On the eve of the listing IPO, the wealth-making opportunities brought by a round of mixed reform of GAC Aean have arrived. On March 31, at the performance communication meeting of GAC Group, Zeng Qinghong, chairman of GAC Group, said, "At present, GAC Eian employees hold 4.55% of the shares, of which the general manager invested 20 million yuan and mortgaged the house." Next year's IPO, raising 50 billion yuan, all invested in research and development."
GAC Aeon is a reorganization of a new energy automobile company under the GAC Group. On July 28, 2017, GAC BJEV was formally established, with Gu Huinan as the director and general manager, and also transferred a number of GAC passenger car executives, which is enough to see that GAC Group has high hopes for GAC New Energy. In the same year, GAC New Energy Plant started construction, with an annual production capacity of 200,000 units planned for the first phase. In November 2020, "GAC New Energy Automobile Co., Ltd." was officially renamed "GAC Aian New Energy Automobile Co., Ltd.", and Guangzhou Automobile Group Co., Ltd. held 100% of its shares.
After the name change, GAC Aean also announced its independent development plan. At that time, many analysts believed that the independent operation of the Aeon brand could pave the way for its future listing, and the listing could raise funds for further development. Then, in December of that year, Aeon placed an advertisement in Times Square in New York, and market participants speculated that this may represent gac Aeon's listing in the United States. At that time, Geely was seeking to list on the Science and Technology Innovation Board, and Dongfeng Group also planned to list on the ChiNext Board for a second time. On the side of the new forces, Xiaopeng and Ideal have just completed listing.
In August 2021, GAC announced its capital market plan for the first time, which plans to promote the mixed ownership reform of GAC Aean through the restructuring and integration of new energy vehicle research and development capabilities, business and assets, increase its capital and shares, and introduce strategic investors. In the future, GAC Aeon will make full use of the capital market and actively seek to list at an appropriate time. However, GAC has not announced the specific planning content of its listing, and the outside world speculates that it will choose to list in the United States or the Science and Technology Innovation Board.
In November 2021, GAC Ae-an's mixed reform officially began, when the Ae-an brand had just been operating independently for one year. According to GAC Group's previous plan, GAC Aeon's goal is clear: after operating Aeon independently, it will be further spun off and listed. Specifically, GAC Aean's mixed reform is divided into three stages:
The first phase of asset restructuring was completed, and the second phase of employee shareholding and the introduction of war investment have also been basically completed. On the evening of March 17 this year, GAC Group announced that GAC Aean has completed a total of 2.566 billion yuan of financing, will launch AEan's shareholding system transformation and A round of financing in due course, and actively seek spin-off and listing in the future. According to the plan, in the total financing amount, including equity incentive recipients to contribute 1.782 billion yuan, a total of 794 people, including 679 GAC Aian employees and 115 GAC Research Institute scientific and technological personnel. On average, the above-mentioned employees of GAC Aeon have invested about 2 million yuan per capita.
Among them, 115 scientific and technological personnel are selected by the GAC Research Institute from a team of more than 4,000 people, and can enjoy the dual incentive policy of GAC Group and GAC E'an at the same time. As a result, GAC has also become the first domestic state-owned enterprise to implement the "upper and lower levels" on a large scale of mixed reform.
After the completion of the capital increase and share expansion, the registered capital of GAC Aean increased from 6 billion yuan to about 6.421 billion yuan. GAC Group will directly or indirectly hold approximately 93% of the equity of GAC Aean and is the controlling shareholder of GAC Aean. In addition, the shareholding ratio of GAC Aian employees and scientific and technological personnel of GAC Research Institute is 4.55%; the total shareholding of three strategic investors such as Chengtong Group, Nanwang Kinetic Energy and Guangzhou Aian is 2%.
According to Feng Xingya, general manager of GAC Group, GAC Aeon will complete employee shareholding in the first quarter, start the B round of war investment in the second half of the year, and plan to fully complete the mixed reform in 2022 and choose the opportunity to go public. It is worth mentioning that it was widely expected that GAC Aean would complete its listing in 2022. As for the location of the listing, Gu Huinan, general manager of GAC Aian, said in mid-March that it would be listed on H-shares or A-shares. "The next step will be the real A round of the battle, at present we have a lot of investors in line, there are hundreds, we expect to complete the A round of war in September and October, and then we will choose to be A shares or H shares listed."
With the listing of GAC Aean, the current price-to-earnings ratio of new car manufacturers may give birth to many tens of millions and billions ofaires. Netizens said that it is more appropriate to say that it is not so much a mixed reform as it is a wealth-making movement. In fact, after the listing of startups in recent years, many tens of millions of rich people have been born, and ordinary employees can also make millions of profits because of their full shareholding. This is also an important reason why many new car manufacturers can attract talents.
In addition to mixed reform, Zeng Qinghong, chairman of GAC Group, built a lot of low-cost houses for employees to attract people to stay. "In (Guangzhou) Panyu built 6,000 sets of commercial housing, the cost price of 15,000 yuan / flat, riverside, all to employees, to let people to bring in, retain."
It is reported that at the beginning of 2022, GAC Aeon will complete the expansion of the first plant with a capacity of 200,000 yuan, while the second plant with a capacity of 200,000 will also be completed and put into operation at the end of next year, and will have a production capacity of 400,000 in 2023.
At present, the sales volume of GAC Aean new energy vehicles has also increased rapidly, and its sales in the three years of 2019/2020/2021 are 4.2/6.0/120,000 units, respectively, +277%/41%/102% year-on-year. According to gac's annual report, GAC BJEV/EAN's revenue in 2018/2019/2020 reached 23.3/49.2/7.10 billion yuan, continuing to grow rapidly. However, Aeon is still in a loss, with a loss of about 1 billion yuan. It is worth noting that whether it is in H-shares or A-shares, it is not a good time for new energy vehicle companies to go public at present.
Judging from the stock prices of Wei Xiaoli, Ningde Times, ANDD as the wind vane, they have been in decline since last year, and the market value has been reduced by more than half. In this context, the lack of storytelling GAC Aean listing is facing no small challenge, which can be seen from GAC's stock price. At present, the A-share price of GAC Group is 11.23 yuan, and the market value is 117.5 billion yuan. In 2021, GAC's revenue was 75.676 billion yuan and net profit was 7.335 billion yuan. In fact, the science and technology innovation board has very high requirements for vehicle companies, and the previous impact on the science and technology innovation board such as Geely and Weima has also ended in failure.
If Aeon is successfully listed, it will also be the second company among traditional car companies to divest subsidiaries and achieve listing. Previously, BAIC was the first to divest its new energy vehicle business, established BAIC Blue Valley Company and achieved listing. Beiqi Blue Valley is also the first state-owned new energy company to implement employee shareholding.
After Beiqi Blue Valley and Eian, there are also a number of single-flying traditional car companies new energy brands in preparation for listing, including Chery New Energy, Changan New Energy, SAIC's Feifan Automobile and so on. Among them, Chery New Energy has tried to list on the backdoor a few years ago, but later voluntarily withdrew its listing application because of the problem of qualifications. It is reported that Chery New Energy will be listed on the domestic science and technology innovation board or the NASDAQ in the United States.
In addition, according to the latest financing plan design of Dongfeng Group, it is exploring the possibility of an independent listing of its smart high-end electric brand Lantu. "In order to introduce investment, Lantu has set up relevant departments to carry out docking." The person familiar with the matter revealed. In 2021, Lantu has also officially declared independence, and the core employees hold more than 10% of the shares. Changan New Energy also opened employee shareholding in the B round of financing in February this year, and a total of 97 employees have invested 117.3 million yuan to hold shares.