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Original Title: Evergrande Automobile to Increase HK $ 26 Billion Fundraising These Investors “Aren’t Easy”
Securities Times reporter Yu Shengliang
Evergrande Automobile (00708.HK) announced on the night of January 24 that it will issue 952 million new shares to six investors, attracting a total of HK $ 26 billion. Investors in this new offering include old acquaintances such as Chen Kaiyun, wife of Liu Luanxiong, founder of Chinese Land, as well as Wang Kaiguo, the actual controller of Heyirong International, and Liu Minghui, founder of China Gas Holdings.
Specifically, participants in the issue include Chengyu Holdings Co., Ltd., Shangyu Co., Ltd., Heyirong International Trade Co., Ltd., Cuilin Global Investment Co., Ltd., Chen Kaiyun, and Liu Minghui. Chen Kaiyun and Liu Minghui each have an investment scale of HK $ 3 billion, with the rest being HK $ 5 billion. Investors voluntarily locked up for 12 months.
Friend circle
All of these investors are not the general generation when they used so much money to participate in the fixed raise. The actual drivers behind the four investment firms are Chen Hua, founder of Jingji Group, Huang Guangmiao, founder of Zhongzhou Group, and Heyi Wang Foundation of Rong International and Wang Zhongming, president of Cuilin Group.
Both Chen Hua and Huang Guangmiao are real estate developers in Shenzhen and have developed multiple real estate projects in Shenzhen. The Jingji Group under Chen Hua is strong and started from the old reform; Huang Guangmiao’s Zhongzhou Real Estate is known as the “King of Shenzhen Land Acquisition”, and has included companies under him.Zhongzhou holdings“Ancestral home in Zhupu Village, Haojiang District, Shantou.
Heyirong International’s actual controller is Wang Kaiguo. The company is primarily engaged in trade and investment, including bulk trade and private equity and investment in the public market.
Cuilin Global Investment Co., Ltd., which invested HK $ 5 billion this time, is actually controlled by Wang Zhongming, Chairman of the Cuilin Group. The group was established in 1993 with total assets of more than 50 billion yuan.
Chen Kaiyun is the wife of Liu Luanxiong, Liu Luanxiong is one of the four richest people in Hong Kong and a former chairman of the board of directors and CEO of Chinese Real Estate Corporation. Liu Minghui is the founder of China Gas and currently serves as Chairman and Chairman of China Gas Holdings Limited. The market value of China Gas is HK $ 154 billion.
Evergrande has a strong desire to develop automobiles On September 15 last year, Evergrande Automobile issued an announcement to raise HK $ 4 billion by placing new shares to support the development of the new energy automobile business. On the list of investors, there are not only major mutual funds like Yunfeng Fund and Sequoia Capital, but also internet giants like Tencent and Didi. “Erma” (Ma Yun and Ma Huateng) bought shares simultaneously, which is rare.
On September 18 last year, Evergrande Automobile announced that it was proposing to issue RMB shares and listing on the Science and Technology Innovation Board, and plans to issue no more than 1,556 million RMB shares (before the option to over-allocation). According to the announcement, the offering price is not less than HK $ 25 per share, and the funds raised are intended to be used for research and development of new energy vehicles, production and marketing network construction projects and working capital. complementary.
In the first half of 2020, Evergrande Automobile’s revenue was 4.51 billion yuan, a year-on-year increase of 70%; gross profit was 1.26 trillion yuan, a year-on-year increase of 107%; the net profit was 2.46 billion yuan. and its loss increased 24.2% year-on-year. Among them, the automotive sector has a revenue of 50 million yuan.
At last year’s mid-term performance exchange meeting, Evergrande CFO Pan Darong said it will continue to invest in the auto business. “In 2019, Evergrande’s investment in new energy vehicles was 14.7 billion yuan; In the first half of 2020, 3 billion yuan was invested. It mainly includes acquisitions of shares, R&D expenses, etc. The second half of the year is expected to invest 2.7 billion yuan, mainly in stock purchases. It is estimated that 9 billion yuan will be invested for the full year of 2021, including the construction of factories, land and R&D. “He said that by 2022, Evergrande’s total investment in the auto sector will exceed 29.4 billion yuan.
The soldiers and horses haven’t moved, food and grass go first. Evergrande has amassed ammunition for this highly competitive auto industry.
Attack from all sides
Among all the new forces in car manufacturing, Evergrande Auto belongs to the youngest group. Evergrande Auto was born out of the former Evergrande Health. In August 2020, Evergrande Health announced that the company name was changed from Evergrande Health Industry Group Co., Ltd. to China Evergrande New Energy Automobile Group Co., Ltd. In September, the abbreviated name of the company’s shares The publicly traded company also switched from Evergrande Health to Evergrande Auto.
The public first learned that Evergrande wanted to build a car through Jia Yueting. Jia Yueting, who was stranded in the United States, successfully persuaded Evergrande to invest. In June 2018, Evergrande Health announced a US $ 2 billion investment in the new FF energy vehicle company founded by Jia Yueting, paying for the first time US $ 800 million in exchange for 100% of Shiying’s shares. ., Indirectly acquired 45% of the share capital of Smart King, the parent company of FF, and became the largest shareholder of the company.
However, Evergrande and FF eventually parted ways. After the breakup, Evergrande continued to buy projects everywhere. In January 2019, Evergrande Motor acquired the Swedish electric car NEVS for US $ 930 million; in the same month, it acquired a 58.07% stake in Carnei battery company for 1.06 billion yuan; On March 15 of that year, Evergrande Automobile acquired a 70% stake in Tate, a new energy car engine company, for 500 million yuan. On January 29, 2020, Evergrande Automobile invested € 150 million in Sweden’s largest Koenigsegg supercar to establish a joint venture.
In 2020, the Evergrande car construction project will usher in significant advancements. In August of that year, Evergrande launched its new energy vehicle brand “Hengchi” and launched 6 concept models at the same time, ranging from A to D. The categories include a full range of passenger car models, such as automobiles. , SUV, MPV, and crossovers.
Evergrande is currently developing 14 new models simultaneously. According to Evergrande’s plan, the production capacity of the first phase of each base is 100,000 vehicles per year. Under the plan, Evergrande Automobile will achieve a total production capacity of 1 million vehicles per year in 2 to 3 years, and a total production capacity of 5 million vehicles per year in 10 to 15 years.
On the most recent trading day, Evergrande Motor’s market value reached HK $ 263.616 billion.
Reduce debt
Last year, China Evergrande suffered a wave of crisis because it failed to return to A shares as planned. On September 29 last year, China Evergrande announced that it had signed a supplemental agreement with a total investment of RMB 86.3 billion out of Evergrande’s total investment of RMB 130 billion, and agreed to convert the investment into a capital long-term common.
At the same time, a group photo spread throughout the circle of friends, including Suning Holdings Chairman Zhang Jindong, Zhengwei International Board Chairman Wang Wenyin, Grandland Holdings Chairman Ye Yuanxi, Chairman from Anxin Trust, Shao Mingan, Jiayu Group Chairman, Tian Jiayu, etc. The investment executives collectively attended the signing ceremony, supported Evergrande and Xu Jiayin, and eased the debt crisis.
On October 14 last year, China Evergrande announced that it had successfully introduced HK $ 4.3 billion in equity investments and was actively underwritten by leading international investment institutions, including the Pioneer Group.
On January 18, China Evergrande announced that it would use its own funds to repay the principal and interest of the 18.352 million Hong Kong dollar convertible bonds due 2023 in advance. Since September last year, Evergrande has used its own funds to pay off debts 4 times in advance, and the payment of accumulated debt has exceeded 47.7 billion Hong Kong dollars.
At the same time, Evergrande’s sales data is also good. In 2020, China Evergrande will sell 723.25 billion yuan, 111% of the annual sales target of 650 billion yuan; the return on sales is 653.16 billion yuan, and the rate of return is 90.3%.
In addition, Evergrande has further increased its net assets and promoted the reduction of liabilities through the divestiture of high-quality assets and the introduction of equity financing. On August 13 last year, China Evergrande announced that its Evergrande Property Group had introduced a total of HK $ 23.5 billion in strategic investments to support the development of the property management business. In December last year, Evergrande Property IPO, the issue price of 8.8 Hong Kong dollars, raised funds of 6.915 million Hong Kong dollars.
By the end of 2020, Evergrande’s interest-bearing liabilities had been reduced by 157.8 billion yuan from the time the new strategy was implemented in late March last year.
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