Following in the footsteps of Xpeng Motors, domestic new car manufacturer Ideal Auto also landed on the Hong Kong Stock Exchange today. It is reported that Ideal Auto issued 100 million shares at a price of HK$118 per share. After the opening, the share price of Ideal Auto quickly fell below the issue price and is now reported at HK$116.9, down 0.93%, with a market value of HK$239.861 billion. During the public offering stage, Ideal Auto subscribed 10 million shares at 5.5 times the price, accounting for 10% of the offered shares. According to the plan announced by Ideal Auto, 45% of the funds raised will be used for the research and development of smart cars, autonomous driving technology, high-voltage pure electric technology, platforms and vehicle models, and extended-range technology; 45% will be used for production expansion, expansion of sales stores and service centers, construction of charging networks, and marketing promotion; and the remaining 10% will be used as operating funds. The prospectus disclosed that Ideal Auto's net losses from 2018 to Q1 2021 were RMB 1.532 billion, RMB 2.439 billion, RMB 152 million, and RMB 360 million, respectively. As of the end of March, Ideal Auto's cash and cash equivalents, short-term investments, time deposits, and restricted funds totaled RMB 30.36 billion, or approximately US$4.63 billion. Li Xiang, chairman and CEO of Ideal Auto, holds 23.79% of the shares and has 75.74% of the voting rights; Wang Xing, CEO of Meituan, holds 6.76% of the shares and has 2.15% of the voting rights. According to data released by Ideal Auto, Ideal Auto delivered a total of 8,589 vehicles in July, a year-on-year surge of 251% and a month-on-month increase of 11.4%. This is also the first time that Ideal Auto's monthly deliveries have exceeded 8,000. As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity. |
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