In the era of Ningde, the amount of funding for approval was not finalized and it was greatly reduced.

The biggest "unicorn" in the field of new energy vehicles-Ningde era won IPO approval.

Securities Regulatory Commission official weChat last night, may 18 approved the first applications of two companies, the main board of the Shanghai stock exchange: green power environmental protection group Co., Ltd., Shenzhen exchange GEM: Ningde era new energy technology Co., Ltd. The total amount of capital raised by the two companies does not exceed 6 billion yuan.

After seeing the news, sitting in the face of the second class dog eating across the border from China Securities: Why should the two companies jointly announce the amount of funding? So what was the amount of funding in the era of Ningde?

Funds raised were not finalized and significantly reduced

The Ningde era prospectus shows that the Ningde era plan to raise capital is 13.12 billion yuan. According to data released by the Securities and Futures Commission, the total amount of funding for Ningde era and green power and environmental protection will not exceed 6 billion yuan. According to the speculation that the amount of green power and environmental protection proposed to be raised was less than 600 million yuan, the current fundraising in the era of Ningde is estimated to be between 5 billion and 6 billion yuan, which will shrink by at least 50 billion yuan.

It is rare, as in the era of Ningde, to announce the total amount of capital raised with another company and the funds have shrunk significantly. This has to be reminiscent of Mingkangde and Foxconn, which had just received approval.

On April 16th, the "Preliminary Inquiry and Promotion Notice for the First Public Release of Stocks" disclosed by Drug Ming Kant on the website of the Shanghai Stock Exchange showed that the number of IPO issues did not exceed 140 million shares, and it is estimated that the amount of funds raised will be used was 2.13 billion yuan. Compared with the company's previous pre-disclosure of 574.1 billion yuan, it was reduced by 63, and the planned investment project was also reduced from 10 to 4.

On May 11th, the Securities and Futures Commission issued Foxconn's IPO approval late at night, but did not mention the amount of capital raised. This is also a rare case that has not been encountered since the IPO was reopened. Foxconn, after receiving the approval, did not continue the myth of "lightning issuance". The rhythm of "late" approval allowed it to spend 100 days from the declaration of new shares to the receipt of approval.

The Ningde era and the drug Ming Kant raised funds have shrunk significantly, Foxconn has not been approved for approval, and the amount of capital raised has not been clearly stated in the approval. There are various signs that the regulatory layer will seek the best balance between the new economic IPO and market stability.

Since the beginning of 2018, the average amount of new shares raised has been about 1.09 billion yuan. West China Securities, which raised 4.967 billion yuan on the Shenzhen Stock Exchange on February 5, is the highest amount of new equity raised since 2017. This shows that the regulatory level is very cautious about the scale of new stock raising, and it is difficult to give a green light to the listing of the Big Mac.

However, even if the fundraising funds are greatly reduced, the Ningde era still far exceeds the funds raised by the GEM company. Prior to this, GEM's largest initial fundraising was 2.55.3 billion yuan for Bi Water.

Ningde era 2017 net profit of 3.971 billion yuan, if the price-earnings ratio valuation reaches 32 times or more, the market value will likely exceed the current GEM's largest market value company Wen's shares (126.7 billion yuan), one fell swoop on the GEM market value the first place.

The new darling of the world's new energy car companies

Founded only seven years ago, it has become the world's top lithium power shipment volume; The first customer after the opening of the company is BMW; 24 days of speed, refreshing the IPO record ... The Ningde era is a mythical existence.

How powerful is the position of such a new enterprise?

It is the first domestic, and the only one to the international car factory supporting power battery enterprises. Daimler, BMW, VW and other European electric vehicles tied together, and recently signed orders for Nissan to start delivering car batteries to Japanese vehicles for the first time (you know, Panasonic has the world's second-biggest battery shipments. Japanese companies are generally very big.)

Since 2015, global sales of power batteries in the Ningde era have surpassed the old Korean battery companies in one fell swoop and reached the third in the world; Sales ranked first in the world in 2017.

Ningde era performance in recent years is quite dazzling. According to financial data, from 2015 to 2017, the operating income in the Ningde era was 5.73 billion yuan, 14.879 billion yuan, and 199.97 billion yuan, respectively, with an average annual compound growth rate of 87.26 billion yuan; The net profits were 95.1 billion yuan, 3.089 billion yuan and 4.288 billion yuan, respectively, and the annual compound growth rate was as high as 112.39 billion yuan.

"Unicorn" in the era of Ningde took approval: the total amount of fundraising has shrunk significantly

Such net profits, including financial real estate, petrochemicals and other industries, can also enter the top 100 in A-shares.

A low-key founder

Zengyuqun, the name must be strange to you. The chairman of the Ningde era, one of the actual controllers. The style is always low-key and rarely appears in the media.

According to the prospectus, Zeng Yuqun holds a 100% stake in Ruiting Investment, the controlling shareholder of the company, and indirectly holds 29.23% of the company's shares; Li Ping directly holds 5.73% of the company's shares, Chairman Zeng Yuqun and Vice Chairman Li Ping For the actual controller and the concerted person, the total holdings of the company's total share capital before the issuance of 34.95%.

The huge industry influence has made this low-key "unicorn" in the Ningde era invisible; The entrepreneurial experience of founder Zeng Yuqun also surfaced.

In 1989, Zengyuqun graduated from the Department of Ship Engineering of Shanghai Jiaotong University and was subsequently assigned to a state-owned company in Fujian Province. He only resigned after three months.

Zengyuqun joined the company, called Dongguan Xinke Electronics Factory, which is part of SAE, the world's largest independent hard disk head supplier. After 10 years of precipitation, 31-year-old Zengyuqun became the youngest engineering director of the factory. In 1999, Zengyuqun, together with his superiors Chentanghua and Liangshaokang, established the New Energy Technology Co., Ltd. (ATL) and invested in polymer soft-pack batteries.

ATL became a supplier to Apple because it solved the fatal battery gas problem. In June 2005, the Japanese TDK Group bought ATL's 100 shares for 100 million U.S. dollars.

In 2012, Huachenbaoma is pushing for a pure electric car, but there are not many options on the market.

According to Huachenbaoma's president and chief executive Weilande's memories, BMW first discovered that ATL is the world's largest battery supplier for Apple mobile phone batteries, indicating that its single core is very stable and wants to talk about cooperation with ATL.

However, according to the policy requirements, all foreign companies can not produce power batteries. At the end of 2011, many entrepreneurial shareholders such as Zengyuqun and Li Huangshilin started their businesses twice and registered and established Ningde Times New Energy Technology Co., Ltd. at the end of the year.

It was endorsed by BMW. Within four years, Zengyuqun pushed CATL to the position of the world's third largest automotive power company, second only to Panasonic and BYD.

Industrial chain boost effect is obvious

The smooth passing of the Ningde era will play an effective role in boosting the power battery upstream and downstream industrial chain.

In the downstream brand enterprises, the company has long-term cooperation with domestic vehicle leading enterprises such as Yutong, SAIC, Beiqi, Geely, Fuqi, CIC, Dongfeng and Chang 'an; For international customers, the company has entered the international first-class vehicle supply system such as BMW and Volkswagen, and is also one of the few domestic suppliers to provide power battery solutions for international car brands. In addition, the company has a cooperative relationship with emerging vehicle companies such as Ulai Automobile.

According to the disclosure of information in the prospectus and combing through public information, the main suppliers in the Ningde era include more than a dozen companies in various fields such as positive electrode materials, negative electrode materials, electrolytes, lithium electrical equipment, structural parts, raw materials, and diaphragm.

The new energy car industry chain is going through the stage of the industry reshuffle and the concept of supply chain strengthening. As the "unicorn" enterprise in the new energy car industry chain in the Ningde era, it will also benefit from the release of the new energy vehicle strategy of overseas car companies in the future. The industrial chain should enjoy a valuation premium.

The page contains the contents of the machine translation.