The business logic of Weilai Battery assets Company: the ultimate goal of financial services entity business may be to go public.

SMM: on August 20, with the official launch of BaaS (battery rental service) of Lai Automobile, Wuhan Uneng Battery Asset Co., Ltd., as the carrier of this new business model, was also unveiled at the same time. The new company, established on August 18 with a registered capital of 800 million yuan, was launched by Ningde Times, Weilai (Anhui) Holdings, Guotai Junan International and Hubei Science and Technology Investment Group Co., Ltd. (hereinafter referred to as "Hubei Science and Technology Investment Group"). They each hold 25% of the shares.

According to the introduction of the shareholder Fang Ningde era, Wuhan Suneng is a battery asset management company based on the "car-electricity separation" mode, which will mainly provide services such as car-electricity separation, battery rental, rechargeable, rechargeable and upgradeable.

"as an asset management company with battery as its main business, Wuhan Suneng will not be limited to physical business, but more like a 'class financial' company." Cao he, president of Quanlian Automobile Merchants Investment Management Co., Ltd., told the Financial Associated Press, "if the company cannot be listed in the short term, it may increase business similar to private equity funds to support the development of physical business."

"each of the four major shareholders has their own intentions"

Judging from the information currently released to the public, the four investors in Wuhan Weineng all have their own considerations.

Li Bin, founder and chairman of Wuhan Weineng, said that as the owner of battery assets, Weineng is an important part of BaaS. "Weineng will purchase battery packs and entrust Wei to provide battery rental operation services for users."

In the current cost composition of new energy vehicles, power batteries account for about 40% of the vehicle cost. If this heaviest "asset" is stripped off, it will undoubtedly improve the premium ability of products and expand product sales on the premise of maintaining the tonality of the brand. After the official launch of the BaaS business on August 20, Weilai said that "the increase in sales brought about by BaaS will strengthen the bargaining power of Weilai in the supply chain, further improve the efficiency of the system and push up the gross profit of the enterprise."

Ningde era, whose main business is power battery, obviously occupies a more important position in Wuhan Weineng. It can not only rely on BaaS to expand market share, but also practice and explore for the future business model development. Zeng Yuqun, chairman of Ningde Times, has previously stated that "all kinds of models such as power exchange and leasing in the future are very good explorations."

Ningde Times announced on August 12th that it plans to invest in high-quality listed enterprises in the upper and lower reaches of the industrial chain at home and abroad in the form of securities investment around the main industry, with a total investment of no more than 19.067 billion yuan. A reporter from the Financial Associated Press learned from insiders in the Ningde era that "this investment of 200 million yuan is a subscription contribution and is not within the scope of 19 billion yuan of securities investment."

Hubei Science and Technology Investment, the third investor in Wuhan, belongs to the Management Committee of Wuhan Donghu New Technology Development Zone. According to Li Bin, Hubei Ketou is one of the shareholders before the listing of Weilai Automobile and has always maintained a good cooperative relationship with Weilai.

The most noteworthy investor is Guotai Junan International, which is a brokerage. With regard to the purpose of this investment, Guotai Junan International told the Financial Associated Press, "one is to actively respond to the national policy of 'using finance to support the real economy' and take practical actions to help the landing and implementation of relevant policies." to promote the sustained and healthy development of the new energy vehicle battery industry; The second is to bring a richer product portfolio to the company's wealth management customers, and to promote the development of corporate financing and wealth management and organic synergy among businesses in the medium to long term. "

"as a securities firm, there are three ways of investment, one is public offering fund investment, the second is direct investment, that is, securities firms invest with their own funds, and the third is the wealth management of major clients, that is, special financial management." Cao he believes that from the statement of Guotai Junan International, its current way of investment may belong to the third kind.

There is a mystery behind "Asset Company".

When referring to the business model of Wuhan Weineng Battery Asset Management Company, Li Bin believes that it has a very good business prospect. "We now have a service charge of 980 yuan a month, first of all to serve the interests of users; we should also consider the management of the whole life cycle of the battery and improve the use value of the decommissioned battery."

After the battery is pre-positioned as an upstream asset, the use scenario of the decommissioned battery will not only be confined to the Weilai car, but will be used step by step, that is, the decommissioned battery will be used in the energy storage power station, or carried in commercial vehicles or low-speed electric vehicles.

In addition, according to Li Bin, Uneng is an open platform, and more automakers can participate in providing services for more different brands of electric vehicles based on the BaaS model. "this is of course a long-term goal."

Based on the battery products of Ningde era and the whole vehicle manufacturing of Lai Automobile, Wuhan Weineng can not only meet the development of its own "separation of vehicle and electricity" business, and the secondary utilization of decommissioned batteries, but also develop its own battery service products to achieve external revenue.

Li Bin mentioned at this year's Chengdu auto show that assuming China has 200 million convertible electric vehicles, each paying an average of 10,000 yuan a year for battery rental, it could form an industry with annual revenue of 2 trillion yuan.

Underpinning the size of this "2 trillion" market is the infrastructure of the BaaS model, that is, the exchange of power stations. At present, 143 power stations have been deployed in Xilai, but this number is far from enough. People in the industry have estimated that the construction cost of a power station is about 5 million yuan, and it is still necessary to carry out the layout of "heavy assets" before the power exchange business is really carried out on a large scale.

Prior to this, there was news in the industry that Weilai would split the business of NIO Power (Lulai Energy Company and seek an independent listing. "if this power exchange service is done, it can be listed on the stock market. From this point, we can understand why Guotai Junan International will appear as an investor. The ultimate goal of the establishment of this company (Wuhan Weineng) must be listed. " Cao he said to this analysis.

"if it's just a company that does physical business, it doesn't have to be called an asset company." Cao he further said, "if Wuhan Weineng can not be listed in the short term, it may increase the business similar to private equity funds to support the development of physical business."

In fact, for Wuhan Weineng how to create value, Li Bin in the BaaS business release activities gave a more vague answer, "Wei can not all use their own funds, it must systematically reduce the cost of capital, whether low-cost funds can be docked to battery assets." Li Bin also revealed that Wuhan Suneng will also have some financial arrangements such as follow-up financing.

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