Because Changan Automobile's shareholding, Ningde Times New Energy Technology Co., Ltd. (CATL, hereinafter referred to as Ningde era) made headlines. According to the "Securities Daily" reporter, after the SAIC Group took the Ningde era, Dongfeng Motor and Changan Automobile also entered the Ningde era. The six state-owned automobile groups have gathered three in the Ningde era.
According to a recent equity refinancing in the Ningde era, the company's valuation has reached 84 billion yuan. In fact, such high valuations even exceed the vast majority of vehicle-listed companies, second only to SAIC, GAC, BYD and Great Wall Motor.
Industry insiders said that the Ningde era through the deep marriage with SAIC, Dongfeng and Changan, coupled with BYD's battery business, or will unveil the prelude of lithium battery industry integration.
Public car enterprises rushed to the beach on the evening of October 31, Changan Automobile announced that it would acquire the fund share of Zhenjiang Demao Hairun Equity Investment Fund Partnership (limited partnership) (hereinafter referred to as "Zhenjiang Demao Hairun Fund") Way to invest in the Ningde era. Changan Automobile called this to protect its own development and strengthen cooperation with the Ningde era.
In June of this year, Zhenjiang Demao Hairun Fund invested RMB 1 billion in the Ningde era and only gained 1.18% of its shares. Subsequently, the news of the valuation of 84 billion yuan in the Ningde era went away, letting the Ningde era become the "headline" of many media.
The Changan Automobile will sign the “Limited Partnership Share Transfer Contract†with the investment partner of Zhenjiang Demao Hairun Fund, China Merchants Wealth Asset Management Co., Ltd., and acquire the Zhenjiang Demao Hairun Fund 4.9 held by it for approximately 519 million yuan. The share of the paid-in partnership of 100 million yuan, in this way, Changan Automobile is equivalent to indirectly holding 0.39% of the shares of the Ningde era.
In fact, Changan Automobile is not the first car manufacturer to deal with the Ningde era, nor is it the first OEM to deploy to the power battery field.
In May of this year, SAIC Group established two joint ventures with Shanghai Automotive Group Investment Management Co., Ltd. and Ningde Times through its wholly-owned subsidiary. In October of the same year, Liu Weidong, deputy general manager of Dongfeng Group, publicly stated that Dongfeng Motor has held shares in Ningde era. Negotiate a new battery company project.
At the same time, other domestic auto companies are also accelerating the layout and resource competition in the field of power batteries. In August of this year, BYD announced that it would join hands with Guoxuan Hi-Tech to lay out the three-element cathode material. In September, Great Wall Motor acquired the equity of the Australian lithium mine to build a base for its new energy battery.
In this regard, the automotive industry analyst Zhong Shi said that the new energy vehicle manufacturers and first-line battery companies to establish a joint venture or establish a strategic partnership, there are generally three ways: First, the host factory to the battery factory; Second, the battery factory to the host Factory investment, such as Guoxuan Hi-Tech investment in Beiqi New Energy; third, the establishment of separate companies, or the formation of close procurement, cooperation, such as SAIC and Ningde era.
840 billion yuan valuation start IPO
The ever-increasing market value and industry reputation have made the power battery manufacturer Ningde era have the confidence of IPO. On June 15 this year, the Ningde era published a listing counseling announcement in the relevant media. The sponsor institution was CITIC Jiantou, which means that the new energy battery giant officially launched the IPO.
However, despite the expected fiery and good market performance, the ultra-high valuation of 84 billion yuan has allowed the industry to question the Ningde era, which has only been established for six years.
In particular, it is BYD, the leading domestic electric vehicle company that directly competes with it. BYD, which owns complete vehicles and complete new energy auto parts including batteries, currently has a market capitalization of only RMB 88 billion. Once the Ningde era is successfully listed, the market value will easily surpass BYD.
In the face of the aggressive business "enclosure" in the Ningde era, BYD batteries, which had been closed for many years, also made an open decision. Wang Chuanfu, president of BYD, said that the export of power batteries has entered a substantive stage with several large passenger vehicles.
At the same time, Ningde era plans to raise another 30 billion yuan by 2020, and will increase the company's battery capacity by five times to 50GWh, surpassing Tesla's super factory in Nevada.
In this regard, Fang Jianhua, president of the National Science and Technology Achievements Transformation Fund New Energy Vehicle Venture Capital Sub-fund, believes that the total output of 50GWh lithium battery in Ningde era will definitely be surplus or used in energy storage. At the end of this year, China's power battery capacity will reach 180GWH-200GWH, but the sales volume will not exceed 40GWh.
Zhong Shi said that the power battery is a key component to support the development of pure electric vehicles. Judging whether its capacity is excessive or not can not be based solely on the output figures, but also depends on the market share of high-quality battery capacity.
"There are not many power battery products that can truly meet the needs of the OEMs. There will be no industrial giants without partial overcapacity and partial competition." Zhong Shi believes that free competition and natural elimination will cause waste of resources, but This is a necessary process for the power battery industry.
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