Weima auto IPO: 51 year old founder, with a valuation of 37 billion yuan

新能源汽车的神奇场景出现：又一股新车制造力量冲向科技创新板。

Magic scenes of new energy vehicles appear: another new car making force rushes to the science and technology innovation board.

据《投资新闻》报道，上海证监局1月29日公告，威马汽车具备在科技创新板上市的指导受理和申请条件。这意味着，威马汽车已经完成上市指引，如果不出意外，不久将正式提交招股说明书，有望成为首个登陆科技创新板的新车制造力量。

According to investment news, Shanghai Securities Regulatory Bureau announced on January 29 that Weima automobile has the conditions for guidance acceptance and application for listing on science and technology innovation board. This means that Weima automobile has completed the listing guidance, and if there is no accident, it will formally submit the prospectus soon, which is expected to become the first new car making force to land on the science and technology innovation board.

威马汽车成立以来，共经历了12次增资，融资总额超过300亿元。背后是国内外投资者，包括产业投资者、互联网巨头、基金"国家队"和顶级VC/PE风险投资基金。根据《2020年世界独角兽500强企业排行榜》，威马汽车估值已达58.57亿美元（约合378亿元人民币）。

Since its establishment, Weima automobile has gone through 12 capital increases, with a total financing amount of more than 30 billion yuan. Behind it stand domestic and foreign investors including industrial investors, Internet giants, fund "national team" and top VC / PE venture capital funds. According to the list of the top 500 Unicorn enterprises in the world in 2020, the valuation of Weima automobile has reached 5.857 billion US dollars (about 37.8 billion yuan).

目前，威马汽车并不是唯一一支推动科技创新的造车新军。零跑、天际、哪吒、爱知等造车新军都明确表示要登陆科技创新板，甚至恒大汽车也计划申请在科技创新板上市。一个共同的共识是，电动汽车受到资本市场的追捧，现在是上市融资的最佳时机。2021年，第二波新车造车大军即将上市。

At present, Weima automobile is not the only new force in car building that spurs science and technology innovation board. Zero run, skyline, Nezha, Aichi and other new car building forces have made it clear that they want to land on the science and technology innovation board, and even Evergrande automobile plans to apply for listing on the science and technology innovation board. A common consensus is that electric vehicles are being sought after by the capital market, and now is the best time to go public for financing. In 2021, the second wave of new car building forces is coming to the market.

51岁时，他发财后又自由自在地造了一辆汽车

At the age of 51, he made a car after he got rich and free

六年370亿

37 billion in six years

威马即将上市。1月29日，上海证监局发布公告称，威马智旅科技（上海）有限公司（以下简称"威马汽车"）已具备科技创新板上市辅导受理和申请条件。这意味着威马汽车已经完成上市指引，并开始提交招股说明书。

Weima is on its way to IPO. On January 29, Shanghai Securities Regulatory Bureau announced that Weima smart travel technology (Shanghai) Co., Ltd. (hereinafter referred to as "Weima automobile") has met the conditions for guidance acceptance and application for listing on the science and technology innovation board. This means that Weima automobile has completed the listing guidance and started to submit the prospectus.

与威来、小鹏、理想等造车新军不同，威马汽车有着更为传统的造车风格，这与威马汽车创始人沈晖的出身有关。威马成立前，沈晖曾在沃尔沃、菲亚特、吉利等著名汽车企业工作，在汽车行业工作多年。

Different from Weilai, Xiaopeng, ideal and other new car building forces, Weima automobile has more traditional car building style, which is related to the origin of Shen Hui, the founder of Weima automobile. Before the founding of Weima, Shen Hui worked in famous auto companies such as Volvo, Fiat and Geely, and spent many years in the auto industry.

正当他犹豫着要回家的时候，沈晖生命中的重要伯乐李书福伸出了橄榄枝。当时，吉利有意收购沃尔沃，并进入关键谈判阶段。2009年，沈晖加入吉利担任副总裁，并成为project v的全球负责人。沈晖在收购过程和随后的移交中发挥了重要作用。

Just when he hesitated to return home, Li Shufu, an important Bole in Shen Hui's life, extended an olive branch. At that time, Geely was intending to acquire Volvo and entered the key negotiation stage. In 2009, Shen Hui joined Geely as vice president and became the global head of project v. Shen Hui played an important role in the acquisition process and subsequent handover.

并购沃尔沃后，沈晖成为中国汽车界的知名人物，并迎来了事业的巅峰。然而，后来他做出了一个大胆的决定：辞职创业。

After the merger and acquisition of Volvo, Shen Hui became a well-known figure in China's automobile industry and ushered in a peak of his career. Then, however, he made a bold decision: to resign and start a business.

2014年的最后一天，沈晖离开了吉利。2015年，沈辉45岁。他已经富有而自由了。他本可以继续做一名职业经理人，但他选择了打造一辆充满挑战的汽车。

On the last day of 2014, Shen Hui left Geely. In 2015, Shen Hui was 45 years old. He was already rich and free. He could have continued to be a professional manager, but he chose to build a car full of challenges.

一开始，沈晖接受了朋友应义伦的邀请，与应义伦共同创办了博泰汽车。基于沈辉在汽车行业多年的积累，他主要负责建立整车团队，构建新公司的产品设计和生产体系。接下来的几个月，沈晖到处招聘人才，成立了30多人的团队。不幸的是，它没持续多久。沈晖和另一位创始人在观念上有所不同，离开了公司。

At the beginning, Shen Hui accepted the invitation of his friend Ying Yilun and co founded Botai automobile with Ying Yilun. Based on the accumulation of Shen Hui in the automotive industry for many years, he is mainly responsible for establishing a complete vehicle team and building a new company's product design and production system. In the next few months, Shen Hui recruited talents everywhere and set up a team of more than 30 people. Unfortunately, it didn't last long. Shen Hui and another founder had a difference in concept and left the company.

沈辉决定自己创业，成立了一家专门从事汽车制造的公司。之后，沈晖多次飞往德国，赢得了一支电动车制造团队。2015年10月，沈晖收购了威马汽车的团队，并迅速成立了威马汽车，真正做到了"新能源+智能汽车"的开门红。

Shen Hui decided to start his own business and set up a company specializing in car making. After that, Shen Hui flew to Germany many times to win an electric vehicle manufacturing team. In October 2015, Shen Hui acquired the team and quickly set up Weima automobile, so as to truly open up his hands to do "new energy + intelligent vehicle".

与此同时，国内新的造车力量也蜂拥而至：2015年1月，小鹏汽车在广州成立；2015年4月，理想汽车在北京成立；2015年5月，威来汽车在上海成立。作为第一波互联网造车大军中的一员，威马汽车显得"格格不入"。沈晖用最愚蠢、最慢、最有价值的方式造了一辆车：他没有找代工厂，而是自己造了一辆。

At the same time, new domestic car making forces also swarmed up: in January 2015, Xiaopeng automobile was founded in Guangzhou; in April 2015, ideal automobile was founded in Beijing; in May 2015, Weilai automobile was founded in Shanghai. As a member of the first wave of Internet car building forces, Weima automobile appears to be "out of place". Shen Hui took the most stupid, slowest, and most valuable way to build a car: instead of looking for a substitute factory, he built his own.

短短两年时间里，威马汽车在新车上市、量产、交货和量产方面走在了前列，创造了震惊业界的"威马速度"。2020年12月，青岛市人民政府与中国人民大学中国民营企业研究中心联合发布了《2020年世界独角兽500强企业名单》。榜单显示，威马汽车的估值已达58.57亿美元（约合人民币378亿元）。如今，威马汽车即将进入科技创新板，并有望成为第一支登陆科技创新板的"新车制造力量"。

In a short period of two years, Weima automobile has been in the forefront of new car launch, mass production, delivery and quantity, creating a "Weima speed" that shocked the industry. In December 2020, Qingdao Municipal People's government and China private enterprise research center of Renmin University of China jointly released the list of top 500 Unicorn enterprises in the world in 2020. According to the list, the valuation of Weima automobile has reached 5.857 billion US dollars (about 37.8 billion yuan). Now, Weima automobile is going to the science and technology innovation board, and is expected to become the first "new car making force" to land on the science and technology innovation board.

一年卖出22500辆汽车

Sold 22500 cars a year

12轮融资300亿，投资者阵容豪华

12 rounds of financing 30 billion, investors' lineup is luxurious

造汽车一直是浪费钱，需要很多钱。威马汽车的融资过程也波澜壮阔。

Car building has always been a waste of money, and it needs a lot of money. The financing process of Weima automobile is also magnificent.

上市指导报告显示，威马汽车成立以来共经历了12次增资，融资总额超过300亿元。此外，背后还有产业投资者、互联网巨头、基金"国家队"、顶级VC/PE风险投资基金等国内外投资者，形成了多元化的投资者矩阵。

According to the listing guidance report, Weima automobile has gone through 12 capital increases since its establishment, with a total financing amount of more than 30 billion yuan. Besides, there are industrial investors, Internet giants, fund "national team", top VC / PE venture capital funds and other domestic and foreign investors behind, forming a diversified investor matrix.

2015年威马汽车成立之初，沈晖凭借多年的行业积累和人脉，得到了资本的认可。2016年8月，威马汽车宣布获得10亿美元a轮融资。当时，这家公司成立才10个月。

At the beginning of the establishment of Weima automobile in 2015, Shen Hui was recognized by the capital with years of industry accumulation and contacts. In August 2016, Weima automobile announced that it had obtained US $1 billion in round a financing. At that time, the company was just 10 months old.

威马最疯狂的融资发生在2017年。仅今年一年，威马汽车就获得6次增资和2次股权转让。特别是当年12月，威马汽车相继宣布两轮融资：首先是百度资本主导的投资、阿米巴资本、西格海纳亚洲、百度集团等，随后是10亿美元的B轮融资；其次是红杉中国、五矿投资、腾讯、中国国企机构调整基金参与B+轮融资。

Weima's craziest financing took place in 2017. In this year alone, Weima automobile obtained six capital increases and two equity transfers. Especially in December of that year, Weima automobile announced two rounds of financing in succession: first, baidu capital led investment, amoeba capital, SIG Haina Asia, baidu group, etc., followed by US $1 billion of round B financing; and Sequoia China, Minmetals investment, Tencent, China's state-owned enterprise institutional adjustment fund participated in round B + financing.

回顾威马的融资历史，百度一直是重要的投资者。2018年3月，由百度集团牵头，太行产业基金和线性资本共同投资，威马汽车完成C轮融资，融资总额30亿元。当时，百度集团副总裁、智能驾驶事业部总经理李振宇曾评论道："沈晖和他的团队，浸淫于行业多年，经历了国内外汽车企业，融合了多重背景，不仅具有全球视野，而且还具有全球视野深入培育本土产业，直到现在他们还是汽车制造业的生力军。"

Looking back on Weima's financing history, Baidu has always been an important investor. In March 2018, Weima automobile completed round C financing with a total amount of RMB 3 billion, led by Baidu group, and invested by Taihang industrial fund and linear capital. At that time, Li Zhenyu, vice president of Baidu group and general manager of intelligent driving business group, once commented: "Shen Hui and his team, who have been immersed in the industry for many years, have gone through domestic and foreign automobile enterprises, integrated multiple backgrounds, not only have a global perspective, but also deeply cultivate the local industry, until now they are the new force of car manufacturing."

在接下来的两年里，威玛的音量下降了。2020年，造车新势力将产生双重效应：小鹏和理想将相继赴美上市，股价将一路飙升；然而，其他厂商养不起自己的消息也将接踵而至。威马汽车曾经面临巨大压力——威马汽车联合创始人、战略规划高级副总裁陆斌调离原岗位，于2020年离职；部分经销商因无法承受威马汽车的高库存压力而选择"退网"；员工方面，2020年下半年，威马开始降低一线销售人员的基本工资和绩效工资后，一些老经销商开始努力工作，销售人员也迫于压力离开了。

In the next two years, the sound volume of Weima decreased. In 2020, the new forces of car making will have a double effect: Xiao Peng and ideal will go public in the United States one after another, and the stock price will soar; however, news that other players can't support themselves will also rise one after another. Weima automobile once faced great pressure -- Lu Bin, co-founder and senior vice president of strategic planning of Weima automobile, was transferred from his original position and left in 2020; some dealers chose to "withdraw from the network" because they could not bear the high inventory pressure exerted by Weima automobile; on the staff side, after Weima began to reduce the basic and performance-based salary of front-line sales in the second half of 2020, some of the old dealers began to work hard The salesmen also left under pressure.

当外界质疑时，威马宣布巨额融资。2020年9月，威马汽车宣布完成D轮融资，融资总额100亿元，这也是2020年新势力建设汽车赛道的最大一笔融资。在本轮投资中，除了百度和新浪亚洲创业投资基金（SIG），还有来自上海国资投资平台、上汽集团等国有产业基金的"国家队"。

When the outside world was in doubt, Weima announced a huge amount of financing. In September 2020, Weima automobile announced the completion of round D financing with a total amount of 10 billion yuan, which is also the largest financing for new forces to build car tracks in 2020. In this round of investment, in addition to Baidu and Sina Asia venture capital fund (SIG), there are also "national teams" from Shanghai state-owned investment platform, SAIC Group and other state-owned industrial funds.

汽车制造业有许多新势力。投资机构为何选择威马汽车？新丁资本同时押注了威马和小鹏。新丁资本董事长张驰曾表示，在汽车制造新军的龙头企业中，威马是为数不多的自主建厂企业之一。作为汽车界的老人，沈晖的产品实力和人脉也值得信赖。

There are many new forces in car making. Why did investment institutions choose Weima automobile? Xinding capital has bet on Weima and Xiaopeng at the same time. Zhang Chi, chairman of Xinding capital, once said that Weima is one of the few enterprises that have set up their own factories among the leading enterprises of the new force in car manufacturing. As an old man in the automobile circle, Shen Hui's product strength and contacts are also trustworthy.

不过，在终端销售方面，威马汽车的车型也存在一些弊端。与威来、小鹏的直销不同，威马选择了"合作伙伴"的门店模式，这与传统经销商是分不开的。渠道方面的重资产曾经在一定程度上延缓了销售。据客协数据显示，2020年，威马全年总销量达到2.25辆，同比增长33.3%，但竞争对手增长较快——威来全年销量4.37万辆，小鹏2.7万辆，仅一款在售车型的理想交货量为3.26万辆，都在魏玛前面。

However, in terms of terminal sales, there are some drawbacks in the model of Weima automobile. Different from Weilai and Xiaopeng's direct sales, Weima chose the "partner" store mode, which could not be separated from the traditional dealers. The heavy assets in the channel side once delayed the sales to a certain extent. According to the data of the passenger Association, in 2020, the total annual sales volume of Weima reached 2.25 vehicles, with a year-on-year growth of 33.3%, but the competitors grew faster - Weilai's annual sales volume was 43700 vehicles, Xiaopeng's was 27000 vehicles, and the ideal delivery volume of only one model on sale was 32600 vehicles, all ahead of Weima.

神奇的场景

Magical scenes

2021年，第二批新的汽车制造商将上市

In 2021, the second wave of new auto makers will be listed

目前，争夺科技创新板造车新军第一股的不仅仅是威马汽车。

At present, it is not only Weima automobile that is competing for the first share of the new force of car making of science and technology innovation board.

在第二梯队的汽车制造新军中，零跑、天际汽车、哪吒、爱知等都明确表示要冲击科技创新板。此外，已经通过"换壳上市"的恒大汽车也走上了科技创新板。继威来、小鹏、理想汽车赴美上市后，第二波中国新车制造大军到来。

In the second echelon of the new forces of car manufacturing, Zero run, Tianji automobile, Nezha, Aichi, etc. have made it clear that they want to impact the science and technology innovation board. In addition, Evergrande automobile, which has passed the "shell replacement listing", has also gone to the science and technology innovation board. After Weilai, Xiaopeng and ideal went to the United States for listing, the second wave of new Chinese car making forces came.

新车制造力量为何争相登陆科技创新板？由于新能源汽车符合国家战略，突破关键核心技术，科技创新企业市场认可度高，是科技创新板重点关注的三类企业之一。有业内人士分析，作为科技创新板上汽车制造新生力量的第一股，上交所将获得更大的支持和更高的估值。

Why do the new car building forces rush to land on the science and technology innovation board? As the new energy vehicle is in line with the national strategy, breaking through the key core technology, high degree of market recognition of scientific and technological innovation enterprises, it is one of the three types of enterprises focused on by the science and technology innovation board. According to the analysis of some people in the industry, as the first share of the new force of car making on the science and technology innovation board, the Shanghai Stock Exchange will have greater support and higher valuation.

另一方面，新能源汽车正迎来前所未有的高光时刻，受到资本市场的追捧。现阶段，正是上市融资的最佳时机。

On the other hand, the new energy vehicles are ushering in an unprecedented high light moment, which is pursued by the capital market. At this stage, it is the best time for listing and financing.

在过去的一年里，新能源汽车在资本市场上大放异彩。2020年1月21日，特斯拉市值首次突破1000亿美元。要知道，2019年年中，特斯拉的市值一度缩水至略高于300亿美元。当时，何小鹏在自己的微博上说："我看不懂，也看不出这么高估值的逻辑"，然而，谁也没想到这只是个开始。不到一年后，特斯拉的市值从1000亿美元飙升至8341亿美元。而马斯克也登上了世界首富的宝座，这似乎宣告了电动车时代的开始。

In the past year, new energy vehicles have exploded the capital market. On January 21, 2020, Tesla's market value exceeded $100 billion for the first time. You know, in mid-2019, Tesla's market value once shrunk to just over $30 billion. At that time, he Xiaopeng said on his microblog, "I can't understand it, and I don't see the logic of such a high valuation." However, no one thought that this was just the beginning. Less than a year later, Tesla's market value soared from $100 billion to $834.1 billion. And musk also ascended the throne of the world's richest man, which seems to announce the beginning of an era of electric vehicles.

这也使得中国汽车制造业的新生力量成为受益者。已经上市的伟来、理想、小鹏首当其冲。其中，威莱的股价自2020年初以来上涨了14倍以上，涨幅甚至超过特斯拉。目前，威莱汽车市值889亿美元（约合人民币5712亿元），是中国仅次于比亚迪的第二大汽车企业。此外，理想与小鹏将于2020年相继在美国股市聚集。仅仅几个月后，市场价值就翻了三倍。曾被戏称为"电气三傻子"的威莱、小鹏、理想主义者，如今已成为"电气三大英雄"。

This also makes the new forces of car making in China the beneficiaries. Weilai, ideal and Xiaopeng, which have been listed, bear the brunt. Among them, the stock price of Weilai has increased more than 14 times since the beginning of 2020, which is even more fierce than Tesla. At present, with a market value of 88.9 billion US dollars (about 571.2 billion yuan), Weilai is the second largest auto company in China after BYD. In addition, ideal and Xiaopeng will gather in the US stock market one after another in 2020. Just a few months later, the market value has tripled. Weilai, Xiaopeng and idealist, once jokingly known as the "three fools of electric", have now become the "three heroes of electric".

更引人注目的是，还没有量产汽车的恒大已经成为中国第三大汽车企业。1月24日晚间，恒大宣布获得260亿港元融资，这是新能源汽车产业史上规模最大的股权融资之一。消息一出，恒大股价第二天就涨了50%以上，市值近4000亿元，与比亚迪、威莱一样。在此之前，沈晖在微博上感叹"恒大不如汽车"，可见新能源汽车产业的疯狂。

What's more dramatic is that Evergrande, which has not yet produced a car in mass production, has become the third largest car enterprise in China. On the evening of January 24, Evergrande announced that it had obtained HK $26 billion in financing, which is one of the largest equity financing in the history of new energy vehicle industry. As soon as the news came out, Evergrande's stock price rose by more than 50% the next day, with a market value of nearly 400 billion yuan, just like BYD and Weilai. Before that, Shen Hui sighed in his microblog that "Evergrande is inferior to the car", which showed the craziness of the new energy automobile industry.

没有最疯狂的，只有更疯狂的。就连贾跃亭的法拉第未来（FF）也死而复生。1月28日晚，FF宣布已与特殊目的收购公司（SPAC）就业务合并达成最终协议。交易完成后，公司估值约为34亿美元（约合220亿元人民币），将在纳斯达克证券交易所上市，股票代码为"ffie"。此外，FF还将与吉利和中国一线城市建立合资企业，支持FF中国及其在华总部的生产经营。

There is no craziest, only crazier. Even Jia Yueting's Faraday future (FF) came back from the dead. On the evening of January 28, FF announced that it had reached a final agreement with special purpose acquisition company (SPAC) on business merger. After the completion of the transaction, the company's valuation is about US $3.4 billion (about RMB 22 billion), and will be listed on the Nasdaq stock exchange with the stock code of "ffie". In addition, FF will establish joint ventures with Geely and a first tier city in China to support the production and operation of FF China and its headquarters in China.

已经缺阵半年的拜仁幸免于难。烧掉84亿元融资后，拜顿不仅没能建成量产车，还处于拖欠工资、停产的状态，一度被央视点名。即便如此，这家汽车公司仍然健在。2021年1月4日，百腾宣布与富士康科技集团、南京经济技术开发区签署战略合作框架协议。三方将共同推动北腾新能源汽车产品的量产，力争在2022年第一季度实现m字节的量产。

Bayern, who has been out for half a year, has survived. After burning up 8.4 billion yuan of financing, byton not only failed to build mass production cars, but also was in the state of wage arrears and shutdown, which was once named by CCTV. Even so, the auto company is still alive. On January 4, 2021, Baiteng announced that it signed a strategic cooperation framework agreement with Foxconn Technology Group and Nanjing Economic and Technological Development Zone. The three parties will work together to promote the mass production of beiteng new energy vehicle products, and strive to achieve mass production of m-byte by the first quarter of 2022.

合肥市政府对威来的投资实现了1000多亿元的账面回报，使得"新车造势+政府扶持+上市"的模式大行其道，各地也开始争夺新车造势。正如零跑汽车创始人朱江明所说，"威来、小鹏、理想上市后的表现，让很多投资者觉得自己在新能源汽车领域有很好的投资机会。"一位风投人士感叹道："零票当选很可能是他们的最后一张票。"。

Hefei government's investment in Weilai has achieved a Book Return of more than 100 billion yuan, which has made the mode of "new car building forces + government support + listing" popular, and various regions have begun to compete for new car building forces. As Zhu Jiangming, the founder of Zero run auto, said, the performance of Weilai, Xiaopeng and ideal after listing makes many investors feel that they have good investment opportunities in new energy vehicles. "Zero run is likely to be their last ticket." In the same way, all parties hope to get a ticket, "no matter who he is, vote again," sighs one VC.

2021年，第二波新车制造力量即将到来。不知道新能源汽车会上演什么疯狂的场面。

In 2021, the second wave of new car building forces is coming. I don't know what crazy scenes will be staged for new energy vehicles.

Link：https://new.qq.com/omn/20210201/20210201A02E1V00.html

update time：2021-02-01 10:51:22