SMM: on August 31st, Xilai announced that it would expand its offering size by 18% to 88.5 million American depositary shares ((ADS),), which correspond to one Class A common share of the company. Companies such as CICC Hong Kong will act as underwriters for the offering and will have a choice of 30 days, while the ADS quota that underwriters can buy from Weilai has increased from 11.25 million shares to 13.275 million shares. The offering price is $17 and the total financing is expected to exceed $1.7 billion, making it the largest rights issue in China's high-end smart electric vehicle industry.
According to the information released by Xilai, the amount raised this time will mainly be used to increase the stake in Weilai China, exercise the share buyback rights of Weilai China, research and development of self-driving technology and the expansion of the global market.
According to the financial report of the second quarter of Weilai in 2020, as of June 30, 2020, the cash reserves of Lulai totaled 11.1675 billion yuan. On July 10th, Weilai received 10.4 billion comprehensive credit from six major banks in China. The $1.7 billion raised in the rights issue subtracts 325 million of the shares used to buy back shares in Weilai China, which is still 1.375 billion, or about 9.7 billion yuan. That is, the current cash reserves of Weilai will exceed 20 billion yuan.
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