On November 22, Zhi Ji Zhi Ji Ke (Zhejiang) Intelligent Technology Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange, and its largest shareholder is Geely.
on November 7, Xidi Zhijia (Hunan) Co., Ltd., founded by Li Zexiang, the godfather of Dajiang, also submitted a prospectus to the Hong Kong Stock Exchange for listing on the Hong Kong main board.
From the beginning of 2023 to the present, many domestic companies in the field of smart driving have started the listing process to speed up the pace of the capital market.
Listing is beautiful, but there is more or less helplessness behind it when it is put on the smart car company.
In the smart driving industry where technology is king, the degree of research and development is directly linked to the speed of burning money.
however, it is embarrassing that the iterative speed of intelligent driving technology is obviously faster than the commercial landing speed of most enterprises.
this also causes most smart driving enterprises to fall into the dilemma of “burning money quickly and rewarding slowly” or “only investment without return”.
Smart car companies that run into dust in the fund-raising market are now pouring into IPO in order to solve the financial problem of burning eyebrows.
Domestic smart car companies ushered in the tide of listing, listing will be able to survive.
” Some people in the industry have expressed their views on this.
Is the reality so beautiful? I’m afraid not.
According to the current market situation, listing can indeed solve the lack of money of the company, but there is always a limit to blood transfusion, which can not solve the fundamental problem of hematopoiesis, and the future of the company is not clear.
In this way the listing is not so much a notice to announce the success of the company as a ticket to the knockout stage.
Compared with “the listed company can live”, or “the company can only live when listed” is more accurate.
Anyway, the most classic scene of the movie “Graduate” is its last scene: a dishevelled man and a woman in a wedding dress sit in the last row of a bus stopped for more than ten seconds.
the two people from sweet to speechless, and finally even deliberately dodge and avoid each other’s confused and helpless eyes.
With the introduction of the background music “The Sound of Silence”, the estranged feelings between the two were exposed.
At that time, the man who had an affair with the heroine’s mother took the heroine away by means of preemptive marriage.
Sitting on a bus that doesn’t know where to go, in the face of the undisguised gaze of all the passengers, the two, who have been supported by their parents in their adult life, are in a state of embarrassment without the slightest trace of their previous high spirits.
The road to the future is broken and the future is uncertain.
This long scene which is not in the script truly reveals the part after the end of the movie: elopement and then what? The same question can also be asked to the sprint IPO’s smart car company: listed, and then what? Recently, leading companies in the field of smart cars such as Xidi Zhijia and Fretak have launched the listing process of US stocks and Hong Kong stocks one after another.
Not long ago, Wen Yuan Zhixing and Pony Horse Zhixing also landed in the US stock market.
For today’s smart driving companies, IPO is like the bus that happens to be coming in the movie.
The most important thing is to catch up first and drag yourself out of the predicament.
As for where to go and what the future will be, it will all be left for later.
As for why it is so urgent? It can only be said that life is too difficult now.
The smart driving industry, which burns a lot of money but has an indefinite payback period, has struggled in recent years.
It has been shown that since 2022, the amount of financing disclosed in the field of self-driving has plummeted from 159.
19 billion yuan in 2021 to 20.
5 billion yuan, a sharp drop of 87 percent.
The situation in 2023 has not improved.
The total amount of 77 financing cases disclosed is about 8.
367 billion yuan, showing a continuous and sharp downward trend.
Love without material is like a plate of loose sand.
” Even with such feelings, it is needless to say that the smart car company, which is still in the stage of burning money for technology, is needless to say.
A skilful housewife cannot make bricks without rice, and the shortage of funds is undoubtedly fatal to enterprises.
It is precisely because the fundraising market is in decline that smart driving companies have to flock to the IPO track and have sparked a wave of listings since 2023.
” Big data in the north and Zeng Wenxiang, a researcher at the Institute of artificial Intelligence, said in an interview with the media earlier.
Once the road to listing is not available, enterprises may face the dilemma of “selling their bodies” or falling behind, or even be out of the knockout round.
For example, the Heduo science and technology capital chain was broken, the R & D department was disbanded, and the reorganization with GAC GROUP failed, so he had to sell the business to Zhixing Technology.
looking at the three failures of science and technology, core technical staff and executives ran away, layoffs and unpaid wages were constantly rumored to be left behind.
However, will the companies that get on the listing express rest easy? I’m afraid not.
Listing may be just a ticket to the next knockout round.
It’s on the market, and then what? The problem of blood transfusion has been solved in a short time on the market, but whether hematopoiesis can be achieved as soon as possible is the key.
According to public data, from 2022 to the first half of 2024, the net losses of pony Zhixing, Wenyuan Zhixing, Zhixing Technology and other companies remained high, reaching 125 million US dollars, 1.
949 billion yuan and 99 million yuan respectively.
It can be seen that no matter those companies such as Horse Zhixing and Wenyuan Zhixing, which have independent self-driving vehicle research and development and provide Robotaxi services to the outside world, or those that mainly provide intelligent driving solutions such as Youju Innovation and Momenta, or even those that focus on intelligent driving chips such as Horizon and Black Sesame Intelligence, there is no sustainable commercial model for runners.
The development of low-level smart driving is basically mature, and the ratio of performance to price has become the decisive factor, and its profit margin has been further reduced under the influence of the price war.
The concept of high-level smart driving is hot, but there is still a certain gap between the user experience and expectations, no matter hardware or software, when it comes to the real consumption data, it is not very satisfactory.
To put it simply at this stage it is still too early to rely on smart driving for profits and car sales have little to do with smart driving.
There are exceptions.
Such as Xiaopeng’s newly launched MONA M03, although the space performance is general, the price from 119800 yuan combined with its own advanced intelligent driving technology still produces the effect of Wang frying: more than 30, 000 units were harvested in just 48 hours on the market, with sales exceeding 10, 000 for three consecutive months.
, However, as smart drivers enter the era of parity, the dividends of misplaced competition will not last long.
If you want to win, you still have to focus on technology.
After a long period of spending Huawei is expected to make a profit in the high-end smart driving field this year.
Yu Chengdong, chairman of Huawei BU, said: “car BU lost 10 billion yuan in the past, and later (The loss was 8 billion yuan in one year, but it was reduced to 6 billion yuan last year, and it is expected that we will be able to turn losses into profits this year.
” After its listing, the knockout stage faced by the company is not only a price war and a technology war, but also a psychological and political war.
Let’s talk about psychological warfare first.
Since the beginning of this year, smart driving live streaming has almost become a trend.
The leaders of many host factories, such as Chery Yin Tongyue, Great Wall Wei Jianjun, Weilai Li Bin, Jiexia Yiping, Xiaomi Lei Jun, and so on, have conducted smart driving live streaming to demonstrate the smart driving function of their products.
Its purpose is to occupy the minds of users and gain the trust of consumers.
For car companies, how to make the brand image deeply rooted in the hearts of the people, so that the brand value is recognized, even more urgent than immersed in research and development.
For the time being, although various companies do not hesitate to invest in research and development, for users, the high-level smart drive gimmick is greater than its practical significance and is in the awkward stage of “being able to drive but not easy to drive”.
Due to the immaturity of technology and people’s natural mistrust of machines, it is difficult for users to fully open their hearts even if they are high-level smart drivers.
Whoever can impress the user first will be able to seize the first opportunity to partially offset the lack of technology with the brand premium.
Let’s talk about political warfare.
Due to the higher tolerance of the market, Hong Kong stocks and US stocks have become the first choice for domestic smart drive companies to list.
However, with the rapid development of China’s intelligent driving industry chain, the regulation of the United States should not be ignored.
Without major strategic or tactical problems, the future of Tucson, which has the first halo of global autopilot, is doomed: the company, which once had a market capitalization of $16 billion, gave up saving itself and voluntarily delisted from the Nasdaq.
Since its listing Tucson’s future has been overshadowed by investigations by regulators including the Committee on Foreign Investment in the United States (CFUIS) and has been regulated on the grounds of threatening the national security of the United States.
The “The Wallstreet Journal” report even pointed out that two founders and current CEOs of Tucson’s future core team were urged by representatives of the Committee on Foreign Investment in the United States (CFIUS) to press the Justice Department to file economic espionage charges.
With the coming to power of Trump and the tightening of US regulations, Chinese car companies and their supply chains that have gained an advantage in the electrified transformation are bound to face a stronger political counterattack on how to deal with the impact of geopolitics.
it is an unavoidable problem for listed companies in the United States.
At the end of the article, I remembered that other teachers in the editorial department had recently written two articles: “next year, China’s car market will only be more suffocating” and “this issue of the new car of the Ministry of Industry and Information Technology is a rehearsal for next year’s” decisive battle “.
Both articles repeat a point of view: next year’s car market will only be more suffocating, “Armageddon” is coming.
This article can also be seen as an extension of his point of view: it is also said that the next knockout round has begun, but the scope has been expanded, and smart driving companies have also been included.
“No one is an isolated island” at a time when the car market is at the height of the fight, no matter the suppliers represented by the smart car company or the downstream dealers, any link in the upstream and downstream of the automobile industry chain can not be left out.
When the prelude to the “decisive battle” of the automobile market was unveiled, it was also the moment when shots were fired at the knockout stage of the upstream and downstream industrial chain.
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