Recently, GAC Aeon issued a progress announcement on financing.
This is estimated to be the first time that GAC Ae-AN has released information about financing after announcing its independent operation under the E-An brand at the 2020 Guangzhou Auto Show.
According to the announcement, GAC Aegean, a wholly-owned subsidiary, adopted a non-public agreement to increase capital, implemented equity incentives for 679 employees and 115 scientific and technological personnel of the GAC Research Institute to implement equity incentives, and the relevant incentive personnel contributed a total of 1.782 billion yuan. In addition, Chengtong Group, China Southern Network Kinetic Energy and Guangzhou Ai'an were also introduced as strategic investors, and the capital increase raised a total of 2.566 billion yuan.
This short hundred words revealed a lot of information.
First of all, from the proportion and amount of employee shareholding, you can probably calculate the current valuation of GAC Aean - 1.782 billion yuan / 4.55% is about equal to 39.165 billion yuan.
Many people use this valuation of GAC Aeon to compare with the current market value of "Wei Xiaoli", and feel that Aeon's valuation is only a quarter of the value of Xiao Pengmei's stock market, which seems to be less interesting. Such a comparison is unfair, after all, the stages of the two are not the same. GAC Aeon's financing this time can only be regarded as an angel round, not even the A round.
The valuation of the "angel wheel" is nearly 40 billion, what is this concept?
Xiaopeng Automobile began angel financing in April 2015, and it was not until the B+ round of financing in August 2018 that it raised 10 billion yuan before and after, and only achieved a valuation of 25 billion yuan; ideal automobile only achieved a valuation of 3 billion yuan when it carried out a series A financing in May 2016; and when Weilai C financing made a strategic investment in March 2017, the valuation was only 20 billion yuan.
In other words, gagac Aean's mixed reform this time, the financing starting point is much higher than "Wei Xiaoli".
This, of course, is understandable.
First, "Wei Xiaoli" did not even have a car when it first started financing, relying on PPT and faith.
But GAC Aean is different, founded in 2017, it has maintained a very rapid development in recent years, with a compound annual growth rate of 123%. Just in 2021, the cumulative annual sales of Ethiopian Safety reached 123,600 units, which not only crossed the so-called "life and death line of annual sales of 100,000", but also nearly 26 percentage points higher than the Xiaopeng Automobile, the highest selling car in "Wei Xiaoli".
In 2022, GAC Aean will only be more ferocious! From January to February, its cumulative sales reached 24,557 vehicles, 2.3 times that of the same period last year, and tens of thousands of orders were accumulated. In contrast, the cumulative delivery volume of Xiaopeng Automobile in January and February is only 19127, and the gap with Eian is gradually widening.
Second, GAC Aean started with science and technology, unlike "Wei Xiaoli", which can only talk about service and operation when it comes and goes. Of course, this is not to say that the service and operation in the mouth of "Wei Xiaoli" is not important to car companies, but compared with technology and technology, its replaceability is strong, or even unsustainable.
GAC Aeon not only has a large number of patented technologies, most of which are also aimed at the pain points and difficulties of pure electric users. For example, in solving the problem of mileage anxiety, GAC Aeon has super fast charging technology and sponge silicon anode technology; in terms of solving battery safety, GAC Aean has magazine battery technology... At present, the pure electric vehicle with the longest battery life on the market is also built by Aean.
When consumers buy a car, they undoubtedly buy technology, not so-called services and operations. There is an old saying in Cantonese, called "what you eat is your own", which probably means that it is safe to hold it in your hand. Now is undoubtedly the era of service and operation, but these are only icing on the cake for consumers, and it is difficult to become a support point for a car company.
Therefore, GAC Aean, which started with science and technology, will undoubtedly have a more solid and reliable chassis.
Third, although GAC Aean is a state-owned enterprise, its response to the market is very agile and its execution is very strong.
Although state-owned enterprises give people the impression of being more reliable, they have always been relatively procrastinating in their work, and their response is always half a beat slower than that of private enterprises. But after GAC Aeon declared independence, the first thing he did was to change the thinking inertia of state-owned enterprises.
In the past year, EON has continued to innovate its organizational system, further built a flat organizational structure through agile organizational reform, further stimulated the enthusiasm of employees, increased efficiency by more than 90%, and achieved a comprehensive improvement of soft power.
The effect of the reform is immediate!
In 2021, GAC Aeon, which has a capacity utilization rate of more than 140%, is facing the problem of capacity expansion. However, capacity expansion is a tedious task, and the installation and commissioning of equipment often requires a long cycle. Weilai, which is also a pure tram company, has also rebuilt its factory, but it took more than 20 days before and after and has not been fully put into use.
However, the second phase of the production capacity expansion of Aeon was completed in just 15 days during the Spring Festival holiday, once again creating a new record in the industry.
Secondly, GAC E'an's 100 words convey strong confidence to investors.
Nearly 70% of the 2.566 billion yuan raised this time came from within GAC – a total of 794 employees, with an average capital contribution of 2.24 million. Not only is the amount of capital contribution large, but the binding period for shareholding is also long, and the binding period for Aeon's equity incentives and employees is 5 years, which is much higher than the 3-year binding period for ordinary private enterprises.
If 2.24 million is deposited in the bank for 5 years, if it is calculated at an annual interest rate of 4%, how can it be charged more than 400,000 interest in 5 years. In other words, in the next 5 years, if the market value of GAC Aean returns to the current level, then the nearly 800 employees will lose more than 400,000 opportunity costs, and the market value will increase by more than 4% to be profitable. If it were not for the strong confidence in the development of GAC Aean, I think no one would dare to make such a big bet.
Of course, I seem a little unfounded to say this.
After all, the starting point is lower than E-an, and the sales volume is not as good as E-an's Xiaopeng Motors, and its current market value has soared by 65 percentage points compared with the first day of listing (US stocks). Even if GAC Aean has missed the investment boom of the new energy track, it still seized this opportunity in the new energy market, and in theory, its market value will not lose to Xiaopeng Motors.
In addition, although the names of the three strategic investors involved in the mixed reform are not well known, their backgrounds can also give people enough confidence. According to the Tianyancha APP, Chengtong Group is the first batch of pilot enterprises of the board of directors of the State-owned Assets Supervision and Administration Commission; China Southern Grid Kinetic Energy is a partnership enterprise controlled by China Southern Power Grid Capital and 25% capital of China Southern Airlines Group; the largest shareholder of Guangzhou Ai'an, the actual controller of Guangzhou Huiyan Tianyue, is the State-owned Assets Supervision and Administration Commission of Guangzhou Municipal People's Government.
A Hefei government could directly raise the stock price of Weilai, which fell to $1 at that time, to its current $20.86, pulling it back from the brink of frequent death. The future of GAC E'an, which is backed by the Guangzhou Municipal Government, is certainly even more immeasurable.
Text | Male
(This article is the author's personal opinion only and does not represent the position of DearAuto.) )
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Mr. Li Guoyong of Guangdong Green Law Firm