicle industry into a dose of reinforcements, but the actual situation may not be optimistic in the imagination.

Some securities research institutes have said publicly that the important reason why enterprises choose Science and Technology Innovation Board is that the examination and approval process is fast and the overall sales volume is high. However, in terms of access rules and application procedures, we have not heard of "special treatment" for new energy vehicle enterprises.

Some car enterprise internal executives believe that although Science and Technology Innovation Board entry threshold is relatively low, but it seems to be relaxed and strict implementation. It is reported that in the first round of questioning of Science and Technology Innovation Board, the applicant enterprises have to answer an average of nearly 50 questions, involving future planning, enterprise system, cash flow status and other aspects. It is not easy for new car-building forces or subsidiaries related to new energy vehicles of traditional car companies to successfully land on the board.

From the attribute point of view, Science and Technology Innovation Board emphasizes the level of science and technology, not the concept of creation. This level of science and technology to avoid emptiness and pragmatism, with concepts, theories can not hide the lack of enterprise capacity, only through the market test, can be qualified into the board, want to be listed on the market must be open to all the true information. At present, there are several new car-building forces that meet the requirements and need to draw a question mark.

Even if it meets the standard landing board, whether it can be recognized by the majority of investors and raise sufficient funds is also a question.

In fact, the new car-building forces in the "quantity" is far from entering the explosive period, and even most of the new car-building forces have not yet achieved mass production delivery. In terms of "quality", successive fires have caused consumers to have a lot of doubts about the brand of the new power, and their enthusiasm for buying cars has been greatly reduced.

The frequent questioning of the new car-making forces in the end market may affect the recognition of the capital markets.

It is worth noting that Science and Technology Innovation Board not only has requirements for board enterprises, but also for participants. First, the average daily assets of the stock account for 20 consecutive trading days shall not be less than 500000 yuan; second, the average daily assets of the stock account shall not be less than 500000 yuan; second, the account has been opened for two years. Only by meeting the above conditions can we participate in the fund-raising of enterprises in Science and Technology Innovation Board. Such harsh conditions are obviously aimed at the group of investors with strong experience and financial strength, who have a long history, have a bad eye, and are more cautious about investing in enterprises.

Therefore, for the "PPT car" company, even if the landing board, will also be eliminated by the market, the new board, such as the final exam, will speak with results, accelerate the survival of the fittest in the new energy vehicle market.

Some industry insiders predict that no more than three new car makers will eventually survive, and those who can go public are among them.


"Click to enter the registration page

Scan QR code and apply to join SMM metal exchange group, please indicate company + name + main business


cobalt lithium
new energy

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news