Hefei government's investment of tens of billions of yuan is still not out of the financing dilemma.

Hefei government signed a contract with Weilai with a total investment of over 10 billion yuan. However, Weilai gold consumes quickly and has been in financial trouble for a long time. The withdrawal of Gaoyou Capital revealed that the capital market is not optimistic about Weilai, and Li Bin may not be able to turn over the salted fish just by signing this contract.

On February 25th, Weilai Automobile announced that it had signed a framework agreement with Hefei Municipal Government to settle Weilai's China headquarters in Hefei, and signed a contract to hold it in Hefei Jianghuai Weilai Factory. Hefei Municipal Government will invest in Weilai China Headquarters Project through designated investment companies and joint market investors, with a total investment of 654.38+002 billion yuan. Among them, the planned financing of Weilai Automobile China Headquarters Project exceeds10 billion yuan.

Stimulated by this news, as of the close of the US stock market on the same day, Weilai Automobile's share price closed at 4.4 US dollars, up 13.4%. Wei Lai seems lucky, but the dilemma behind it is difficult to solve easily.

Frequent news of financing oolong

In February, it was reported on the Internet that Geely Automobile planned to invest $300 million in Weilai Automobile. According to the convertible bonds of $3.07 that Weilai Automobile just made in the primary market, after this round of investment, Geely's share in Weilai Automobile will be less than 65,438+00%, and the shares of existing shareholders will be diluted after the shares are invested, and Geely is expected to become the third largest shareholder of Weilai Automobile. According to online news, the two sides have entered the negotiation stage, after which Weilai's car will be made by Geely.

CRRC contacted Geely Automobile to confirm the news, and Geely declined to comment. In fact, this is not the first time that Weilai has been reported by the Internet to obtain new financing. Intermittent financing rumors emerge one after another on the Internet.

20 19 On May 28th, the day when Weilai's quarterly report was disclosed, it was reported that it had obtained financing of RMB 0/0 billion from Beijing Yizhuang Guotou, but in June of 5438+00, Yizhuang Guotou announced that the agreement had collapsed. On June 5438+ 10 of the same year, Weilai announced that it would negotiate a financing cooperation with the Xing Wu District Government of Huzhou City, and this cooperation was subsequently stopped by the Xing Wu District Government on the grounds of high risk.

After the release of Weilai 20 19' s third-quarter financial report, the narrowing of revenue and loss was higher than market expectations. On that day, Weilai's share price rose by 53.72%, and the intraday increase once exceeded 100% to close at $3.72.

Then the news that Weilai will get financing will appear on the Internet every three to five times. In addition to Geely Automobile mentioned above, Guangzhou Automobile Group, FAW and Great Wall, which had previously issued clarification announcements, were also rumored as potential investors of Weilai Automobile.

In addition, it is also reported that the condition of capital intervention in Weilai is to replace Li Bin. CRRC has called Li Bin many times, but as of press time, it has not received a reply.

Feng Wei, CFO of Weilai Automobile, once said in a conference call to release the third quarter financial report: "Weilai Automobile has made remarkable progress in financing projects, which are currently in progress and relevant confidential information cannot be disclosed."

Sporadic financing is a drop in the bucket.

Although Weilai has always kept the investment secret, since February this year, Weilai has announced some well-documented financing projects.

On February 14, Weilai announced the completion of the 1 100 million convertible bond financing project; On February 6th, Weilai Automobile officially announced that it had signed a convertible bond subscription agreement with an unrelated Asian investment fund. According to the agreement, Weilai will issue and sell convertible bonds with a total principal of US$ 70 million to the acquirer in the form of non-public offering. ? Together with another $30 million investment, the financing of * * * is 1 100 million. However, for Weilai's operating expenses, this order of magnitude of funds is obviously not enough to solve the urgent need.

20 19 12.30, Weilai released its third quarter financial report. The financial report shows that Weilai Automobile's net loss in the third quarter was 25.210.70 billion yuan. As of September 30, 2009, the total amount of cash, cash equivalents, restricted cash and short-term investments held by Weilai Automobile was 1.9607 billion yuan, less than 2 billion yuan, and the company's cash and cash equivalents were only 980 million yuan. In the third quarter performance announcement, it was clearly pointed out that Weilai's "cash balance is not enough to provide working capital and liquidity needed for continuous operation in the future 12 months".

Since its establishment four years ago, Weilai Automobile has accumulated losses of more than 40 billion. According to the published information, the total capital expenditure and operating cash expenditure of Weilai in 20 18 is 10 billion. On average, Weilaihui spends 30 million yuan every day.

The third largest shareholder withdrew his shares and cashed in.

Gaolin Capital, the third largest shareholder of Weilai Automobile, no longer holds shares in Weilai Automobile from 20 19 12 3 1. In the third quarter of 20 19, the share price of Weilai Automobile fell to 1. 19 USD/share, which was 8 1% lower than the listing issue price. ?

After that, Gaochun Capital began to significantly reduce its shareholding in Weilai Automobile, with a drop of 68%. In addition to Li Bin and Tencent, Gao Yan Capital has been the third largest investor in Weilai Automobile, holding 7.5% after listing. As a partner of Weilai Automobile, its importance is self-evident.

For the divestment of Gaochun Capital, Weilai Automobile said that this is a normal cyclical operation of investors. In addition, Temasek, an internationally renowned investment institution, issued a document on February 7th, reducing its holding of Weilai shares 1, 396,5438+0,000 shares, and its shareholding ratio has been greatly reduced from 5.4% to 1.8%.

The operation of internationally renowned investment institutions usually represents careful analysis and market-sensitive prediction. The successive divestment of these two institutions may be one of the reasons why other capitals want to intervene in Weilai, but they are disappointed.

In the face of today's financing difficulties, relevant senior industry analysts told CRRC reporters that the news that Hefei government contributed10 billion yuan may not help Weilai out of the predicament. One of the reasons is that we don't understand the specific restrictions behind this agreement and the way of capital investment. Even the government will not invest huge sums of money at one time, and the subsequent investment depends on Weilai's performance. If Weilai is still poorly managed, it is very likely that this investment will be greatly reduced in the end.

The second point is the withdrawal of capital, which is different from Weilai's so-called normal circulation operation of investment. The senior analyst told CRRC. Com believes that the withdrawal period of Gaoyao Capital is not the high point of Weilai, and the withdrawal of capital is obviously not optimistic about Weilai's future development trend.

Wages were not paid in time in February.

On February 8, when it was time to pay wages, Wei Lai failed to pay wages on time. According to Weilai News, the resumption of work was delayed due to the epidemic, which brought about changes in the enterprise management structure, so the salary payment date of Weilai Automobile changed. Regarding whether the salary was paid on time, CRRC asked Weilai's employees, and the other party said it was not convenient to disclose.

In addition, Weilai Automobile also initiated a plan to voluntarily replace the "Thirteen Salaries" with restricted stock (RSU), that is, employees can apply to replace all or part of the "Thirteen Salaries" in 20 19 with RSU, and the company will give a coefficient premium of 1. 1 on the basis of the replacement amount applied by employees.

In June this year, 5438+ 10, the overall production and sales of the new energy vehicle market were 39 130 and 44 182, respectively, down 53.6% and 52.3% year-on-year; The sales volume of pure electric vehicles was 35,000, down 52% year-on-year. On the other hand, Weilai 65438+ 10 * * delivered 1.598 vehicles, including ES6 1.493 vehicles and ES8 1.005 vehicles. Total sales decreased by 1 1.5% year-on-year. Wei Lai explained two main reasons that affect sales. One is the reduction of working days during the Spring Festival, and the other is affected by the epidemic.

Sales in February are also not optimistic. According to the data of Passenger Car Federation, the average daily retail volume of domestic passenger cars in the first half of February was 2,249, down 92% from 29,090 in the same period last year. According to the analysis of the Federation, the sales of automobile manufacturers will drop by about 70% in February. In this domestic passenger car environment, Weilai can't be immune to it.

Due to the large amount of funds, the investor is the government, and this Hefei government investment is considered by some people as a lifeline for Weilai. However, Weilai had too many financing oolong incidents, long-term liabilities and insufficient production capacity, and its management model was questioned. In the case that concrete evidence such as financial report data has not improved, Wei Lai has not really got out of the predicament.

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.