Bitcoin Shang Xiaopeng

1.

It's more sexy than "s.e.x.y", as he Xiaopeng describes P7

s.e.x.y is Tesla's model portfolio, representing model s, model 3, model X and model y respectively

P7 is Xiaopeng's second mass proction vehicle after G3

Objectively speaking, these functions are not beyond the reach of other automatic driving solution providers, but depend on who can do it faster

China's national conditions determine the road conditions with Chinese characteristics. Localization R & D is an opportunity for Xiaopeng and PK Tesla, the local ADAS and automatic driving solution provider, as we all have seen

It is reported that xpilot3.0 will upgrade more functions through OTA in the future, such as:

high speed autonomous navigation driving: realize automatic driving from point a to point B on the expressway covered by high-precision map. Parking memory: the system can park independently according to the previous parking route. So is this? Mass proction and independent of downtime? How to transform the yard? System. Traffic light assistance: it can recognize the second reading light, round light, arrow light, etc., and give corresponding prompt to the driver

the stronger the localization ability is, the more prominent the differentiation of automatic driving function will be. Under this logic, in the next few years, P7 will become a long-distance runner in the field of automatic driving

in general, leapfrog configuration and localization of autonomous driving research and development are the core secrets of P7 brand exploration

after all, under the situation that automobile designers are the strongest in Europe and software algorithm talents are the strongest in North America, if domestic automobile enterprises want to overtake on the curve, what they can do is to maximize the absorption of these talents, and then carry out continuous and agile localization iteration in combination with national conditions

this article comes from the author of car home, which does not represent the standpoint of car home

2. Recently, Xiaopeng P7 is very popular, because to a certain extent, it may be the current proct. You can actually investigate it, and then consider whether to start

3. Recently, 36 krypton reported that Xiaopeng auto, a new force in China, is close to secretly submitting IPO documents to the US stock market. It plans to raise 500 million US dollars. The overall listing plan is expected to be completed between July and September this year. It has hired investment banks such as JPMorgan Chase and Goldman Sachs, among which Morgan Chase is the main underwriter. At the same time, what is more favorable for Xiaopeng is that Gu Hongdi, its current Vice Chairman and President, once served as chairman of JPMorgan's Asia Pacific Investment Bank
in response to this news, the official reply of Xiaopeng automobile said: "we will not comment on market rumors. Xiaopeng automobile will pay close attention to the development of the capital market, so as to seize the financing opportunities favorable to the development of enterprises." In fact, just a few days ago, according to the data of the national enterprise credit information publicity system, there was a change in the shareholders of Guangzhou Chengxing Zhidong Automobile Technology Co., Ltd., the main operator of Xiaopeng automobile
among them, 27 shareholders, including Guangzhou penghang investment management enterprise (limited partnership), Hangzhou Ali Venture Capital Co., Ltd., Shanghai Yunfeng Xincheng Investment Center (limited partnership), Alibaba (China) Network Technology Co., Ltd., Xia Heng and he Xiaopeng, withdrew from the company
in response, Xiaopeng automobile official said: "this change is still a previous overseas restructuring operation of the group, which has been strongly supported by all shareholders. It is a consistent decision made by the board of directors and shareholders based on the group's business development and long-term strategy." In other words, the withdrawal of shareholders can also be understood as Xiaopeng automobile is making the final preparations for building an offshore framework for its official IPO overseas
in just a few days, with the constant exposure of news from all parties, it is enough to prove that it is only a matter of time before Xiaopeng automobile finally goes on the market overseas. At present, there are two reasons why the latter is so urgent to promote the process. First, capital. As we all know, under the "black swan" transit, the attitude of the domestic capital market towards the new forces has become increasingly cautious and indifferent, and the richness of financing channels is far less than before
as one of the top echelons of the new forces, Xiaopeng has a relatively good financing situation, and has just completed a total of US $400 million round C financing by the end of 2019. However, compared with the company's overall operating costs, vehicle manufacturing costs and R & D costs, these financing still show "catch the knee see the week". At the same time, a relevant person said that in its round C financing, he Xiaopeng contributed nearly half of his personal capital
the above phenomenon will also exist in Weilai, an ideal car company which is also a new force at the head. Take Weilai as an example. According to incomplete statistics, up to now, its accumulated financing amount has reached 45 billion yuan, Li Bin's personal contribution has exceeded 250 million US dollars, and Li Xiang, the founder of ideal automobile, has injected 200 million US dollars into the company. In contrast, he Xiaopeng once said in an interview with a media that he personally invested the most money in the company, reaching US $300 million
therefore, if the final overseas IPO can be made, for Xiaopeng and he Xiaopeng, the pressure on their capital will be alleviated to a certain extent. As for the second reason for the overseas listing, it is also e to the strong performance of Tesla in the US capital market at the moment. As of today's close, its share price has reached US $898.10 per share, with a total market value of US $166.482 billion
at the same time, according to the Q1 financial report data released by Tesla, the company made another profit of $68 million in the current quarter, and made profits for three consecutive quarters, with the total gross profit rate of the auto business reaching an amazing 25.5%. The development of the former is graally getting better, which proves to the outside world that the business logic of relying on pure electric intelligent vehicles to ultimately achieve profits is feasible, and the capital market's confidence in such car companies is also increasing. Xiaopeng, as a new powerful auto company in China with a similar model to Tesla, is still appropriate to open IPO at this moment
however, it can not be avoided that not long ago, the "thunder storm" incident (financial fraud) of lucky coffee has greatly affected the reputation and valuation of China capital stock. In addition, the continuous trade friction between China and the United States in recent years has cast a shadow on Xiaopeng's overseas listing
Wen / Cui Liwen
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this article comes from the author of car home, which does not represent the standpoint of car home.

4. Li Yifan
Netease, Jingdong, Ctrip, Internet... This summer's CGU is staging a escape drama on Wall Street

but there are also warriors going up against the current<

on June 1, according to 36 krypton, Xiaopeng automobile is submitting IPO documents to US stocks and plans to raise US $500 million, which is expected to be listed from July to September this year. At present, Xiaopeng automobile has hired investment banks such as JPMorgan Chase and Goldman Sachs, among which JPMorgan Chase is the main underwriter

although Xiaopeng didn't make clear its position on this report, it replied: "we won't comment on market rumors." But it can be seen from many details that Xiaopeng's IPO in the United States is close at hand

however, e to the increasingly stringent threshold for US stock listing and the multiple pressures of litigation, Xiaopeng is in a totally different situation from Weilai when she landed on the New York Stock Exchange two years ago< In fact, as early as 2019, the news of Xiaopeng's IPO in the United States is no longer new. Just now, it's the closest they've ever been to the U.S. stock market

we can see from the following three progress that Xiaopeng is imminent

one is the completed vie architecture

some people may not know what the vie architecture is. Generally speaking, vie architecture is more like a financial concept

it refers to the establishment of a shell company overseas or overseas, which can completely control the domestic company by signing a series of agreements with the domestic company. In this way, domestic companies can continue to operate as domestic capital in China, avoiding the supervision of foreign capital entry by domestic regulatory agencies; The overseas status of the shell company can make its whole assets package, and make it financing or listing in the United States or other overseas capital markets

Sina, Netease, Netcom, Alibaba, Weilai and other companies have successfully landed in the US stock market by building the vie architecture. Therefore, in the view of instry insiders, building vie structure is basically the most obvious action for Chinese companies to go public in the United States

in recent months, what Xiaopeng has done is to build vie architecture

since December last year, 47 shareholders of Guangzhou Chenghang Zhidong Automobile Technology Co., Ltd. (hereinafter referred to as "Chenghang Zhidong") have pledged all their shares, with Guangdong Xiaopeng Automobile Technology Co., Ltd. as the pledgee; Last month, Alibaba, he Xiaopeng, Xia Heng and other 27 shareholders also all withdrew from the ranks of shareholders

this means that orange Smart has been wholly owned by Guangdong Xiaopeng Automotive Technology Co., Ltd<

Guangdong Xiaopeng Automotive Technology Co., Ltd. is a Hong Kong registered company xpeng Hong Kong)? Limited

this kind of operation is to build the vie architecture naked

the second is the newly established proction qualification< On May 19, the former Guangdong Fudi Automobile Co., Ltd. was officially renamed as Zhaoqing Xiaopeng New Energy Investment Co., Ltd. Xiaopeng automobile successfully obtained the automobile proction qualification, and Zhaoqing factory will become the independent proction base of Xiaopeng P7

obviously, this is a good story that the capital market likes and allows investors to imagine a rise in valuation< The third is the tight capital chain

Xiaopeng's last financing was in November 2019, round C, with us $400 million

since then, there has been no financing in seven months. At the same time, the Xiaopeng Zhaoqing factory has invested 4 billion yuan, and the newly listed Xiaopeng P7 has begun to burn money in mass proction

recently, he Xiaopeng dropped out of the 2020 New Fortune 500 list released by new fortune

car building is a money burning game. Therefore, listing and financing is a move Xiao Peng will take sooner or later

as a matter of fact, 2020 is the year of life and death for the whole new car building forces. They are less and less favored by venture capital and private placement, such as those who owe wages, those who go bankrupt and those who disappear. Even in the past two years, the stock price has dropped by 10% (according to the stock price on the day of the IPO), and even hovered on the edge of one dollar delisting in 2019

but on the other hand, just because of this, with the car building boom fading, the more companies like Xiaopeng stay in the last place, the more powerful they are in the field of new energy vehicles - the so-called "leftovers" are the king

so listing now is not only the time needed, but also the time has come

just behind the opportunities, there are more challenges

on the one hand, after the fraud of lucky coffee, the explicit and implicit obstacles of Chinese enterprises' IPO in the United States have greatly increased; On the other hand, Tesla and Xiaopeng's "commercial secret theft" lawsuit also plays the role of hidden murder< Tesla: time bomb
it's been more than a year since Tesla sued Cao Guang, an employee of Xiaopeng

in March last year, Tesla filed a lawsuit against Cao Guang, a former employee in California for the crime of "commercial secret theft", claiming that he took away a large amount of confidential information of automatic driving when he left. At the same time, he has been working in the automatic driving department since he joined Xiaopeng. Therefore, they asked Xiaopeng, as Cao Guang's current employer, to cooperate with the relevant investigation as a third party<

although Xiao Peng said that he did not know about the "secret theft" and would not steal any business secrets from Tesla, there were no less investigations he should cooperate with< However, the contradiction has not weakened

in Tesla's latest investigation request, they asked Xiaopeng to disclose nearly 30 items, including the source code of automatic driving, the backup of all employees' computer files, and the relevant information of employee Zhang Xiaolang<

Xiaopeng thinks that these contents are seriously out of line, and Tesla seems to be more interested in using this lawsuit to disrupt its business operations than in talking about the matter. While accusing Tesla of "bullying", they filed an opposition motion to the court

think about it. As one of the most core technologies of automobile enterprises, how can the source code be handed over to competitors at will

on May 27, the local court of the United States approved part of Xiao Peng's opposition motion

therefore, the lawsuit between Tesla and Xiaopeng as the third party is still in hot water
we consulted legal professionals about the possible impact of the lawsuit on Xiaopeng's IPO. The other side told us that because the lawsuit is not an ordinary dispute, but involves the theft of core technology and trade secrets, it is bound to affect the e diligence process of IPO. Moreover, once Tesla hits again on the eve of IPO, the consequences will be even more unpredictable

in recent years, there are many cases of companies delaying or failing to go public e to patent, litigation and other reasons in the IPO process. Even large listed companies such as Facebook, pinoo, Jingdong, Sogou, yihi car rental, etc. have been sued for trademark, patent, right, assets, operation and other disputes before IPO

whether these lawsuits involving core business content will have an impact on IPO mainly depends on the substantial impact of lawsuits on the company's proction and operation and shareholders' equity. For example, in Xiaopeng's case, it is whether the outcome of the lawsuit will affect the proction and sales of Xiaopeng automobile, and whether the shareholders' rights and interests will be greatly damaged e to huge compensation

as for how to judge the degree of influence, the discretion of the exchange is very large and difficult to quantify. However, from the results, if the impact is great, it will not be listed at all; If the impact is negligible, the process is normal; Between the two, the listing will be postponed after rectification

for example, pinoo received a lawsuit filed by a diaper manufacturer before IPO, so it was "ordered" to make rectification before IPO. Although it hardly slowed down the pace of its normal listing at that time, the lawsuit had a great impact on pinoo's valuation

this is also the hidden danger of Xiaopeng. Once Tesla launches another attack on it on the eve of IPO and the US media adds fuel to the flames, under the huge trust crisis, even if Xiaopeng has crossed the threshold of listing qualification, the market valuation will be greatly affected

Tesla is like a time bomb on Xiaopeng's IPO road. Once it explodes, it may cause massive bleeding< However, even without Tesla, is now a good time for Xiaopeng to go public in the United States

not necessarily

originally, the increasingly fierce trade friction between China and the United States since 2019 has been a major obstacle for Chinese enterprises on their way to IPO in the United States

on May 23, 2019, trump directly declared that he would "stop all IPOs of Chinese enterprises in the United States and restrict Wall Street's investment and financing of Chinese enterprises". On September 29, 2019, trump said that he was considering removing Chinese companies from the US stock exchange

as soon as the news came out, the capital market responded, and most of the Chinese concept stocks fell<

after the exposure of lucky's fraud this year, China capital stock and Chinese enterprises are facing the darkest moment. The story and business model are beginning to be questioned more. The issue price, share price, financing and valuation amount are about to or are facing the risk of castration<

not only is the attitude of the US authorities to Chinese companies going public in the us getting worse, but also the shorting institutions are chasing the Chinese capital stocks< On April 23, Jay Clayton, chairman of the securities and Exchange Commission of the United States, publicly reminded investors not to invest in Chinese concept stocks. For the first time in history< On May 21, the US Senate passed the foreign company Accountability Act. The act requires that foreign issuers who fail to meet the inspection requirements of the public company accounting oversight board (PCAOB) on accounting firms for three consecutive years, and who cannot prove that they are not controlled by foreign governments, are prohibited from trading their securities in the United States< However, how to identify the so-called "government control" has not been stated

there is no doubt that these policy risks are a huge negative for China capital stock
especially for Xiao Peng. Originally, the impact of pre IPO contamination litigation on IPO is relatively vague, and the result is completely in the hands of the other party; In addition, the uncertainty of the current policy has greatly increased the risk of its listing

this is a bit like the U.S. stock market in 2010, because some of the Chinese concept stocks were exposed to fraud, and other Chinese concept stocks began to encounter crazy shorting and hunting in the U.S. capital market, with heavy discounts. For example, vipshop, which was listed in 2012, was famous for its "bloody listing" at that time. Its valuation was extremely low, and it did not return to a relatively normal level until 2014

therefore, after "lucky gate", in addition to the sharp drop of many Chinese concept stocks, many companies that originally planned to go to the United States for IPO also suspended their plans<

recently, China concept stock companies such as Jingdong, Internet and Ctrip have been preparing to apply for listing in the second place. Li Bin of Weilai recently also said that there is the possibility of secondary listing in China's capital market

of course, the companies listed in the United States after "lucky gate" were not completely wiped out

jinshanyun, who landed on NASDAQ on May 8, is the only "Survivor" after "lucky gate". On the day of listing, Wang Yulin, CEO of Jinshan cloud, said confidently

5.

(text / Zhang Yuyi) a few days ago, Xiaopeng automobile announced an additional issue of 48 million US shares in fixed price depository shares (ads). Ads per share represents two class a common shares of the company, with a public offering price of US $45 per share and a planned capital raising of US $2.16 billion, which is the largest additional offering in the history of China capital stock. The offering is expected to end on December 11, 2020

of course, if the Underwriters use the over allotment right, the fund raised will reach $2.484 billion. According to the customary transaction conditions, the issue is expected to end on December 11, 2020

in August 2020, when Xiaopeng automobile landed on the US New York Stock Exchange, the issue price was US $15 per share, while the price of this additional issue was US $45 per share, which was three times of the IPO price. In the first additional issue of all Chinese listed companies with financing scale of more than US $1 billion, the discount of the issue price was the lowest And the issue price is higher than the listing price premium

as for the purpose of the raised funds, according to the prospectus released by Xiaopeng automobile, the raised funds will be used for intelligent electric vehicles, software, hardware and data technology, expanding sales and service channels and super charging network, potential investment in core technologies of intelligent electric vehicles, and replenishment of operating funds. The investment proportion of the raised funds is 30%, 30%, 20% and 20% respectively

this article comes from the author of car home, which does not represent the standpoint of car home

6.

Recently, a blogger disclosed on a short video platform that Xiaopeng sold a large number of cars to second-hand car dealers and car rental companies, so as to realize the rectification of gross profit of car sales in the company's financial statements

the blogger revealed that his information came from a fan. First of all, Xiaopeng first sells a large number of cars to second-hand car dealers, and then licenses them. Second hand car dealers then issue them to third - and fourth tier cities or car rental companies. Take G3 as an example, the landing price seems to be 170000, but the price sold by second-hand car dealers is only 110000

in recent years, the trend shows that the layout of the three Internet giants in electric vehicles is graally clear, which are Xiaopeng automobile (ALI), Weilai automobile (Tencent + network) and Weima automobile (Network)

at the CES exhibition in January this year, Xiaopeng automobile exhibited the G3 of Xiaopeng automobile for the first time. According to he Xiaopeng, Xiaopeng's first electric SUV, G3, will be launched in 2018. In addition, Xiaopeng automobile will lay out super charging network in the whole country

"our goal is to make a good car first." He Xiaopeng believes that the time window for new cars is only 5-6 years. Around 2020, the market will be filled with a large number of traditional car factories and new car makers of electric vehicles, new companies without procts will be difficult to gain a foothold in the market

according to he Xiaopeng, we should be awed, down-to-earth, cross-border integration, and learn from all vehicle manufacturers“ Xiaopeng will not be a PPT car. Our goal is to be an electric car with high appearance value, high quality and high cost performance that young Internet users like. "

he hopes that by 2020, there may be only two or three companies left, but Xiaopeng automobile will become one of the few companies still on the card table

7. What do you think of domestic electric vehicles? It's not as good as Tesla now, it's not as good as Tesla forever. China's scientific and technological development speed is obvious all over the world. It's only a matter of time to catch up and surpass. I'm optimistic about domestic electric vehicles. Another piece of good news is that the Chinese have invested in an electric car abroad, which has surpassed Tesla in performance. It's still being tested.