China EV Insights | Vol.018

China National Holiday Boosts: China's A-Shares and NEV Sales Soar

During China's National Day Holiday, both the stock market and the new energy vehicle (NEV) sector saw a boom. The China A-shares market surged, with automotive stocks leading the way, indicating investor optimism in the industry. NEV makers like Leapmotor, HIMA, and Xiaomi reported a significant rise in orders, exceeding 17,000, 28,000, and 6,000 units respectively.

Leapmotor's orders topped 17,000 units within the holiday week, and its September sales reached a record 33,800 units. Li Auto, though yet to announce specific holiday figures, is rumored to have received over 20,000 orders, with a September delivery high of 53,700 vehicles. HIMA's orders surpassed 28,000 units, with the newly launched LUXEED R7 contributing over 9,600 units.

Xpeng , after September record of 21,000 units sold, added over 16,000 new orders during the holiday, with the MONA M03 and G6 models being the main drivers. Xiaomi's SU7 secured over 6,000 orders, and Lei Jun targeted producing and delivering 20,000 units in October.

The traditional fuel vehicle market also picked up, with Dongfeng Nissan's three brands garnering over 30,000 orders. The NEV market's robust performance during the holiday not only boosted the stock market but also reflected confidence in China's economic rebound.

Chinese Carmakers Spark Hong Kong IPO Wave: Chery Valued at 7 Billion USD, Horizon Passes Hearing

Recently, two notable cases of Chinese automotive companies going public in Hong Kong have emerged.

Firstly, Chery Holding Group plans to spin off its automobile business unit, Chery Automobile, for a listing in Hong Kong with a valuation of about 7 billion USD. News of Chery Automobile's IPO first surfaced at the end of 2023, when reports indicated that IDG Capital was considering acquiring a portion of Chery Holding Group's shares for about 1 billion USD. The equity structure of Chery Automobile shows that Chery Holding is the largest shareholder with a 38.6% stake, while Anhui Credit Financing Guarantee Group and Wuhu Construction Investment Co., Ltd. hold 9.97% and 8.69% of the shares, respectively.

On the other hand, Horizon Robotics has passed the Hong Kong Stock Exchange hearing and disclosed relevant information on October 8, 2024. Founded in 2015, Horizon focuses on advanced driver-assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles. The company has cooperated with 27 OEMs, secured 290 designated models, and achieved SOP for 152 models. From 2021 to 2023, Horizon's revenue compound annual growth rate was 82.3%, and in the first half of 2024, its revenue grew by 151.6% year-on-year, reaching 130.9 million USD.

The listing plans of Chery Automobile and Horizon reflect the vibrancy of China's automotive industry in the capital market and demonstrate investors' keen interest in China's automotive sector, especially in the fields of new energy vehicles and intelligent driving technology.