It evaporated 31.9 billion in the two days of opening, and it is indeed the first one among the new forces.
On September 29, Leap Motor, as the fourth new auto company to land on the Hong Kong stock market, finally rang the bell successfully. However, what was immediately waiting for Leaprun was the opening break that broke the new force’s record.
Following a 33% plunge on the first day of trading, at the close of trading on September 30, Leaprun’s share price halved to HK$24.8 per share, a drop of 48.3% compared to the issue price, and the total market value collapsed to HK$28.339 billion ( About 25.6 billion yuan), the cumulative evaporated market value of 31.9 billion yuan in two days, compared with the ideal of Xiaopeng a year ago, the bleak is not a little bit.
salesYes, he rushed up, and the clock struck, but not only did Leap Run not get the favor of the capital, but instead met with ridicule. Leap Run’s dream of trying to make money with the help of the capital market was already shattered before it even started.
However, what is even more terrifying is that what may be broken is not just Leaprun’s own dream.
01 Unexpected break
In fact, no matter from a macro or micro perspective, it was already expected that Zero Run would break in the market.
From a macro perspective, as Zhu Jiangming himself said: “It’s really not a good time period, because the global situation is turbulent and it is in a downward channel.”
Long before Leapcar went public, the capital market’s enthusiasm for new car-making forces had already subsided.
Last year, Xiaopeng and Ideal’s landing in Hong Kong stocks also suffered a break. Since 2022, the share price of “Weixiaoli” has continued to decline. EvenBYDIt also ushered in Buffett’s historic reduction in holdings, and at the same time, the fiery trend of the past two yearsnew energy vehiclesUpstream supply chain targets have now lost their brilliance in the capital market.
Zero running will naturally not be better. Although the prospectus was submitted in March to the official ringing of the bell at the end of September, the Leapmotor run to Hong Kong seemed to have a smooth journey, but some industry sources pointed out that Leapmotor originally planned to raise US$1.5 billion, but due to the lukewarm response from investors, it was finally rejected. Forced to reduce the IPO scale to 800 million US dollars, and the final net fundraising was only 6.057 billion Hong Kong dollars (about 5.47 billion yuan)
Judging from the scale of the IPO that was forced to be compressed, the market’s attitude has clearly returned to rationality.
From a microscopic point of view, the sales performance of Leaprun, which has continued to increase in volume this year and once reached the monthly top sales of new forces, has indeed shocked many melon eaters.
But the discerning person knows at a glance that for the zero-run with negative gross profit, the higher the sales volume, the more severe the loss.
As we all know, the current zero-run route is still low-priced and high-profile. The average price of a bicycle in 2020 and 2021 will be 78,400 and 71,600 (mainly T03), and it will be 92,200 in Q1 in 2022. Although the average price of a bicycle has increased, it has not yet exceeded 100,000. The final result is that under the situation of frequent fluctuations in global raw material prices, the cost pressure is higher than that of higher-positioned friends such as Wei Xiaoli.
From the perspective of gross profit margin, from 2019 to 2021, the zero-run gross profit margin was -95.7%, -50.6% and -44.4%, respectively. By the first quarter of this year, the gross profit margin was -25.21%. Although it has improved, it is still in negative territory. What’s more, in the cost of sales, the proportion of raw materials and consumables costs is still rising.
In contrast, Wei Xiaoli has collectively achieved a positive gross profit margin before the third quarter of 2020.
The prospectus data also shows that from 2019 to March 2022, Leapmotor achieved revenue of 117 million, 631 million, 3.132 billion and 1.992 billion respectively, with a cumulative revenue of 4.872 billion yuan. ; However, the three-year cumulative loss has reached 5.541 billion yuan.
As a new car-making force “Qianlang” similar to Wei Xiaoli’s age, today, apart from the doubling of terminal sales, Leaprun does not give much positive expectations to convince the capital market.
02 The dream of capital will be broken
For the current tragic situation, Zhu Jiangming, as an authority, has already made psychological preparations: “We chose to go to the (market), the main reason is that we don’t care about the current time period, this is a long-distance run. What we care more about is the real How about the quality, get our market share as soon as possible.”
It’s hard to say whether Chairman Zhu is really calm or forcibly saving his respect, but after the opening slump of Leap Run, the most panic may not be Leap Run himself, but those friends who plan to go public after Leap Run.
Under the leadership of Leapmotor, on September 30, the entire automobile sector was bleak green, especially the stock prices of new car manufacturers plummeted, Wei Xiaoli fell 4-9 points, and even BYD’s decline exceeded 3%.
Analysts pointed out that the main reasons for the current stock price decline are: auto stocks fell with the broader market, and some individual stocks could not achieve their performance, triggering double kills in profit and valuation;new energy vehicleThe competitive landscape is fierce, traditional forces are on the rise, and new forces are facing greater competitive pressure.
However, in addition to this, Leap Motor’s continuous and substantial break in the market for two days has hit the sentiment of the sector even more. It can be said that under the cold wind of halving the stock price of Leapmotor, the confidence of the entire new energy vehicle industry in the capital market has cooled by half.
As Zeng Qinghong, chairman of GAC, said before, the vast majority of new energy vehicle companies except Tesla are currently in a state of loss, and cannot rely on their own product sales to achieve hematopoiesis in the short term. In such an environment, the capital market will become It is the most important lifeline for the development funds of new energy vehicle enterprises.
As the largest IPO of Hong Kong stocks this year, the collapse of Leaprun has triggered a chain reaction far more than just a few days of sharp declines in the sector.
Many new energy car companies, including Aian, Nezha, and Weimar, have all announced plans for an IPO in 2023, and Leap Motor’s plummeting this time can be said to have made many potential investors see through the market’s The most authentic response to a new car logo.
After that, the stock market myth of Wei Xiaoli’s sales of 100,000 vehicles with a market value of 100 billion is difficult to reproduce. Faced with such negative expectations, will investors still buy into the subsequent IPO car companies? Compared to the high level of certainty a year ago, the issue is now full of uncertainty.
However, in the final analysis, the indifference of the capital market to the new forces to build cars did not start from zero running. As mentioned above, since 2022, the deserted performance of the capital market, including NIO, Xiaopeng, Ideal, and BYD, should have been obvious to all, and Leaprun’s current opening break is just for the latecomers. The loudest wake-up call.
All in all, for new energy car companies, “the situation in the future will be more difficult”.
Original title: Zero run evaporated 31.9 billion in two days, scaring the entire new energy vehicle industry