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Source: Times Finance Author: Wang Xia

On August 6, the news that GAC Aion will transfer part of its equity through listing attracted attention. According to the previous announcement of Beijing Equity Exchange, the main body of this investment promotion is China Cinda Asset Management Co., Ltd.

(Source: Screenshot from the official website)

The same announcement mentioned that GAC Aion is currently preparing for an IPO on the Hong Kong stock market, and all preparations for the listing are currently proceeding as scheduled.

According to information from GAC Aion insiders obtained by the Economic Observer, this equity transfer has no direct relationship with the Hong Kong IPO, but is related to Yingke Capital, a shareholder who made a strategic investment in GAC Aion in 2022.

China Cinda Asset Management, one of the investors of Yingke Capital, originally expected GAC Aion to go public within two years. However, due to the current delay in the IPO time, Cinda Asset Management needs to go through an asset disposal process, which is the equity exit action this time.

This is not the first time that GAC Aion has released news of promoting an IPO. Since 2022, GAC Aion has been rumored to be the first new energy vehicle company to be listed on the Science and Technology Innovation Board, but later there were reports that Aion would target Hong Kong stocks. In addition, in January this year, there were reports that GAC Aion would go public in Hong Kong, with CICC and Huatai Securities responsible for related matters, and planned to raise US$1 billion.

During the China Electric Vehicle 100 Forum (2024) in March this year, Gu Huinan, general manager of GAC Aion, said that GAC Aion's IPO is different from many companies. GAC Aion is not short of money. The IPO is not for raising money. The core is to solve the problem of system and mechanism. He also stated: "Now is not a good time for IPO. The entire capital market is not good, including the mainland and Hong Kong markets. GAC Aion's IPO process depends on whether the market can pick up in the future."

Founded in 2017, GAC Aion is a first-level subsidiary controlled by GAC Group and is considered to be the group's strategic core carrier for the development of intelligent connected new energy vehicles.

Although the road to listing has been slow, in recent years, GAC Aion has been regarded as the darling of the new energy vehicle track.

In October 2022, GAC Aion completed a RMB 18.294 billion Series A financing round, introducing investors such as PICC Capital, National Development and Reform Commission, Shenzhen Capital Group, Guangdong Xin Semiconductor, and China Communications Construction Capital. The post-investment valuation reached RMB 103.239 billion, making it the manufacturer with the highest single financing and post-investment valuation in China's new energy vehicle industry.

Public data shows that GAC Aion has two factories and an annual production capacity of 400,000 vehicles, with an average annual compound growth rate of over 120%, and its production and sales rank among the top three in the industry.

However, on the whole, due to the impact of industry price wars and the setbacks in the high-end development path, GAC Aion's growth seems to be gradually slowing down.

In terms of sales growth, in 2023, GAC Aion ranked third in retail sales among new energy manufacturers, with cumulative sales of 480,003 units, a year-on-year increase of 77%. However, in 2022, Aion achieved sales of 271,200 units, a year-on-year increase of 125.67%. In 2021, Aion's annual sales increased by 101.8% year-on-year.

In July, GAC Aian's global sales volume was 35,238 units, up 0.6% from the previous month and down 21.7% from the previous year. According to previously disclosed data, from January to June this year, GAC Aian's global sales volume was 126,300 units, down 39.65% from the previous year. In the first six months, it only achieved about 18% of its annual sales target of 700,000 units.

On August 6, new energy vehicle companies performed well in the Hong Kong stock market. As of press time, the share price of Li Auto (02015.HK) rose by 3.6%, Leapmotor (09863.HK) rose by 4.23%, and Xpeng Motors (09868.HK) rose by 1.22%.

(Times Weekly reporter Wang Xia compiled from Economic Observer, China Fund News, Titanium Media, Daily Economic News, Cailianshe Wind, etc.)