Is Beijing Automotive New Energy Backdoor Listing Urgent? Power change mode will be pushed to the whole country

“In 2018, we will face both possible subsidy withdrawals and a lot of market competition pressure, and we may also face the issue of corporate listing. In the face of these major events, BAIC Group will not change its ranks.” January 9, BAIC Party Committee Zheng Gang, the general manager of the Standing Committee and General Manager of Beijing New Energy Automobile Co., Ltd. (hereinafter referred to as “BAE New Energy”), said in an interview with a 21st Century Business Herald reporter. Prior to this, Beiqi New Energy passed out high-level exits and backdoor listings.

On the same day, BAIC New Energy also announced its 2017 sales performance. In 2017, BAIC New Energy produced and sold 103,199 pure electric vehicles, which accounted for 23% of domestic new energy vehicles in 2017. For the fifth consecutive year, it ranked first in domestic sales of new energy vehicles.

Zheng Gang stated that BAIC New Energy will form a “national car” combination with the new EC+EX in 2018, focusing on strengthening the market penetration in the third and fourth tiers; the new EU car +ET series SUVs will focus on the first and second-tier markets; it will also build more than 400 kilometers. Model.

In addition, BAIC New Energy and Baidu and other Internet companies have entered into cooperation to jointly develop technologies for autonomous driving and vehicle networking. Currently, prototypes jointly developed by the two parties will begin testing in the Beijing unmanned demonstration area in Langu within a few months. At the end of this year, quasi-commodity vehicles will begin to launch, and the optional models will begin to be sold to the market in 2019.

Backdoor listing is very urgent?

“The road to backdoor listing should say that BAIC Group has already paved. At present, backdoors equate IPOs and even stricter approvals. Perhaps BAIC is once again luckless.” On January 14, a securities industry analyst accepted the 21st Century Business Herald. An interview with reporters said.

On December 27, 2017, the S*ST forward issued an announcement that Beijing Capital Asset Management Co., Ltd. (hereinafter referred to as “First Capital”) has agreed to hold Sichuan Xintaike Digital Equipment Co., Ltd. (hereinafter referred to as “Sichuan New” Tektronix's full equity was transferred to Beijing Automotive Group Co., Ltd. (hereinafter referred to as “Beijing Automotive Group”) free of charge.

In other words, Sichuan Xintai Ke, S*ST's largest shareholder, holds 41.13% of the stake in S*ST. After the equity transfer is completed, BAIC Group will become an indirect controlling shareholder of S*ST.

“The share reform of the S*ST striker has not yet been completed. This reflects the very urgent need for Beijing Auto's new energy market to be listed. It may want to get through the relationship quickly. In addition, BAIC will also help it to complete the share reform. Another is compensation, which includes some hidden costs. "The above securities analyst told reporters. After January 23, 2007, the share reform issue has been plagued by the S * ST striker for ten years, and the S * ST striker's share reform program has not yet made new progress.

In the S*ST striker announcement, after BAIC took over, it will continue to promote the company's share reform work, and plan to purchase Beijin New Energy and other related assets into listed companies.

“Through the capital market, to make a company bigger and stronger, and at the same time improve the level of corporate governance, this is a job that every company must complete.” January 9, Beijiang New Energy Party Committee Deputy Secretary, press spokesman Qing Feng said.

Having BAIC New Energy listed independently has always been an important part of the strategic layout of Xu Heyi, chairman of BAIC. When Beijing Automotive Co., Ltd. listed H shares in 2014, they divested the new energy business from the independent operation of Beiqi. First, at that time, the new energy industry was not favored, and they were afraid of not having a market. They only needed to burn money. Second, they hoped that one day, Beiqi New. Energy can be listed separately.

At present, Beijing Auto New Energy A-shares listing process has entered a substantive start-up phase, according to Beiqi New Energy sources told reporters, the first half of 2018 is expected to announce the results, if the backdoor is successful, BAIC New Energy will become the first share of China's new energy vehicles.

According to public information, a backdoor listing is equivalent to the IPO standard and it is necessary to meet the rigid target of setting up three consecutive years of profitability. Despite 2014 and 2015, BAIC New Energy lost 240 million yuan and 194 million yuan respectively. However, in 2016, BAIC New Energy made a profit of 180 million yuan for the first time. This shows that BAIC New Energy is temporarily unable to meet this requirement.

There is also news that because of the backdoor listing through asset replacement rather than the direct IPO, BAIC New Energy will not be subject to the three-year limit of consecutive earnings for the listing of new A shares, and after completing the restructuring of the S*ST striker, Beiqi New Energy will start additional financing for A-shares.

When interviewed by a 21st Century Business Herald reporter, Hu Enping, chief brand officer of Beiqi New Energy, said that BAIC New Energy is different from traditional state-owned enterprises. “We internally compare BAIC New Energy to Shenzhen, China, the frontline of reform and opening up. BAIC New Energy has been listed as an experimental field for institutional reforms. We have been breaking through the traditional impression that state-owned enterprises are relatively slow, relatively scattered, chaotic, or lagging behind. , has been exploring the modern automobile market and international competition, how do we manage, how to achieve a breakthrough in the enterprise and other issues."

Since its official establishment in 2009, BAIC New Energy has achieved shareholding reform in March 2014. At present, from the viewpoint of shareholding structure, Beijing New Year Energy is a diversified shareholding structure. After the 2016 reform of mixed ownership, Beiqi New Energy achieved A round of financing, with the exception of state-owned capital, private capital, transnational capital, and other areas of capital. New energy sector.

“In 2017, BAIC New Energy achieved a major breakthrough and became the first state-controlled, mixed-ownership enterprise in Beijing with employee ownership. We have raised RMB 11.118 billion in Series B financing, a small portion of which is from corporate executives. , Core backbone members and other employees participate in the shareholding of employees," said Hu Enping.

Power change mode will be pushed to the whole country

At the performance sharing conference, Zheng Gang stated that BAIC New Energy and the entire BAIC Group have recognized the changes in the automobile and travel industries, and are currently transitioning from traditional manufacturing to internet + manufacturing and smart travel service providers.

In order to better meet the needs of consumers' travel, Beiqi New Energy united with all parties to conclude the "Weilan Ecological Alliance" and the "Optimus Prime Plan" implemented at the end of last year.

By 2022, the Optimus Prime Project is expected to have a total investment of 10 billion yuan. In more than 100 cities across the country, 3000 light storage and replacement stations have been built, 500,000 sets of replacement vehicles have been put into use, and the use of ladder-type energy storage batteries has exceeded 5 Gwh.

The plan aims to deepen the integration of new energy vehicles, power batteries, switching stations, and photovoltaic power generation through the exchange of electricity and battery recycling technologies, and build a intensive, smart, and convenient green travel ecology to realize the full life cycle energy resources of new energy vehicles. use.

Taxi company single-car income can increase 506 yuan per month, according to 50,000 Taiwan taxis calculation, one-year income of more than 300 million yuan, 6-year earnings of more than 1.8 billion. Taxi drivers can increase their income by 254 yuan per month, their annual earnings exceed 150 million yuan, and their 6-year earnings exceed 900 million yuan.

However, under the constraints of land and power resources, the current transformer station is still in the market cultivation stage. “The return on investment is related to the pricing of operations. We are currently in the pre-market promotion stage, so the prices are very favorable.” said Chen Zhixiong, executive director of AOL (Xiamen) New Energy Automotive Technology Co., Ltd.

He told reporters that since 2016, BAIC New Energy has joined Aodong and Shanghai DDB in a total of more than 3,500 electric taxis in Beijing, Xiamen, Lanzhou and Guangzhou.

Among them, Xiamen has put in nearly 500 taxis for electricity exchange, put in 4 switching stations and built 4 of them. By the end of 2017, it is expected that 8-10 switching stations will be built, and the island will initially complete the network coverage of the exchange service. A reporter visited the site of a change station in Xiamen Island and discovered that the entire process of changing the power of a taxi does not exceed 3 minutes, and the number of power exchanges on the day of the station is an average of 290 times, and the highest number is 331 times; the daily power is nearly 8000 kWh , And a single transformer station in theory, the daily power limit is 11088 degrees, which is equivalent to achieve 70% -80% capacity utilization.

“First, rationalizing the distribution of outlets is the basis for the successful operation of the exchange operations, and secondly, the preferential electricity prices are the key to the success of the exchange operations. In addition, cooperation and win-win is the guarantee for successful operation of the exchange operations. No one can solve these three problems. The Xiamen exchange model was successful.” Hu Enping said that Xiamen has become a model city for electricity exchange and its experience can be promoted nationwide.