China’s electric vehicle manufacturer, Xiaopeng auto, has formally submitted a prospectus (form F-1) to the US Securities and Exchange Commission to seek listing on the New York Stock Exchange under the code “xpev”, with a tentative amount of $100 million.
according to the corporate information disclosed in the prospectus, Xiaopeng automobile is one of China’s leading intelligent electric vehicle companies (smart EV). Established in 2015, the company aims to bring smart cars and smart driving systems to China’s consumers. The main products of Xiaopeng automobile are SUV (G3) and four door sports car (P7). According to IHS Markit, a market research firm, Xiaopeng G3 is one of the three best-selling electric SUVs in China in 2019. In addition, according to the new energy vehicle catalog of the Ministry of industry and information technology of China, the NEDC range of Xiaopeng P7 can reach 706 km (439 mi), which is the longest range of existing electric vehicles in China. According to the prospectus, as of June 30, 2020, more than 90% of G3 purchasers have opted for the version with automatic driving function. Meanwhile, about 50% of the customers subscribe to the P7 version supporting XPILOT 3, and XPILOT 3 is the advanced automatic driving system to be launched by Xiaopeng car.
according to the sales information disclosed in the prospectus, Xiaopeng automobile began to produce G3 models in November 2018. As of July 31, 2020, Xiaopeng automobile has delivered 18741 G3 vehicles to customers. The p7 model has also been put into production and will be delivered in May 2020. As of July 31, 2020, Xiaopeng automobile has delivered 1966 P7 vehicles to customers, and plans to launch the third intelligent electric car in 2021. In addition, according to the prospectus, Xiaopeng automobile delivered 2451 smart electric vehicles to customers in July 2020, including 1641 P7 and 810 G3.
according to the financial information disclosed in the prospectus, since the establishment of Xiaopeng automobile, the company has not made any profit, and only recently began to generate revenue. This is mainly because the design, manufacture, sales and service of electric vehicles are capital intensive businesses. Since its establishment in 2015, Xiaopeng automobile has been facing a loss in revenue and negative cash flow from operating activities. In 2018, 2019 and the six months ended June 30, 2020, the net losses of Xiaopeng automobile were RMB 1398.8 million, RMB 3691.7 million (approximately US $525.5 million) and RMB 795.8 million (approximately US $112.6 million), respectively. During the six months ended June 30, 2020, and 2018, the net cash used by Xiaopeng automobile for operating activities was RMB 1.572.7 billion, RMB 3562.8 million (approximately US $540.3 million) and RMB 1217.7 million (approximately US $171.6 million), respectively.
according to the equity information disclosed in the prospectus, Xiao Peng he, the co-founder, chairman and CEO of Xiaopeng automobile, holds 391752537 ordinary shares, with a shareholding ratio of 31.6%; and Xia Heng, co-founder, director and President of Xiaopeng Automobile Co., Ltd Xia) holds 61137879 ordinary shares, with a shareholding ratio of 4.9%; Hongdi Brian Gu, vice chairman and President of Xiaopeng automobile, holds 34708788 ordinary shares, with a shareholding ratio of 2.8%; and Tao, co-founder, director and senior vice president of Xiaopeng Automobile Co., Ltd He) holds 20000000 ordinary shares with a shareholding ratio of 1.6%; all senior executives and directors of Xiaopeng automobile hold a total of 507599204 ordinary shares, with a total shareholding ratio of 40.9%.