Rebirth 08: Rise from copycat phones

Chapter 445: Amazing Market Value and Domestic Capital Plan

The news that Wecoo Electronics Group was going to go public soon caused a stir in the media. On the one hand, Wecoo Electronics wanted to attract more ordinary investors to buy its own stocks and raise the stock price; on the other hand, people were indeed curious and even looking forward to the listing of Wecoo Electronics Group.

In a certain forum, a group of old-timers were enthusiastically discussing the news that Wecoo Electronics was about to go public. Each of them was talking about how much they would buy at that time and what the estimated market value would be.

On Weibo, there are more discussions about related topics, and topics related to Weiku Electronics have directly entered the top three of the hot search list.

And more self-media bloggers in the financial field make all kinds of analyses and speak as if they are free, and dare to say anything.

A financial blogger with millions of followers even directly asserted: After Weiku Electronics Group goes public, its total market value will exceed 2 trillion within a month. If it fails to reach this total market value, he will eat the keyboard!

This statement caused a lot of controversy.

Someone argued that Weiku Electronics' estimated revenue for the first half of this year is just over 200 billion yuan, and its net profit is only 21.5 billion yuan. If it wants to reach a market value of 2 trillion yuan, its price-earnings ratio must reach 48 times... This is too exaggerated.

Some people also say that Zhiyun Group, which is sought after by global capital, even though its market value has recently reached a new high of 1.7 trillion US dollars, but based on the profits in the third quarter financial report released by Zhiyun Group, its price-earnings ratio is only 23 times.

Fruit, which is also a top-tier company, has an even lower price-to-earnings ratio of only about sixteen times.

There are also some other domestic smart terminal hardware product companies, such as Lianxiang, whose price-to-earnings ratio is even lower, only about eight times.

Even though WeCool Electronics is the first top high-tech enterprise to be listed in China, and has many halos that can push its price-earnings ratio up significantly, thirty times is the maximum it can reach!

Thirty times the price-to-earnings ratio is also a relatively optimistic number that many investors predict for Weiku Electronics Group after its listing.

In fact, many previous strategic investors gave a lower price-to-earnings ratio, only about twenty-five or twenty-six times.

Of course, in order to raise its stock price after listing and attract more investors, Weiku Electronics Group has also adjusted its financial structure in the past year. Basically, it has cut a lot of unnecessary expenses and abandoned some unprofitable or even loss-making businesses.

So although the operating profit was a little worse, the financial performance was indeed improved after such adjustments.

In addition, Weiku Electronics also officially announced that the group is ready to enter the smart robot business and smart electric vehicle business!

Entering these two major businesses is also one of the main motivations for Weiku Electronics Group to go public. In addition to part of the funds raised from this listing continuing to be used for the existing smart terminal business, most of the funds will actually be used in the fields of smart robots and smart electric vehicles.

Weiku Electronics announced these two major plans when it was about to go public, which undoubtedly greatly boosted investors' confidence in Weiku Electronics.

Although everyone knows that Weiku Electronics does not have many core technologies of its own and its investment in research and development has always been relatively limited... its advertising and marketing expenses are huge!

But who can blame them for having a big brother like Zhiyun?

Moreover, Zhiyun Group is still the second largest shareholder of Wecoo Electronics. Even after the dilution in the strategic investment stage, and certain equity swaps with some strategic investors, and dilution in the post-listing stage, it is expected that Zhiyun Group will still be able to hold approximately 18% of Wecoo Electronics' shares after Wecoo Electronics' listing.

As for the largest shareholder of WeCool Electronics, it is the domestic "Liuhe Investment" wholly controlled by Xu Shenxue. After listing, it holds 21% of the shares.

In addition, Xu Shenxue, Xu Weiwei and Xu's mother jointly hold shares in the overseas offshore investment company "Liuhe Holdings", which holds 9% of the shares.

The shares held by the above two investment companies starting with Liuhe are very special. They are Class B shares with voting rights of 20, and are also the core of Xu Shenxue's control over Weiku Electronics.

Then Xu Shenxue's several personal offshore investment companies also held several percentage points of shares respectively.

Overall, Xu Shenxue and his family jointly hold approximately 35% of the shares of WeCool Electronics... This part is personal holdings.

It does not include the shareholdings of other sister companies such as Zhiyun Group, Wecoo Trading, Wecoo Industry, and Huaxing Technology under the control of Xu Shenxue in Wecoo Electronics...and the cross-holdings between sister companies are very complicated and it is difficult to explain clearly in a short time.

Personal and family holdings, especially 30 percent of Class B shares, plus cross-holdings among sister companies, are enough for Xu Shenxue to firmly control the management of WeCool Electronics.

This relationship, far from causing investors to worry or be dissatisfied, is the core factor that attracts a large number of investors to invest in Weiku Electronics...

For many investors, the greatest value of Wecoo Electronics is not that it is the world's fourth largest smart terminal company, nor its revenue of more than 400 billion yuan, but that it is Xu Shenxue's company!

As for Xu Shenxue's companies, none of them are simple goods, all of them are industry leaders... Of course, this is only the truth that ordinary people know. If ordinary people were to take a look at other companies invested by Xu Shenxue, especially the many companies under Fairy Mountain Holdings, they would be unable to help but take several steps back...

Fairy Mountain Holdings is a bottomless pit. In just a few years, Xu Shenxue has already invested nearly 100 billion US dollars. Not only did Xu Shenxue invest money, but the support from above was also huge...

The cash subsidies for semiconductor equipment and consumables may seem small, but there are actually a lot of resources, and these resources are actually money.

If these resources were converted into funds, it would be in the order of tens of billions of dollars...even these resources cannot be bought with money.

For example, mobilizing a large number of scientific research institutions and official enterprises to help with the supporting research and development of semiconductor equipment and consumables.

A large number of scientific researchers in basic fields are asked to put aside their research and development work in other fields and focus on supporting research and development for the semiconductor industry. The cost behind this is huge and cannot be measured in money.

If these things were done using conventional business practices, Fairy Mountain Holdings would not be able to achieve similar results even if it spent tens of billions of dollars!
Over the years, Fairy Mountain Holdings has spent a lot of money and has suffered long-term losses!

If you use normal investment thinking to invest in such an enterprise, you will lose all your money... No one will invest in it.

It’s just that people know very little about Fairy Mountain Holdings. This group holding company is not well-known among ordinary people, or even ordinary investors.

Otherwise, where do you think the HEUV-300 lithography machine and other semiconductor manufacturing equipment and consumables came from?

It was just achieved by spending money like this.

It's not just Xu Shenxue's company, but it also has a brother company, Zhiyun Group, which is from the same mother!
Under such circumstances, the future of Weiku Electronics will not be too bad... Even if it relies on clinging to Zhiyun Group, it can still make a lot of money!
At least that’s what many ordinary investors think!
This is also an important reason why many people are optimistic about the performance of WeCool Electronics after its listing!

As December approaches and Weiku Electronics is approaching its IPO date, more and more news reports are appearing related to it.

In order to support Wecoo Electronics, Xu Shenxue accepted an interview with a reporter when he attended a technology forum in early December. During the interview, he talked about some of Wecoo Electronics' future development plans.

"We will consolidate our existing business in the smart terminal field and start to use the domestic supply chain advantages and technological advantages that have gradually matured to enter the smart robot and smart electric vehicle businesses."

“I hope that in the future, Weiku Electronics and its partners will be able to launch a high-performance smart electric car that meets the consumption level of ordinary people!”

"In the field of intelligent robots, existing artificial intelligence terminals have been developing rapidly, and the supply chain has gradually matured. Weiku Electronics will also enter the intelligent robot and other artificial intelligence terminal markets in the future!"

This is also the first time that Xu Shenxue has acknowledged the future strategic development direction of WeCool Electronics in a public speech.

Xu Shenxue's speech also attracted a lot of people's attention, and consumers naturally had various expectations.

Everyone knows that today’s artificial intelligence robots and smart electric cars are very good, and everyone wants them, but they are too expensive now!

In the field of smart electric vehicles, domestic Hailan cars are very expensive and are a serious luxury car brand. Even with subsidies, the cheapest model costs more than 300,000 yuan, which is still too expensive for ordinary families.

As for other electric vehicle brands, they are somewhat insufficient and are still a long way from the public's expectations of high-tech electric vehicles.

So now many people hope to have a smart electric car with good performance and a price of more than 100,000 yuan. It does not need too good smart driving functions, but the basic battery life cannot be too bad, and the appearance and interior should be more fashionable.

In this regard, the automotive industry is paying close attention to Weiku Electronics' bold statement of entering the smart electric vehicle industry.

Many automobile manufacturers are very worried about this... Weiku Electronics itself is nothing, but who knows how it gets the support of Xu Shenxue, who has Hailan Automobile under his control? If Weiku Electronics and Hailan Automobile carry out a strategic cooperation and are able to obtain intelligent driving systems and semi-solid-state batteries, motors, battery management and other core technologies from Hailan Automobile, wouldn't that be terrible?

But at the same time, many automobile manufacturers, especially those focusing on the development of electric vehicles, are looking forward to it... Although the current electric vehicle market is developing rapidly, the total sales volume is still too small.

The global shipment volume is only over two million units, and more than half of them are monopolized by HaiLian Automobile.

In comparison, the global automobile production and sales volume is about 70 to 80 million vehicles.

The current electric vehicle industry is still too weak and has not been able to form a huge wave.

At this time, if companies like Weiku Electronics, which are good at integrating supply chains and making mid- and low-end products, can also join in, then the entire electric vehicle market can be expanded rapidly, further changing people's views on electric vehicles and making people more accepting of electric vehicles.

The electric car market needs to get bigger!
They hope that with the participation of Weiku Electronics, the pie can be further expanded.

What’s interesting is that after Weiku Electronics officially announced its entry into the field of smart electric vehicles, many other high-tech companies in China have also begun to consider entering the smart electric vehicle industry.

Just a few days later, DaMi announced that they had launched the smart electric vehicle business and that smart electric vehicles would become DaMi's strategic investment direction in the future.

At the same time, Huawei also announced that it would officially enter the field of smart electric vehicles and develop intelligent assisted driving systems.

Some domestic Internet companies have also announced that they will develop things like driverless cars.

Even some real estate manufacturers are taking advantage of this trend and saying they want to enter the smart electric vehicle industry.

At the same time, some existing new electric vehicle manufacturers in China have also ushered in a new wave of development. Many investors are very interested in this industry and have gradually increased their investment efforts.

Smart electric vehicles have become a hot topic of discussion and the darling of capital in the short term.

When it comes to the field of electric vehicles, it has actually been around for a long time. BYD in China started making electric vehicles a long time ago, and Tesla also started making them a long time ago.

However, the real explosion of the market had to wait until Xu Shenxue began to use artificial intelligence technology and started to develop smart electric vehicles.

HaiLian Automobile, invested and founded by Xu Shenxue, shocked the world with its amazing intelligent assisted driving since the launch of its first HaiLian SEC. The subsequent models launched have also sold well, accounting for more than half of the global new energy vehicle production and sales in January.

Since that time, a large amount of capital has actually entered the new energy vehicle industry, and people have been paying close attention to the field of smart electric vehicles, so both traditional car manufacturers and new forces have emerged one after another.

It’s just that their technical directions are slightly different. Some are engaged in plug-in hybrid, the typical example in this field is BYD, and some are engaged in pure electric, the typical examples in this field are Tesla and Hailan Automobile.

Others are developing extended-range vehicles, and Hailan Automobile is also a typical example in this field... Among the sales of Hailan Automobile's various models, although pure electric vehicles are the main ones, the sales of extended-range models still account for about 30% of sales.

Among large SEV models and luxury models, extended-range models are the main ones.

You can enjoy the various technological features, explosive power and comfort of the pure electric mode, as well as the long cruising range brought by the gasoline vehicle.

At present, various electric vehicle technology routes have been tried and some results have been achieved.

In the field of intelligent assisted driving, Hailan Automobile is special in that it uses the exclusive EYQ platform that was previously developed by Zhiyun Group and has now been transferred to Hailan Automobile.

Most of the assisted driving systems of other smart electric vehicles directly adopt Zhiyun Group's EYEQ series assisted driving platform, which can provide L2+ level intelligent assisted driving based on pure visual algorithms at a relatively cheap price.

Tesla and some other strong manufacturers, including new models developed by BYD and some emerging manufacturers, use the PX computing platform of Zhiyun Group to develop their own intelligent assisted driving systems, among which Tesla has done relatively well.

The above is the situation in the past, and under these circumstances, the field of smart electric vehicles is still regarded as an industry with very high technical content and high entry barriers.

Whether it is traditional car manufacturers or new force manufacturers, many of them have spent tens of billions or even hundreds of billions of funds, but the models they produced are still mediocre.

Especially in the areas of battery life and intelligent assisted driving, there is a huge gap between it and Hailan Automobile.

This is very embarrassing.

Therefore, in the past two years, the capital market's enthusiasm for the smart electric vehicle industry has actually cooled... They also know that the future prospects are good, but it is too expensive and there are too many unknowns... The investment risk is too high.

Some pessimistic investors even believe that with Hailan Automobile controlling the high-end market and car companies with strong basic strength like BYD controlling the mid- and low-end markets, there is very little room left for new entrants, and blindly investing can easily lead to a loss of money.

Furthermore, the qualifications for car manufacturing are also a huge problem.

Not all companies can obtain the qualifications to manufacture cars from the very beginning like HaiLan Automobile.

Nowadays, many other so-called new force manufacturers in China do not actually have their own qualifications to manufacture cars. They all cooperate with traditional car companies, borrow their qualifications, and produce and sell under other people’s brands.

As a result, it is inevitable that they will be cut by traditional car manufacturers.

Under many circumstances, the capital market's enthusiasm for the smart electric vehicle track has declined in the past two years.

But now... Weiku Electronics has come out again and said that it will develop smart electric vehicles. At the same time, Xu Shenxue personally stood up and said that the future of Weiku Electronics is artificial intelligence terminal business and smart electric vehicles.

Since Mr. Xu, the richest man, said this and did this, it naturally attracted close attention from the outside world.

Overnight, many investors in the capital market felt that there was still room for development in the smart electric vehicle market, so they began to wave their capital around looking for investment targets.

Some high-tech companies, seeing that Weiku Electronics is also developing smart electric vehicles, began to follow suit, thinking that they could do it too!
Some people even shouted that making a car is no more difficult than making a mobile phone!
Anyway, they just purchase spare parts from mature supply chains for assembly, and even the assembly can be outsourced to traditional car companies' factories. All they have to do is design integration and sales... For many domestic smart terminal companies, this kind of thing is something they are very good at!

As for the robot business, not many people are following suit... There are definitely people who want to do it, but the capital investment is relatively limited.

We are not stupid. Although there is a so-called intelligent robot market now, this market is monopolized by Zhiyun Group.

At the same time, the intelligent robots in Zhiyun Group have very high technical content. As for the technical content in the hardware field, everyone can barely put together some hardware, which is just a little bit worse at best.

However, the core of the intelligent robots in Zhiyun Group is not hardware, but artificial intelligence!
Zhiyun Group has kept this top-level artificial intelligence technology a secret. This high-performance artificial intelligence technology applied to terminals is the core technology of Zhiyun Group. Not to mention licensing it to other companies, Zhiyun Group has never even announced the technical principles of the artificial intelligence used in Zhiyun robots.

If other companies want to make intelligent robots, it is impossible to imitate them without top-level artificial intelligence technology... and it cannot be the generative artificial intelligence technology in the traditional sense, but the kind of super-efficient artificial intelligence that can be applied to terminals.

WeCool Electronics can be said to have entered the field of intelligent robots because they have the potential to obtain technical support from Zhiyun Group.

But for other companies, basically don't count on it.

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In the field of smart electric vehicles, other companies can still follow suit, but the smart assisted driving technology they come up with will be a little inferior, only at the L2 or L3 level, but it is not unusable... Not everyone requires the L4 level smart assisted driving technology like Hailan Automobile!
Even many owners who have purchased Hailan cars actually drive themselves on weekdays and rarely use automatic driving.

Therefore, for many car companies, even if their own assisted driving technology is a little worse, as long as the appearance and interior are well made, and other aspects such as chassis, handling and quality control are done well, there will still be a market.

There is still a big difference between the smart robot market and the smart electric vehicle market.

This is why many companies and capital are following the trend to develop smart electric vehicles, investing billions or even tens of billions of dollars into them.

However, few would invest such huge amounts of money to develop intelligent robots... Google and other top high-tech companies have invested tens of billions or even hundreds of billions in the field of artificial intelligence, but they still haven't figured out artificial intelligence. Other companies are just being cannon fodder.

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While the discussion about smart electric vehicles is heating up in the market, many people are beginning to enjoy the artificial intelligence technology of Weiku Electronics and see if it can leverage Zhiyun Group's artificial intelligence technology to launch a cheaper version of the artificial intelligence robot.

Weiku Electronics also officially launched its listing.

On the day of listing, Xu Shenxue brought a group of senior executives of Wecoo Electronics to the Shenzhen Stock Exchange and officially presided over the listing of Wecoo Electronics.

The stock was then officially listed with an opening price of 78 yuan per share. Less than five minutes after the opening, the stock price had risen by 85.8% to yuan.

Moreover, the price did not fall during the day. The massive buying orders from a large number of investment institutions and retail investors directly kept the share price of WeCool Electronics stable.

Not long after the product was launched on the market, many online news media published articles reporting the news.

"Weiku Electronics officially went public. Five minutes after listing, its total market value exceeded 1.3 trillion!"

"The wealth myth of Weiku Electronics created more than a thousand multimillionaires within ten minutes of listing!"

"Weiku Electronics went public today, opening at 78 yuan, with a market value of trillion yuan, and its total market value ranks fourth among domestic A-shares!"

Some people also expressed concerns, believing that Weiku Electronics' IPO valuation was too high.

"Weiku Electronics' estimated net income this year is just over 40 billion, but its market value has now reached 1.3 trillion. Its price-to-earnings ratio has exceeded 30 times. Is this reasonable?"

"How can Weiku Electronics surpass Zhiyun, Sixing, and Fruit, the three major smart terminal companies ahead of it in terms of price-to-earnings ratio?"

“Invest with caution. Although Weiku Electronics is good, be careful not to lose all your money!”

There were all kinds of voices on the Internet, but this did not prevent Weiku Electronics from officially holding a celebration banquet after the market closed that afternoon!
At the close of the market, the stock price had reached 93 yuan, a very good increase. Although not as good as many companies that saw an increase of dozens of percentage points after listing, Weicool Electronics is a blue-chip stock with a very large scale, and even an increase of more than ten points is very scary.

Although the price-to-earnings ratio of WeCool Electronics is a bit inflated, it is a real good thing for many shareholders, including WeCool Electronics' managers and technical backbones who have obtained a large number of shares through option incentives, and even some ordinary employees.

Who doesn’t want the stocks they hold to be more valuable?
While the general management and employees were celebrating, Xu Shenxue called together people from various departments within Liuhe Investment to analyze and discuss the performance and subsequent impact of WeCool Electronics' listing.

A senior financial analyst at Liuhe Investment said: "The listing of Weiku Electronics, domestic funds and investors' enthusiasm are all within our expectations. It can even be said that it is better than expected!"

"We previously estimated that, limited by the courage and investment thinking of domestic investors, the market value of Weiku Electronics on the day of its listing would be a success if it could reach 1.1 trillion, and the overall price-earnings ratio would be around 26 times, or 27 times, which would be pretty good!"

"However, these domestic investment institutions are even bolder than we expected. They directly raised the price-to-earnings ratio to thirty times. This is a very good start!"

"More importantly, this proves that domestic funds are bold enough to invest in high-tech fields, have sufficient information, and can tolerate higher price-to-earnings ratios!"

“At the same time, through this listing, we also found that the amount of funds in the country is very abundant. Even though the total market value and circulating funds in the stock market are not much, according to our analysis, it is mainly due to the lack of sufficient high-quality listed companies in the stock market. In addition, the irrational emotions in the domestic stock investment market and the negative impact caused by too many retail investors have led to insufficient funds flowing into the stock market!”

"The lack of circulating funds in the stock market does not mean that there is not much domestic capital, but a large amount of funds have flowed into other areas such as real estate."

"However, the real estate market is now showing a downturn. According to our observations, a lot of funds have sensed the risks and started to transfer from the real estate market since the beginning of this year. These large amounts of transferred funds need a new reservoir to accommodate them, and this is also our opportunity!"

“I suggest that we continue to implement the domestic listing of Weiku Industry, Hailan Automobile and Yihai Technology according to the original plan, and strive to complete the listing of Weiku Industry next year!”

"As for Yihai Technology and Hailan Automobile, they can be listed one after another in the following year depending on the situation."

"After all, our companies are all very large and cannot be listed in a cluster. We need to leave a certain buffer time for the domestic capital market to raise funds."

Xu Shenxue said: "It is necessary to increase the time interval between listings!"

The 15% of the outstanding shares of Weiku Electronics alone attracted more than 170 billion yuan from the capital market... This is a huge figure for the domestic capital supply.

Of course, these funds do not actually rely on contributions from shareholders or the like, and most of the funds do not come from the circulating funds in the previous stock market, but rather a large amount of new funds pouring into the stock market.

Because in fact most of the outstanding shares of WeCool Electronics are purchased by various investment institutions, funds, etc.

One of the investment institutions whose funds came from the social security fund swallowed up more than 20 billion yuan worth of WeCool Electronics' circulating shares in one go, becoming the largest shareholder of WeCool Electronics' circulating shares.

Most of the other outstanding shares are actually purchased and held by various investment institutions.

The real so-called shareholders...actually don’t hold many shares of WeCool Electronics.

Since its first day of listing, Weiku Electronics has become a heavyweight stock on the A-share market and one of the blue-chip stocks in the investment strategies of many investment institutions.

After the listing of Weiku Electronics attracted a large amount of funds, it will, to a certain extent, cause the funds in the domestic capital market to fall into a short-term circulation shortage problem.

It will take time to gradually recover. It is impossible that another Weiku Industrial will go public tomorrow and still be able to attract a large amount of funds.

Therefore, the solution proposed by analysts at Liuhe Investment is to let the domestic capital market slow down for three or four months, and then fan the flames in advance in June or July next year.

It will be officially launched in September!

During this period of September, we can take advantage of the good news from the new generation of Zhiyun Group... Zhiyun S series mobile phones are always in short supply at this time every year, and similarly, Weiku Industrial's OEM orders are also full.

This will enhance investors' confidence and thus raise the share price of Wecoo Industrial... Wecoo Industrial also needs to raise a large amount of funds through listing to develop its business and research and development, especially in the fields of design and development of precision equipment and establishment of new foundry factories.

Wecoo Industrial has a lot of OEM business, and recently it has been expanding its robot OEM business, AI glasses and other artificial intelligence terminal products OEM production business. Expanding business in these areas is also very expensive... It is not so easy to produce these high-precision artificial intelligence hardware equipment efficiently and at low cost, and it still requires Wecoo Industrial's painstaking research and development.

Don’t think that OEM doesn’t require R&D… Without R&D, where would the equipment come from? Without equipment, where would the production line come from? Don’t expect to be able to buy ready-made ones on the market.

Not to mention anything else, the dense sensor array on the hand of the Zhiyun robot alone is very complex to manufacture, requires high-quality equipment, and a specially built production line... and these are all things that need to be solved step by step by Weiku Industrial.

Zhiyun Group has only designed this dense hand sensor array, but how to mass-produce it and control the cost is the responsibility of Weiku Industrial.

Ordinary OEM companies may be truly labor-intensive industrial chains, without much technical content, and they earn money through hard work in management.

However, top-level OEM giants like Weiku Industrial produce high-tech and intelligent hardware products. They are also good at technology... and their technology is very impressive.

A company like Weiku Electronics also needs a lot of funds for research and development and production line construction.

After Weiku Industrial went public, it was Yihai Technology that came next!
As an Internet company, Yihai Technology is the only one among many large Internet companies in China that has not yet been listed. It has also received great attention. The most important thing is that Yihai Technology is currently carrying out a global layout.

Relying on Douyin Video as its core, multinational e-commerce as its link, and gaming and advertising businesses as its nourishment, it is conquering markets around the world and competing fiercely with its two major competitors, Google and Facebook.

This globalization strategy is also very expensive. Just the various data centers around the world will cost a lot of money.

At the same time, the globalization of international e-commerce is also very expensive. From the payment system to the logistics system, all of them are hard nuts to crack...because many places abroad do not actually have mature and complete online shopping and online payment systems like those in China, you still need support, construction, and promotion.

Yihai Technology's business model of developing short videos or other social media on a global scale, using browsers to attract traffic, and using e-commerce, games, and advertising to generate revenue is actually not easy and requires large, continuous capital investment.

It is impossible for Xu Shenxue to inject additional funds into Yihai Technology Group. Although Xu Shenxue has a lot of money, it is all useful and basically invested in the research and development of semiconductors, various materials, and new cutting-edge technology fields. It has never been invested in a typical Internet company like Yihai Technology.

Compared with Xu Shenxue's other companies, Yihai Technology is a stepmother's...

Therefore, if Yihai Technology wants to obtain more development funds, it can only find a way on its own... relying solely on its own profits is not enough, and loans are not reliable. It is difficult for light-asset Internet companies to obtain loans.

Therefore, it becomes necessary to raise funds through strategic investment, listing and other means.

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As for HaiLan Automobile, Xu Shenxue has high expectations for the company. At the same time, HaiLan Automobile is still in a stage of rapid growth and has sufficient funds of its own. It does not need a large amount of funds in the short term, and it is not even certain whether it will be listed in the future.

HaiLan Automobile's main capital expenditures are the expansion of production capacity, the improvement of the supply chain, and the continuous R&D investment in unmanned driving/intelligent assisted driving. Although these funds are huge, HaiLan Automobile can actually afford them.

Because many of HaiLan Automobile's investments in capacity expansion do not require the company to pay for them upfront... In order to attract investment of this level for HaiLan Automobile, many places will basically act as matchmakers and help HaiLan Automobile obtain loans from banks, and these are low-interest loans, and the local governments will even subsidize the interest.

Of course, they are not doing this for charity, but for more tax revenue and employment.

This is also the reason why Hailan Automobile has expanded its production capacity so rapidly in just a few years and is aiming for an annual production capacity of two million units in two years... When others build a factory, they don't have to spend their own money in the early stages. After the factory is built and the cars produced are sold, they can slowly pay back the money.

Under such circumstances, there is no rush for HaiLan Automobile to go public.

Even if subsequent development goes smoothly, HaiLan Automobile may not necessarily go public. Of course, if it does not go public, it must prepare channels for issuing shares.

Management and technical personnel must be provided with a channel to cash out the stocks they receive as stock incentives. In this regard, HaiLan Auto has a repurchase plan.

It is also relatively easy for some investment institutions that have previously participated in the investment to transfer and cash out the shares they have acquired, as so many companies under Xu Shenxue can directly take over these high-quality shares.

Overall, HaiLan Automobile is in a relatively good situation, so there is no rush for it to go public, and it may not even be listed. The specific situation will depend on subsequent developments.

Xu Shenxue discussed with the analysts in Liuhe Investment and after listening to their opinions, he had a rough plan in mind.

The company will gradually list some of its subsidiaries in the domestic market to obtain more funds for subsequent development. At the same time, it will also allow domestic investors to share the dividends brought by the company's development and continue to deepen its roots in the country.

After the turmoil over Weiku Electronics' listing had passed, Xu Shenxue let the matter go and went to Qiongzhou Island to watch the launch of the big rocket he had been dreaming about.

The module launched this time is the Tiangong-5 experimental module, which is the third one in the Tiangong space station and also the last core module in the first phase of the plan.

With the launch of Tiangong-5 on the No. 6 heavy rocket of Nanmen Aerospace Corporation, the Tiangong space station has completed the first phase of its plan, and the space station consisting of three core modules has taken a complete form.

Although there are only three cabins, all of them weigh 60 tons. The total weight of the three cabins reaches 180 tons, which is not small.

After the Tiangong space station successfully completed its plan, Nanmen Aerospace's next phase of work will be focused on operating its own commercial space station.

This self-operated commercial space station will launch its first core module in the first half of next year if nothing goes wrong.

Nanmen Aerospace itself is fine with this, but Galaxy Life and several other partner companies have been waiting impatiently. They have already planned a large number of space experiments, just waiting for Nanmen Aerospace's commercial space station to be built and put into use.

Galaxy Life has even given an advance payment of 200 million US dollars. They have also selected the payload engineer astronauts, that is, the engineers used for space experiments, last year and sent them to Nanmen Aerospace for adaptive training.

It can be said that everything is ready, only the east wind is missing!

Xu Shenxue also looks forward to and attaches great importance to this.

As for Nanmen Aerospace, it has gone through a lot of early technical verification, especially deep participation in the launch mission and cargo mission of the national space laboratory, and has also participated in other projects, and has accumulated enough experience.

In addition, even if Nanmen Aerospace is building a commercial space station, it will actually involve the aerospace agency in the project...

The aerospace agency can make some money to recover its losses, while Nanmen Aerospace can use a lot of mature technology and experience to reduce the total cost and risk of the project. It is a win-win situation for both parties.

Besides, Nanmen Aerospace’s commercial space station is said to be a commercial space station operated by the enterprise, but this kind of project also needs to be approved one by one from beginning to end.

Moreover, more than 40% of Nanmen Aerospace's shares are also in the hands of the aerospace agency. Xu Shenxue only holds the majority of the shares...

To some extent, this commercial space station project can also be regarded as a national project, but it adopts a commercial operation model.

It can be regarded as an in-depth exploration of the aerospace industry!
(End of this chapter)