Three or 60 "Give up 1 billion yuan in capital", where will Nezha Auto go?

Three or 60 abandoned 1 billion yuan to increase capital, where will Nezha Automobile go?

On the night of June 26, a relevant announcement called "Abandoning the Capital of Nezha Motors" was released. According to the announcement of the announcement, the 360 ​​full -asset subsidiary's 360 private equity funds intend to transfer the ex -equity of the corresponding Nezha Automobile 3.53%of the equity to the two limited partnerships, and the corresponding capital increase is 1 billion yuan.

Regarding the decision to abandon capital increase, the three or six0 replies said that "to support the transformation of Nezha Automobile's shareholding system"; and with the disclosure of the announcement, the target of the capital increase was also pushed up on the cedar. Essence

However, although the capital increase was abandoned by three or 60, as a new forces of the car building, the sales data of Nezha Automobile this year has increased significantly. Among them, the number of new cars in May has reached 1,1009 vehicles. The second place in the power list. In the case of good prospects, it was really surprising that three or 60 abandoned the capital increase of 1 billion yuan in capital.

Then, behind the three or six0 abandonment of capital increase, it is really like "three or sixteen is" work such as "renovation such as the reconstruction of Nezha Automobile", or there are some issues that we can't see behind Nezha Motors. Intersection

The new forces of the new forces of "dark horse"

Regarding the history of Nezha Motors, the earliest to start from 1998.

At that time, Fang Yunzhou, who had just graduated from Hefei University of Technology, joined Chery Automobile less than a year.

As a well -known university in Hefei, Hefei University of Technology is also known as the "Huangpu Military Academy" in the automotive industry.

With in -depth research on new energy vehicles, in the third year of joining Chery Motors, Fang Yunzhou was transferred to Chery's newly established "Special Group for Clean Energy Vehicle". The research and development of the cutting -edge technology of clean energy vehicles may be that with this experience that the birth of Nezha Automobile later.

In the years of joining Chery, Fang Yunzhou has achieved a lot of results. During this period, even BYD, which has now become a leading domestic new energy vehicle, is "shorter" than Chery New Energy Vehicles.

In 2014, Fang Yunzhou, who finished his doctor, left Chery Automobile for 16 years, and founded Zhejiang New Energy Automobile Co., Ltd. in Tongxiang, Zhejiang. Xiaopeng, Weima, etc. are well known to be well -known forces.

However, compared to these new vehicles, there is a large capital behind the "support" of large capital, but the strength of the new energy is much weaker. After all, Fang Yunzhou focuses on technology from beginning to end, financing and promotion are not strong. Two years after the establishment, Hezhong New Energy suffered a crisis, and the capital chain was almost "exhausted". However, fortunately, there were many governments' shot assistance, and Nezha barely passed the difficulty.

In 2018, Zhang Yong, who once led BAIC New Energy to achieve great success, joined Hezhong New Energy. In order to play his brand awareness, after joining the Hezhong, Zhang Yong's first thing was to get a name for his products -where is upbraid. Perhaps it is really "fate". It didn't take long for the name of Nazha Auto to win the film and television championship in 2019, a movie named "The Demon of the Nezha", and the Nezha car inadvertently won a free advertisement. The popularity of popularity.

Then, with the fire of domestic new energy vehicles, the sales of Nezha cars taking low -cost routes increased significantly. In the whole year of 2021, Nezha car realized a cumulative sales of 69,674 units, becoming the "dark horse" in the new vehicle construction forces; and from January to May this year, Nezha Automobile delivered a total of 49,974 new cars to make new forces in the car manufacturing forces. Small to Xiaopeng Automobile.

The two -year loss of 4.2 billion, 360 "abandon capital increase"

Although the momentum in the past two years is fierce, on June 26, Nezha Motors was tragically "abandoned capital increase" by 360.

Regarding the relationship between 360 and Nezha, the earliest will start from May last year. At that time, Zhou Hongyi, "the leader of the red clothes", announced that it would cooperate with Nezha Automobile. It didn't take long for 360 to announce that he would invest in Nezha Automobile.

According to the plan at the time, 360 will pay a total of 2.9 billion yuan and obtain 14.9586%of Nezha Automobile. The rest of the remaining 1 billion has not been paid; and with the announcement of the "Give up capital increase" announcement today, the last 1 billion will not be left.

From the current point of view, according to the current valuation of Nezha Motors, the currently held 11.4266%equity held by 360, the corresponding valuation is about 3.245 billion yuan, and the previous investment of 1.9 billion yuan has surpassed 1.3 billion yuan; Based on the Pre-IPO round financing valuation of Nezha Motors, the corresponding valuation of 360's holding of the shares was about 5.142 billion yuan, and the floating profit was 3.242 billion yuan.

It can be said that when the investing in Nezha, the 360 ​​is basically "stable and not compensation". As long as the Nezha Motors will be listed smoothly in the future, 360 will be able to "make a big profit" with this time, so this time give up the capital increase, so It really makes people understand.

Although after the announcement disclosure, Zhou Hongyi responded that the abandonment of capital increase was "in order to support the work of the Nezha Automobile's shareholding system": "Nezha Automobile is still a startup company, and the founder team needs to lead the company to develop instead of fully capital -led, but Now the founder team has too few equity, and the positioning of 360 still supports and auxiliary teams. "However, not long after Zhou Hongyi responded, CEO Zhang Yong responded that the team held more than 20%. In short, it is currently founded The people team is not "too little shareholding", and 360 "abandon capital increase" is another reason.

In fact, behind the 360 ​​abandonment of capital increase, a large part of the reason is that Nezha Automobile is still in a state of "burning money".

According to the previous data disclosed by 360, as of the end of 2021, Nezha's total assets were 13.69 billion yuan, the total liabilities were 8.328 billion yuan, and the net assets were 5.362 billion yuan. In terms of performance, the company realized revenue of 5.735 billion yuan in 2021. The loss of net profit was 2.908 billion yuan, an increase of 1.58 billion yuan from the previous year, and a total loss of 4.22 billion yuan in two years.

Even though Nezha's sales continue to increase, the loss has continued to expand. Nezha Motors "burns money" cannot see the end, which may be the important reason why 360 chooses to "give up capital".

High -end high -end, the key battle of Nezha Automobile

In early June, the Nezha S Ya Shi Edition, which represents the new starting point of the Nezha brand, officially launched the pre -sale at a price of 338,800 yuan.

With the launch of this model, the strategic intention of Nezha Motors' impact on the high -end market has revealed; after being "abandoned capital increase" by 360, impacting the high -end market has become the most critical "battle" of Nezha Automobile.

Although the low -end models of 60,000 to 100,000 yuan have been successfully occupied before the market, when sales have increased significantly, Nezha Motors has also fallen into a state of "more and more losses." Obviously, only when entering the high -end market can we reverse the current situation.

In addition, if the high -end market is successfully impacted, the valuation of Nezha Motors is also higher, and it can only perform better after listing in the future. As early as this year, Nezha Motors was reported to go public in Hong Kong, but compared with Zero Run and Weima, they have successively submitted a prospectus to the Hong Kong Stock Exchange. At present, Nezha Automobile has not yet moved.

However, according to media reports, this time 360 ​​abandon capital increase may also be "paved" for the listing of Nezha Motors.

It is understood that the purpose of joint -stock system restructuring is to establish a corporate system with clear property rights and clear power and responsibilities, and provide institutional foundation and physical qualifications for the listing financing of enterprises.

From the current point of view, although the sales of Nezha cars have increased significantly, the loss of losses behind the lag and tight cash flow are still difficult to solve. "Pharmaceuticals", especially after 360 "Giving up capital increase", impacting the high -end market has undoubtedly become a key battle for Nezha Motors.

However, whether consumers who hit the high -end market will buy a account and whether the price of 338,800 yuan violates the vision of "building a car for the people". These are all problems in front of Nezha.

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