Recently, Great Wall Motor announced that the company has reviewed and approved the “Proposal on Terminating the Implementation of Non-Public Issuance of A Shares” and the proposal to terminate the non-public offering of shares to raise 12 billion yuan. At the same time, Changan Automobile released the latest adjustment plan after the resumption of trading, and plans to raise 2 billion yuan to invest in the “Changan Automobile Passenger Vehicle Construction Project” and “Changan Automobile Engine Capacity Structure Adjustment Project”. Compared with 2015, the total amount of fundraising for the latest fixed-income plan has shrunk significantly from RMB 6 billion to RMB 2 billion.
Although China's automobile production and sales is already the world's number one, the per capita car ownership is still low, and the domestic automobile market still has a large room for growth. Seizing the market has become the primary goal of many car companies. Last year, in order to seize the opportunity of the steady growth of the domestic auto market, the independent auto companies such as BYD and JAC got together to increase their financing in the capital market. The “borrowing” capital market overtaking has become the consensus of many automakers. . Xu Yingbo, an analyst in the automotive industry of CITIC Securities, believes that the termination and adjustment of the private placement of Great Wall Motor and Changan Automobile are on the one hand the independent choice of the company and on the other hand the attitude of the capital market.
■ Autonomous “leader” fixed-growth plan mutation In 2015, Changan Automobile and Great Wall Motor sold a total of 1.11 million and 750,000 vehicles respectively, ranking the fifth and ninth in the total sales volume of domestic automakers. Among them, Changan Automobile has an annual production and sales volume of more than one million units, making it the first domestic independent vehicle to break through “two million”. Great Wall Motor continued to hold the top spot in the SUV market. Haval H6 sold more than 370,000 vehicles, ranking third in the 2015 model sales list, and the sales gap with the second-ranked SAIC Volkswagen LaVida was less than 10,000.
It is reported that these two car companies are still developing according to the established plans. Changan Automobile will launch the high-end SUV CS95, and compete with the CS75, CS35 and the latest CS15 to compete in the SUV market. In terms of cars, Changan Automobile will launch Changan Yidong and Yuexiang V7 with dual-clutch transmissions in the second half of this year. Great Wall Motor will launch the Haval H7 this year and continue to strengthen its position as a strong player in the SUV field. In addition, Great Wall Motor is also in the car R & D project, forming a new situation of joint development of SUV and car. Some analysts said that although the industry generally expects a slowdown in the development of the auto market this year, Changan Automobile and Great Wall Motor are the "leaders" among the independent auto companies. If there is no accident, the operating results of the two companies will be better than last year. .
However, under such expectations, the capital market has “splashed a cold water” on the private placement of the two companies, which is quite puzzling. Zhu Huarong, president of Changan Automobile, said that Changan’s adjustment plan is based on Changan’s change in demand for funds. On the other hand, the consideration is that the stock market has not been very optimistic since last year, and it may be difficult to raise huge amounts of funds. Zhongshi, a commentator in the automotive industry, believes that the financing of the two independent auto companies in the capital market has been frustrated, reflecting the market investors' lack of optimism about the future development of traditional auto companies.
â–  Ending the fixed increase means that from the two companies' private placement plan, Changan Automobile plans to use the funds to expand production capacity and improve the technical level of parts and components. Great Wall Motor plans to use the funds for research and development of new energy vehicles. In other words, the capital market has a negative attitude towards the capital of the two companies in the case of the traditional automobile sector or the new energy vehicle sector. Does this mean that the capital market has begun to bearish on the domestic development trend of self-owned brands?
Zhong Shi believes that for the overall development of independent brands, the future development is certainly positive, but for individual companies, investors may have a separate view. Under the pressure of the national fuel consumption limit of 5.0L/100km in 2020, Great Wall Motor is eager to invest in the research and development of new energy vehicles. However, Great Wall Motor has a tendency to SUV, which is very difficult to meet the fuel consumption limit of 2020. Although new energy vehicles can reduce the overall fuel consumption of enterprises by weighting calculations, they will also need to rely on the performance of the new energy vehicle market. Zhong Shi said that the termination of the fixed increase for Great Wall Motor may lead to a re-adjustment of research and development work on new energy vehicles.
"The first thing to be clear is that ending the issuance does not mean that the company is facing difficulties." Xu Yingbo told reporters. She stressed that the termination of the issuance of financing is a result of the company's comprehensive consideration based on factors such as capital market conditions and stock prices. At present, Changan Automobile and Great Wall Motor have relatively abundant book cash, especially Changan Automobile has reached more than 22 billion yuan. Even without this fixed plan, Changan Automobile's cash can fully meet the needs of new projects. Xu Yingbo also said that from the perspective of the automobile industry, traditional car companies have encountered certain difficulties in relying on fixed-income financing at present, but financing similar to Internet-built cars and new-energy car companies is relatively smooth.
■ The new road of traditional car financing is more stable than the traditional car financing, and the emerging new energy auto companies appear to be smooth in financing. At the end of March, Li Xiang, the founder of the car home, completed the A round of financing for the electric vehicle entrepreneurship project “Car and Home” and applied for the qualification of the car. According to previous information, in order to build a car, the "car and home" has already prepared 100 million US dollars, and will receive 100 million US dollars through financing. It is reported that the "car and home" A round of financing is very smooth, but the specific financing information has not been disclosed. At the same time, Xiaopeng Automobile also completed the A round of financing. The current round of financing received a total investment of 42 million US dollars and investors interest-free loans 60 million US dollars, totaling more than 100 million US dollars.
Emerging car companies seem to have innate advantages in financing, and traditional car companies can only be far behind. Xu Yingbo told reporters that there are three main means of financing traditional auto companies. The first is to issue additional shares on the stock market; the second is to sell bonds in the debt market; the third is bank credit. In these three ways, private placement and sale of bonds are the mainstream. In the period when the capital market is relatively good, the amount of private placement financing is relatively large, and the capital cost is relatively low, which is the first choice for listed companies.
Zhong Shi said that the investment in the auto industry often needs billions of yuan and the scale of funds is large. At present, the domestic auto market has entered a new round of price wars, and the profitability of auto companies may be affected to some extent, so it is difficult to raise funds through private placement. Some analysts believe that the traditional car companies should take a step forward in the introduction of private capital, similar to the absorption of those ventures that favor emerging auto companies, the establishment of mixed ownership enterprises, can ease the financial pressure of enterprises. Zhong Shi said that this method should try to explore and may become a new financing path for traditional car companies in the future.

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