Weilai goes to Singapore and will become the first new energy vehicle enterprise listed in the United States, Hong Kong and Singapore. On May 6, Weilai announced that it had obtained the conditional listing qualification letter for the secondary listing of the main board of the Singapore Stock Exchange, and would issue the listing documents this month. The listing will be introduced, that is, it will not issue new shares or involve financing, but the shareholders of the company will apply for listing their old shares, and the opening price will be used as the benchmark for calculating the rise and fall of share prices thereafter.
After listing, velai's class A shares on the New York stock exchange can be fully converted from its American depositary shares listed on the New York Stock Exchange.
Previously, Wei Lai landed in the Hong Kong stock market in March this year and applied for listing in Singapore at the same time. On the first day of listing in Hong Kong, it closed at HK $158.9 per share, a slight premium compared with the closing price of US stocks the previous day.
As for why we choose Singapore market, Weilai responded to the reporter of securities times · e company, "Singapore is an important international financial center. Listing here 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, provide an alternative stock trading place and further protect the interests of investors."
Xie caihan, chief representative of the Beijing Representative Office of the Singapore Stock Exchange, told the securities times · e company: "it is very common to introduce the listing on the Singapore Stock Exchange. It is friendly to the enterprises whose share prices are now low and there is no need to rush for financing. However, in order to make the transaction good, the company needs to do subsequent capital increase or market making work in the market. The Singapore Stock Exchange will fully support the listing and financing of high-quality enterprises in Singapore from all aspects."
The "three brothers" of the new forces of car making have gathered in Hong Kong stocks. In July and August 2021, Xiaopeng automobile and ideal automobile were listed in Hong Kong for the second time. They chose the "dual main listing" method. Compared with the secondary listing, the regulatory requirements are more stringent and more difficult, but they can enter Hong Kong stock connect as soon as more than 6 months after listing and get the support of mainland funds.
While going to the new market, Weilai was included in the "pre delisting list" by the securities and Exchange Commission (SEC) in the United States. 88 Chinese concept stocks such as Xiaopeng automobile, jd.com and BiliBili were included together, expanding the number of Chinese concept stock enterprises on the list to 105.
The above measures are based on the foreign company Accountability Act of the United States. If the financial report auditor of a listed company fails to accept the verification of the U.S. public company accounting oversight board (PCAOB) for three consecutive years from 2021, the stock will be banned from trading on the national exchange and enter the delisting procedure. If the enterprise believes that it has been wrongly identified, it can contact the SEC to submit relevant evidence within 15 working days.
In response, Weilai responded in the announcement that the company has been committed to actively exploring possible solutions to protect the interests of its stakeholders. Weilai will continue to comply with the applicable laws and regulations of China, the United States and Singapore, and is committed to complying with the applicable listing rules to maintain its listing status on the New York Stock Exchange, Hong Kong Stock Exchange and Singapore Stock Exchange.
When answering relevant questions on May 5, Chinese Foreign Ministry spokesman Zhao Lijian said that it is understood that the inclusion of Chinese enterprises in the relevant list is a relevant step for the U.S. regulatory authorities to implement their domestic laws, which does not mean that relevant enterprises must be delisted. Whether these enterprises are delisted or continue to be listed in the United States depends on the progress and results of China US audit and supervision cooperation.
On March 15, both China and the US PCAOB said that the two sides were actively negotiating; On March 16, the financial stability and Development Commission of the State Council held a special meeting and proposed to maintain the stable operation of the capital market. With regard to the delisting of Chinese concept shares in the United States, which triggered the recent sharp decline in the market, the meeting said that the regulatory authorities of China and the United States have good communication, have made positive progress, are committed to forming specific cooperation plans, and the Chinese government will continue to support all kinds of enterprises to list abroad.
At present, Weilai has abundant cash reserves. At the end of 2021, the cash and cash equivalents on the account were 55.4 billion yuan. The annual revenue reached 36.136 billion yuan, a year-on-year increase of 122.3%; Net loss of 4.017 billion yuan; The gross profit margin of automobile is 20.9%.
The market still has some panic about the news of "pre delisting". Weilai Hong Kong shares closed down 11.47% on May 6, while US stocks fell 15.17% the previous day; Hong Kong stocks of Xiaopeng automobile fell 9.84%, and US stocks fell 13.51% the day before; Jingdong, pinduoduo and BiliBili also fell to varying degrees in the United States and Hong Kong.