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auto-first|liu tianming

"independent listing" is the long-term goal of many chinese cars to "create the second generation".

recently, avita once again clarified its “independent listing” plan. changan automobile said in response to investors' questions that avita technology will develop independently, conduct market-oriented operations independently, integrate the resources of strategic partners, and have an independent listing plan.

in fact, avita has been moving towards the development path of an independent ipo since its establishment. changan automobile, zhu huarong, chairman of avita technology, and tan benhong, then chairman and ceo of avita, all stated that avita technology it operates independently and highly market-oriented, and has plans to go public independently in the future.

although there are plans for an ipo, avita did not give a clear timetable. at this year’s beijing auto show, chen zhuo, president of avita technology, said in an interview with auto-first that avita is actively striving for an ipo, but has not set a specific timeline. ipo can solve the problem of financing sources, but avita wants to improve the entire corporate governance structure through certain management requirements for listing, making it more compliant and standardized.

objectively speaking, avita is still some distance away from being independently listed. from the perspective of valuation, avita, which has completed three rounds of financing, is valued at us$2.425 billion, which is still far behind wei xiaoli’s valuation of us$20 billion, us$15.2 billion and us$12 billion when it went public. judging from the financial situation, avita's net profit from 2022 to the first half of this year has accumulated a loss of 7.103 billion yuan, with a debt ratio of 94.46%, and it has not yet established its own hematopoietic capabilities.

after a series of new car-making forces such as weilai, xpeng, ideal, and leapmotor went to the united states and listed in hong kong, the second generation of chinese car makers are also working hard towards ipos.

in may of this year, ji krypton motors was listed on the new york stock exchange, becoming the first independently listed car company in the second generation of chinese automobiles. after the ipo, jikrypton has better integrated into global capital flows and presented global investors with the long-term value of the booming development of china's high-end new energy industry.

the advantages and benefits of independent listing for the company's globalization process, expansion of financing channels, and standardization of governance structure have attracted many second-generation chinese automakers. aian and lantu have both proposed independent listing plans.

as early as 2021, gac aian was preparing for an independent listing, reorganizing the assets of gac aian, and packaging and injecting the fixed assets and r&d teams of gac passenger cars and gac research institute in the pure electric field into gac aian, so that it has the ability to operate independently. in september 2022, gac aian completed the shareholding reform from a limited liability company to a joint stock company, clearing the company's structural obstacles for the ipo. at the same time, gac aian completed pre-a and series a financing in march and october 2022, with a financing amount of more than 20 billion yuan, and its valuation was once as high as 103.239 billion yuan.

in recent years, gac aian has repeatedly released news about promoting an ipo, and there have been frequent moves around ipos. however, when it comes to launching the listing, both gac group and gac aian have maintained a prudent principle of choosing the right time and location. gu huinan, general manager of gac aian, once said that the ipo of gac aian is not to raise a large amount of money. the core is to solve the problems of the system and mechanism. it is not a good time for ipo right now. the performance of the entire capital market is not very good. the ipo process mainly depends on whether the market can pick up next.

when landu automobile completed its series a financing in 2023, landu automobile cfo shen jun said at the time that it would consider subsequent ipo plans based on market and regulatory policy conditions. lu fang, ceo of lantu automobile, has also stated that lantu automobile has an ipo plan and has a preliminary time point.

for the "second generation" who have no shortage of money and financing channels, landing in the capital market to complete an ipo is by no means simply looking for money for development. it is more about exploring mixed reform of state-owned enterprises and solving problems in corporate structure. make the company's development more flexible and market-oriented.

in addition, going to the united states or hong kong can promote the internationalization process of enterprises and improve their brand recognition in overseas markets. of course, the status of a listed company can also help "second-generation entrepreneurs" increase their visibility, attractiveness and competitiveness, and promote the company's long-term development.