Auto company independent sub -brand financing accelerated "second -generation car" collective effort capital market

Reporter Gong Mengze

Nowadays, the launch of a new independent high -end brand and choosing to "enter" the capital market has become a common operation of traditional domestic car companies. Judging from the current financing cases, the capital market generally holds a high degree of recognition and investment enthusiasm for the "second -generation car" (independent sub -brands from traditional car manufacturers).

Avita round A financing

Favorite by many investment institutions

On the evening of August 2nd, Changan Automobile announced that the company's joint venture Avita Technology (Chongqing) Co., Ltd. (hereinafter referred to as Avita) in Chongqing's joint property rights transaction, so public listing method increases capital and expand investors, and finally determines six companies. investor.

According to the Avita announcement, the company's round A financing was led by the National Green Development Fund, China Merchants Jintai, SDIC Guli, Weire Chuangxin (Union), a subsidiary of Weir Co., Ltd. Investment institutions follow. At the same time, Avita's existing shareholders Changan Automobile and Southern Assets also invest in this round, and intend to invest 1.169 billion yuan and 100 million yuan respectively.

After the A round of financing, Changan Automobile and Ningde were still the first and second largest shareholders of Avita. Among them, the shareholding ratio of Changan Automobile increased from 39.02%to 40.99%. Due to the failure to participate in this round of financing, the shareholding ratio was diluted from 23.99%to 17.10%.

"For the first time, the National Investment Fund led the new energy vehicle project, which is undoubtedly fully affirmed by the rapid development of Avita Technology. This round of local fiscal funds and well -known industrial capital blessings not only provide more stable funds injection, but also will also Further enrich our industrial chain resources, so that Avita Technology's strategic cooperation ecology and capital structure are more diverse, "said Tan Benhong, chairman and CEO of Avita Technology.

Automotive securities analysts who do not want to be named told reporters that traditional car companies' sub -brands have rich car manufacturing experience, supplier system and funding support. Even if the market recognition cannot be obtained in the short term, it will be much greater than the traditional car adapter. For investors, investment risks will be much smaller.

According to Avita, people from Avita revealed to the Securities Daily that after completing the Case A capital increase, Avita's overall financing scale will approach 5 billion yuan, and the valuation after investment is close to 10 billion yuan. In addition, at the same time as capital increase, Avita will also sign a long -term strategic cooperation agreement with many newly joined by the newly joined this round to strengthen the advantages of the industrial chain resources.

"Traditional car companies who have deeply cultivated the Chinese market for decades are seeking to achieve the goal of releasing technology accumulation and comprehensive transformation by launching a new high -end new energy vehicle brand." Zhang Xiuyang, secretary general of the China Passenger Vehicle Industry Alliance, said The competition in the field of new energy vehicles with a new appearance is a new attempt for traditional car companies to seize the new energy vehicle track. They hope to take the lead in becoming a typical sample of brand breakthroughs.

Traditional car company background "second generation of car"

Collective Capital Market

It is worth mentioning that, with the approaching period of densely launching periods of the new power brand products of car companies in the second half of the year, according to reporters 'observations, after entering August, the "second -generation car" of traditional car companies' background is also accelerating. Collective capital market.

On August 1st, the Smart Motor created by SAIC Group announced the completion of the A round of equity financing agreement. It is understood that the first round of market -oriented financing of Zhi Ho Heng Automobile was led by the Equity Investment Platform of Jiaotong Group, and SAIC Group continued to invest. At the same time, it has also introduced many well -known investment institutions such as ICBC Investment, National Green Development Fund, Zhiyou Venture Capital, Shanghai State -owned Enterprise Comprehensive Reform Fund, and CITIC Securities Investment. After the first round of market -oriented financing was successfully completed, the valuation of Zhi Ho Ho Two will reach nearly 30 billion yuan.

On the same day, as a high -end electric vehicle brand under Dongfeng Automobile, Lantu's capital increase project was pre -disclosed on the Shanghai United Property Exchange. The total disclosure of the total amount of funds to be raised and the proportion of new capital to the corresponding shareholding shall be disclosed. The pre -disclosure announcement shows that 89.66%of Lan Tu Automobile is held by Dongfeng Automobile Group Co., Ltd. 10.34%of the equity of the employee holding platform Wuhan Waya Enterprise Management Consulting Partnership (limited partnership).

The capital increase was the first external equity financing since its establishment. "Lan Tu's initial external equity financing is normal financing. Fund is mainly used to support the company's strategic layout, enhance the competitiveness of the company, and focus on the company's main business development." Lantu Automobile said in an interview with the Securities Daily.

In this regard, Zhang Xiuyang believes that Lantu Automobile's startup foreign equity financing can alleviate the urgency of debt on the one hand; on the other hand, it can also be introduced by introducing new strategic investors to obtain more technical, product, and funding support from Dongfeng system. After all, "In addition to seeking capital support, it will also pay attention to the help of investors in intersection business and ecological layout." Zhang Xiuyang said.

The reporter also observed that for the new sub -brand, traditional car companies adopt independent operations to promote them to better participate in market competition. In fact, traditional car companies in China are roughly divided into huge amount of state -owned enterprises, central enterprises, central enterprises and pyramid -shaped organizations, and are restricted by their respective institutional mechanisms, and they are relatively slowly lagging on market competition. The way of independent operations allows these brands to get rid of the problems of too long capital assessment and decision -making, fully implement market -oriented operations, and then enhance brand competitiveness.

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