Zero car finalizes the overseas listing of VC/PE, industrial capital, who is the big winner?

On the eve of the Spring Festival, zero-running cars came on the market. According to the website of the CSRC, it has received the examination and approval materials for the "overseas initial public offering of shares (including common shares, preferred shares and other derivative forms of stocks and stocks)" of Zhejiang Zero Technology Co., Ltd.

On the other hand, it has also been revealed that Ulay Motor, which has been listed on US stocks, will be listed in Singapore. Although Weilai does not comment, it is not difficult to see that the new forces of car-building have their own ideas about going public.

Start IPO,6 and complete 12 billion yuan of financing per year.

As a member of the new car-building forces, zero-running cars are also the darling of capital, just like Xilai cars.

According to SkyEye, Zero was founded in December 2015 and has had seven rounds of financing so far. The first round of financing took place one month after its establishment. Zero running Automobile completed the angel round financing in January 2016. At that time, the investors were Dahua shares and entertainment workshops, and the amount of investment was not disclosed.

In April 2017, Zero Automobile completed equity financing, and Mitsuo Investment, Jingbo Investment and Yisheng Investment entered the Bureau one after another. But the highlight of Zero Auto financing was in 2018, when Sequoia Capital China intervened twice.

Data show that Sequoia Capital China participated in the Rmb400m Pre-A round and Rmb2.5 billion A round of financing for Zero cars in 2018. Among them, in the 400 million yuan Pre-A round financing, in addition to Sequoia Capital China, there are Yue you investment, Qiang run investment, money Yong Yong investment, and an individual investor.

By 2019, CRRC will single-handedly complete the A+ round financing for zero-running cars with 360 million yuan.

In 2021, PE capitals such as CIC Chuangyi, Wah Investment, Pan-chain Technology, Jiuzhi Investment, Jintong Zhihui Investment, Goofy assets, Guoxin Securities, Yijing Capital and other capital were added to allow zero cars to complete round B financing of 4.3 billion yuan.

In August 2021, before the planned listing, Zero Motor started the final round of financing. CICC Capital, Hangzhou State Capital, CITIC Construction Capital, CITIC Daika, etc., completed the Pre-IPO investment with 4.5 billion yuan and became the investor of Zero Automobile.

So far, in the six years since the establishment of Zero Motor, at least 12 billion yuan of financing has been completed. Zhu Jiangming, founder and chairman of Zero Motor, said publicly that "the financing in August 2021 is likely to be the last ticket for the capital side."

From VC to PE, to industrial capital, there is a huge lineup of investors.

After seven rounds of financing, zero car investment lineup has been very luxurious, in addition to Sequoia Capital China this VC giant, the reporter found that there are PE capital, and industrial capital figure.

A friend of the investor told Science and Technology Innovation Board Daily that compared with PE investment, VC capital generally invested only a few tens of millions. "Zero Pre-A round 400m financing, including sequoia, there are five investors, the average calculation, each invested about 80 million, close to 100m yuan. This is a relatively large early investment. "

Also round A financing, due to the emergence of industrial capital such as Shanghai Electric and Huacheng Investment, the financing of zero-running cars instantly reached 2.5 billion yuan. The investor friend said, "such a large investment can only be entered by industrial capital." Sequoia is in the middle, it just acts as a needle and thread. "

For the capital of the above two major industries, Shanghai Electric has always had the demand for the layout of new energy vehicles. In May 2017, Shanghai Electric and Guoxuan Hi-Tech jointly invested in the establishment of Shanghai Electric Guoxuan New Energy.

In addition, it is Dahua shares behind Huacheng's investment. In Shanghai Electric's circle of friends, Dahua has always been an ally.

Interestingly, Zhu Jiangming, chairman of Zero Motor, was also one of the main founders of Dahua shares. In February 2021, Zhu Jiangming resigned as a director of Dahua shares, less than half a year after Zero Motor originally planned to submit IPO documents in the second half of 2021. This makes the relationship between the three more subtle.

To the last round of Pre-IPO investment, the above investors pointed out that it is obvious that this is PE Capital. "Zero cars are definitely going to be on the market, and PE Capital intervened. Compared with VC,PE capital, it is "100 million" as a unit, so they tend to choose enterprises that are more mature or with high certainty. Of course, the financing of 4.5 billion yuan is also optimistic about Hangzhou state-owned assets. "

Invest millions, angel investors become big winners?

The intervention of VC giants, industrial capital and state-owned assets one after another is a true reflection of being optimistic about zero-running cars.

But in the 2018 Pre-A round of 400m yuan financing, the intervention of individual investors may be the biggest winner of the capital feast for the listing of zero cars.

In this round of financing, it is quite mysterious for Yue you Investment, Qiang run Investment and Qian Yun Yong to invest in three private equity funds.

Among them, the real controller behind Yue you's investment is Mao Dai. According to Tianyan, he is a first-generation angel investor and former executive vice president of Zhejiang Alumni Association of Cheung Kong Business School, helping a number of start-ups to list overseas.

Since its establishment, Yue you has invested in a total of 9 investment events and managed 7 funds.

Wu Liqiang is the real controller of Qiang Quan investment, which is the other side of the capital. In the complicated relationship, Wu Liqiang was also a senior executive of Zero Auto. However, in 2021, Wu Liqiang himself and his subsidiary Hangzhou active Culture Communication Co., Ltd. were involved in two enforcement cases and became the first person to be executed.

As for the money rush to investment, there has been only one investment event so far, that is, the investment in zero-running cars. In the partner's information, the reporter saw that Chen ailing is the third largest shareholder. Unfortunately, behind Huazhou's investment, there is also Chen ailing's figure, and Huacheng's investment is related to Dahua shares.

With zero-running cars starting overseas IPO, and new energy vehicles as green energy, it has long been in the wind, and its valuation after listing also makes many investors look forward to it.

The reporter found that at present, in the Hong Kong stock market, the total market value of ideal cars is about 200 billion Hong Kong dollars, while in US stocks, the market value of Lulai Motor is also 36.042 billion US dollars, that is, about 200 billion yuan.

Bo Wenxi, chief economist of IPG China, said in an interview with Science and Technology Innovation Board Daily that the new forces of car building have come into the market one after another, not only for listing financing to support the development of the company, but also the product and embodiment of the capital market tuyere.

"Zero cars, a new force in the first and second line, is likely to be higher in terms of valuation than that of Xilai and others, with the blessing of green energy, as a new force in car-building."

Once the valuation of zero-running cars reaches or exceeds 200 billion yuan, all the capital entered before will undoubtedly usher in a capital feast.

In the capital increase information of Zero cars disclosed by Dahua shares on January 27, 2021, various institutions increased the capital of Zero cars by one round, ranging from 50 million yuan to 300 million yuan.

A shareholding ratio chart shows that capital such as Yue you Investment, Qian Yun Yong Investment, and Xingzheng Investment are all small, with investments of 3.3 million yuan, 4.4 million yuan, and 4.07 million yuan, respectively. According to its corresponding amount of investment, even if diluted later, it is conservatively estimated that there is at least 0.1% 0.2% of the shares.

If the bid is marked according to the market capitalization of 200 billion, then the value of the corresponding shares will reach 200 million yuan to 400 million yuan, which means that the above investors will instantly complete their financial freedom.

To this possible windfall, the investor friend who chatted with the reporter of Science and Technology Innovation Board Daily also said, "from the point of view of the order of exit, it is generally PE first and VC the last."

"despite the high security of PE capital, the return on investment is not as good as VC. Some well-done VC, a project can sometimes achieve a hundredfold or even a thousandfold return. " 'so for VC, you need to keep raising and investing, 'the investor said. "sometimes it is through the high return of a project that you can not only cover the cost of the entire fund-raising fund, but even get more benefits."