Two months after Hong Kong's secondary listing, Weilai is ready to land in Singapore again On May 6, 2022, Weilai automobile announced that it had obtained the conditional listing qualification letter for the secondary listing of the main board from the Singapore Stock Exchange, and would issue the listing document this month. Weilai automobile announced that the listing will be introduced, with a par value of US $0.00025 per share. The company's American Depositary Shares will continue to be listed and traded on the New York Stock Exchange, and the company's class A shares listed on the New York stock exchange can be fully converted from its American Depositary Shares listed on the New York Stock Exchange.
On March 10 this year, Weilai automobile has completed its secondary listing on the Hong Kong stock exchange. After listing on the Singapore Stock Exchange, Weilai will become the first intelligent electric vehicle enterprise listed in the United States, Hong Kong and Singapore.
For the reasons for choosing Singapore to be listed, velai responded to the first financial reporter: "listing in Singapore can expand our investor base, especially the increasing number of Asian institutional investors. Listing in Singapore can further increase the global tradable time and liquidity and provide an alternative stock trading place."
Singapore is one of the most important international financial centers in the world. According to the data released in the 30th issue of the global financial center index (GFCI) in September 2021, New York ranks first in the GFCI index, London ranks second, and Hong Kong, China and Singapore rank third and fourth. At present, Singapore's total assets under management are estimated to exceed S $2.4 trillion.
Citigroup previously released a research report that Weilai was listed in the United States, Hong Kong and Singapore at the same time, which can broaden the future financing platform, establish deeper contacts with Asian investors and build brand assets.
In the Hong Kong Stock Exchange and the Singapore Stock Exchange, Weilai has adopted the way of introduction. Introduction listing is a way of applying for listing of issued securities. It does not need to issue new shares or sell the shares held by existing shareholders at the time of listing, and it does not involve financing. Earlier, Haier Zhijia, Jianfa property and other enterprises also used the method of introduction and listing to land in Hong Kong stocks.
According to the financial report data, as of December 31, 2021, Weilai automobile has a cash reserve of 55.4 billion yuan, which is better than ideal automobile and Xiaopeng automobile.
In 2022, Weilai automobile plans to successively launch three new models of et7, ES7 and et5 to the market, and complete the upgrading of the existing es8, ES6 and ec6 models. At the level of R & D, Weilai automobile said that it would adhere to the whole stack self-research in 2022 and increase investment in bottom technology and long-term technology. It is expected that the R & D investment in the whole year will double year-on-year, and the R & D personnel will increase to 9000 by the end of the year. In 2021, the company's annual R & D expenditure increased by 84.58% year-on-year, reaching 4.592 billion yuan.
Li Bin, founder and chairman of Weilai automobile, once said that nad auxiliary system subscription service will be opened in some regions in the fourth quarter of this year. In addition, according to the plan of Weilai automobile, Weilai automobile will also build a sales network and service system in Germany, the Netherlands, Sweden, Denmark and other four European countries in 2022.
The Research Report of CITIC Securities believes that the intelligent electric vehicle enterprises represented by Weilai are in the acceleration period of profit improvement. Building the continuous competitiveness of products through technological innovation is conducive to improving the profitability in the long run. Li Bin once said on the 2021 earnings conference call that he hoped to make a profit in 2024.
On March 16 this year, the financial stability and Development Commission of the State Council held a special meeting and proposed that the Chinese government continue to support all kinds of enterprises to list abroad. Recently, a number of new energy vehicle related companies chose to list abroad. In addition to Weilai automobile choosing Singapore, GuoXuan high tech announced on May 5 that it would be listed on the Swiss Exchange.