After 8 working days of sales, Beijing Automotive Co., Ltd. (01958.HK, hereinafter referred to as “Beiqi Sharesâ€) has successfully introduced 10 cornerstone investors, and it is expected to raise a maximum of HK$12.14 billion, according to the plan of the company on December 19. The company was officially listed on the Hong Kong Stock Exchange.
On the evening of December 18, BAIC announced that Xu Heyi, chairman of BAIC Group, was the director of the strategy committee and director of the nomination committee, Huang Longzhen was the director of the audit committee, and Bao Xiaochen was the director of the remuneration committee.
BAIC said that the development capability and market acceptance of new models will be the key to the company's future development.
The listing price of BAIC shares ranged from HK$7.6 to HK$9.8, and 1.239 billion H shares were sold globally (including Hong Kong for sale of 62 million shares and international sales of 1.177 billion shares). Based on HK$8.7 per share, the amount raised is up to HK$12.14 billion.
Previously, the prospectus of BAIC shares showed that about 60% of the proceeds raised will be used for fixed assets investment; about 10% will be used to develop Beijing car passenger cars; about 5% will be used to develop sales network and promote Beijing car Passenger cars; 15% will be used to repay bank loans, and the remaining 10% will be used to supplement working capital and for general corporate purposes.
Although the overall development speed of China's auto market has slowed down, China's prospects for the world's largest auto market to date are still valued by the capital market.
Independent commentator Chen Yonglu pointed out that as a well-known passenger car manufacturer in China, BAIC has a complementary brand and product portfolio and has a dominant position in the fast-growing market segment. Thanks to the joint venture with Daimler, Beijing Benz has also achieved new strong growth by upgrading its localization, integrating its sales platform and launching new models. In addition, Beijing Hyundai has successfully entered China's annual sales of over one million vehicles. BAIC's own brands have also seen good growth from the current development. The newly launched products have a good market sales.
A securities analyst who asked not to be named told the "First Financial Daily" reporter that the most growth potential of the three passenger car segments of BAIC is Beijing Benz. In 2013, Beijing Benz luxury passenger car in China. The market accounts for 15.3% of the market. In 2011, 2012 and 2013, Beijing Mercedes-Benz sales reached 93,377, 103,445 and 116,006 respectively.
The most challenging business is BAIC's own brand. At present, BAIC's own brand passenger car business has three major product lines, namely the Sic Bo series, the Beijing series, and the Weiwang series. In the past three years, the sales volume of Beijing Auto's own brands has reached 24,415, 77,561 and 202,280, respectively. Compared with the two international brands of Mercedes-Benz and Hyundai, the new car development capability and market acceptance of BAIC's own brands are the key.
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