The high price of HK $165, who gave Xiaopeng courage?

根据萧鹏汽车的最新公告，萧鹏汽车已将香港IPO的指导价定为每股165港元。根据这一固定价格，萧鹏汽车计划在香港上市时筹集约140亿美元的资金，这与去年美国股市筹集的资金相当。

According to the latest announcement of Xiaopeng automobile, Xiaopeng automobile has set the guiding price of Hong Kong IPO at HK $165 per share. According to this fixed price, Xiaopeng automobile plans to raise about 14 billion Hong Kong dollars in the Hong Kong listing, which is similar to the amount raised in the US stock market last year.

事实上，纵观小鹏汽车的这份招股说明书，我们可以发现，小鹏汽车在营收、毛利、净利润、交期数据、产能等关键财务指标上都处于非常良性的发展状态。

In fact, looking at this prospectus of Xiaopeng automobile, we can find that Xiaopeng automobile is in a very benign development state in key financial indicators such as revenue, gross profit, net profit, delivery data and production capacity.

因此，我们之所以需要储备更多充足的资金，也应该是为了在未来的发展和竞争中率先获得更多的芯片。小鹏在招股说明书中表示，预计约45%的净收益将用于扩大产品组合和开发更先进的技术。

Therefore, the reason why we need to reserve more sufficient funds should also be to take the lead in getting more chips in the future development and competition. About 45% of the net proceeds are expected to be used to expand the product portfolio and develop more advanced technologies, Xiaopeng said in its prospectus.

这也是我们需要分析的第二个问题：萧鹏选择上市在香港股票市场有什么更广泛的意义？

This is also the second question we need to analyze: what is the broader significance of Xiaopeng's choice of listing in Hong Kong stock market?

在过去一年或更早的时间里，投资者越来越担心中国公司可能被迫在美国撤资，而在美国上市的一些中国公司选择在香港证交所重新上市。然而，在香港上市的互联网公司大多是网易、Jingdong和BiliBili等互联网巨头。

Over the past year or earlier, investors are increasingly worried that Chinese companies may be forced to delist in the United States, and some Chinese companies listed in the United States have chosen to re list on the Hong Kong stock exchange. However, most of the Chinese Internet companies listed in Hong Kong are Internet giants such as Netease, Jingdong and BiliBili.

更重要的是，据Dealogic，一家数据公司，虽然今年上半年香港科技公司的IPO仍然活跃，但内地科技公司IPO数量却在下降。

More importantly, according to Dealogic, a data company, although IPOs of Chinese technology companies were still active in the first half of this year, the number of IPOs of mainland technology companies in Hong Kong was declining.

根据RealiTV，今年第一季度，纳斯达克在三个月内有81只IPO，几乎是香港证券交易所主板上的29家IPO的三倍。双主上市为中国科技企业提供了另一种选择。

According to refinitiv, in the first quarter of this year, NASDAQ had 81 IPOs in three months, almost three times the 29 IPOs on the main board of the Hong Kong stock exchange. The dual main listing provides another choice for Chinese science and technology enterprises.

因此，萧鹏汽车需要在香港上市，因为它需要像萧鹏汽车这样的企业。

Therefore, it is not so much that Xiaopeng auto needs IPO in Hong Kong as it needs enterprises like Xiaopeng auto.

随着我国科技创新的快速发展，越来越多的企业、技术和线下应用早已告别"硅谷崇拜"，在智能电动汽车领域，也无需效仿西方。

With the rapid development of scientific and technological innovation in China, more and more companies, technologies and offline applications have long bid farewell to the "Silicon Valley worship", and in the field of intelligent electric vehicles, there is no need to follow the example of the West.

在招股说明书中，小鹏自我介绍如下：

In the prospectus, Xiaopeng introduced itself as follows:

我们是国内唯一一家自主研发包括定位与高精度地图融合、感知算法与传感器融合、行为规划、运动规划与控制等全叠加自动驾驶技术，并将该软件应用于量产车的汽车企业。

We are the only auto company in China to independently develop the full stack automatic driving technology including positioning and high-precision map fusion, perception algorithm and sensor fusion, behavior planning, motion planning and control, and apply the software to mass production vehicles.

在小鹏汽车公司6100多名员工中，研发人员占40%。2018年至2020年和今年一季度，小鹏汽车研发支出分别为10.51亿元、20.70亿元、17.26亿元和5.35亿元。2019年、2020年和今年一季度，研发支出分别占总收入的89.2%、29.5%和18.1%。

Among more than 6100 employees of Xiaopeng automobile company, 40% are R & D personnel. From 2018 to 2020 and the first quarter of this year, the R & D expenditure of Xiaopeng automobile was 1.051 billion yuan, 2.070 billion yuan, 1.726 billion yuan and 535 million yuan respectively. In 2019, 2020 and the first quarter of this year, R & D expenditure accounted for 89.2%, 29.5% and 18.1% of the total revenue respectively.

从这一系列数据中可以看出，萧鹏汽车的技术研发正经历着从前期巨额投资到中后期技术收获的转变。但作为一个技术驱动型企业，研发投入总是长期的，持续的投入和充裕的资金仍然是摆脱对手的必要武器。

From this series of data, we can also see that the technology research and development of Xiaopeng automobile is experiencing the transition from the huge investment in the early stage to the technology harvest in the middle and late stage. But a technology driven enterprise, R & D investment is always a long run, continuous investment and abundant funds are still the necessary weapon to get rid of the opponent.

在小鹏汽车自堆叠的自动驾驶仪系统中，XPILOT 2.5提供了自适应巡航控制、自适应转弯控制、车道中心控制、自动换道和自动泊车功能。标准版和高级版智能电动车均配备了xpilot 2.5提供的自动驾驶功能，无需额外收费。它们目前部署在G3和P7上。2021年1月，小鹏汽车通过OTA升级，升级了先进自动驾驶仪系统的XPILOT 3软件。xpilot3.0以付费服务的形式提供给用户。截至2021年3月31日，超过20%的P7用户已经购买并启用了该功能。

In the autopilot system of Xiaopeng auto self stack, XPILOT 2.5 provides adaptive cruise control, adaptive turn control, Lane center control, automatic lane change and automatic parking. The standard and advanced versions of intelligent electric vehicles are equipped with automatic driving function provided by xpilot 2.5 without additional charge. They are currently deployed on G3 and P7. In January 2021, Xiaopeng car upgraded the software XPILOT 3 of the advanced autopilot system through OTA upgrade. Xpilot 3.0 is provided to users in the form of paid service. As of March 31, 2021, more than 20% of P7 owners have purchased and enabled the feature.

2021年第一季度，小鹏汽车首次宣布xpilot软件收入8000万元。这也是国内汽车行业首家实现并公布自动驾驶辅助软件单独收费的汽车企业。

In the first quarter of 2021, Xiaopeng automobile announced the xpilot software revenue of 80 million yuan for the first time. This is also the first auto enterprise in the domestic auto industry to realize and announce the separate charging of automatic driving assistance software.

在这里，我们也可以看到萧鹏，"智能车的第一份额"，非常类似于百度，"AI的第一份额"登陆香港股市。因此，如果有代表性的"智能电动"概念公司如萧鹏汽车能够被资本市场所认可，未来将有更多的科技公司将香港股票作为首选。

Here, we can also see that Xiaopeng, the "first share of smart car", is very similar to Baidu, the "first share of AI" landed by Hong Kong stock market. Therefore, if representative "smart electric" concept companies such as Xiaopeng automobile can be recognized by the capital market, there will be more technology companies in the future that will take Hong Kong stock as the first choice.

示范效果好

Good demonstration effect

此前，济都汽车CEO夏一平在接受品玩/品嘉采访时表示，首轮融资将于今年第三季度启动。今年以来，随着越来越多的互联网企业正式宣布要造车，以及科技巨头、传统汽车厂商和初创企业继续在这一领域投资，未来将有更广泛的融资需求。

Previously, Xia Yiping, CEO of Jidu automobile, said in an interview with pinplay / Pinjia that the first round of financing will start in the third quarter of this year. Since the beginning of this year, with more and more Internet companies officially announcing that they are going to build cars, as well as technology giants, traditional automobile manufacturers and start-ups continue to invest in this field, there will be a broader financing demand in the future.

从这个角度看，更多的人希望小鹏的"双双上市"能成功，甚至希望小鹏的竞争对手及其投资机构也能成功。

From this point of view, more people hope that Xiaopeng's "double listing" will succeed, even its competitors and their investment institutions.

今年3月，市场上有传言称，伟莱、理想和萧鹏三个新的中国汽车制造商将陆续返回香港。一些分析师一直认为，无论哪家公司率先上市，都会给香港股市注入新的活力。从香港股票的角度看，这也是香港上市下一家科技上市公司的重要开端。

In March this year, there were rumors in the market that Weilai, ideal and Xiaopeng, three new Chinese car makers, will return to Hong Kong one after another. Some analysts have long believed that no matter which company takes the lead in listing, it will inject new vitality into the Hong Kong stock market. From the perspective of Hong Kong stocks, it is also an important start to solicit the next listed technology companies in Hong Kong.

中国需要技术创新，企业应该有自己的中国品牌故事。不可否认，"智能电动车第一股"的落地和表现，也将为另外两股新车制造力量的到来"起到作用"。这是市场对小鹏汽车坚定乐观的另一面。

China needs technological innovation, and enterprises should have their own Chinese brand stories. It is undeniable that the landing and performance of "the first share of intelligent electric vehicles" will also "play a role" for the coming of the other two new car making forces. This is another side of the market that is firmly optimistic about Xiaopeng automobile.

这是真的。小鹏汽车的原股东GGV作为公司的高级投资者，向小鹏汽车承诺，GGV将在全球发行完成后的至少6个月内，保留其上市时至少50%的总股本。

It's true. GGV, the original shareholder of Xiaopeng automobile, as a senior investor of the company, has promised Xiaopeng automobile that GGV will retain at least 50% of its total equity at the time of listing for at least six months after the completion of the global offering.

小鹏汽车在招股说明书中还承诺，到2023年底或2024年底，公司将实现收支平衡，这就需要更多的交货期、更高的研发投入和广泛的产品布局。

Xiaopeng automobile also promised in the prospectus that by the end of 2023 or 2024, the company will achieve a balance of revenue and expenditure, which requires more deliveries, higher R & D investment and a wide range of product layout.

Link：https://new.qq.com/omn/20210701/20210701A03CVM00.html

update time：2021-07-01 10:53:52