Yesterday evening, the British automobile company born in 1948 and 76 years last time (LOTUS) was listed on Nasdaq in the United States. The stock code "LOT",The closing price was US $ 13.80, with a market value of US $ 9.595 billion (about 69 billion yuan).The previous valuation of SPAC has reached $ 6.1 billion (about 34 billion).
Luther is the first IPO of the start of the car. It is the largest IPO in recent years.EssenceThe other seven are Geely Automobile, Automobile, Qianjiang Motorcycle, Jixing, Yicheng, Hanma Technology and Lifan Technology.
This capital transaction that across multiple countries can be achieved, and the essence is driven by one wish: no one is willing to end in the era of electric vehicles.
Luther has been named a luxury supercar brand with Ferrari and Porsche, also known as "Lotus Car".During the oil vehicle era, Lotuss brand niche because it focused on racing more.It was invented by a British racing enthusiast that Lotus Mark 1 was served for racing.From 1963 to 1978, Lotus won a total of seven F1 team championships.During the period, Luther also launched a number of classic models including Elite, Elen, EUROPA, ESPRIT.
HoweverGeely Automobiles income pocket.
Luther needs a brand recovery. Li Shufu lacks a luxury car brand that can be available at the fastest speed, with the same goals.The road of Lotuss listing is quite fast, from official announcement to only about 13 months.
The largest spac transaction in the year
This should be the largest SPAC listing transaction.
The origin will be traced back to January 2023, and L Catterton Asia Acquisition Corp (LCAA) announced that the two parties have reached the final merger and acquisition agreement, and it is expected to reach the final merger and acquisition.The merger was completed in the second half of the year.The merger and acquisition agreement stipulates that after the transaction is completed, the merger company will be renamed Lutes Technology and is headquartered in Wuhan.
But Luters Technology was not listed at the end of 2023. At that time"We think the situation is good."
LCAA is a special purpose acquisition company listed on Nasdaq. At present, the companys search targets focus on the high -growth consumer technology field of Asia.It is quite a good thing that this company belongs to the worlds leading consumer goods private equity company L Catterton.The predecessor was Catterton, a US private equity fund, and LVMH, a French luxury group LVMH, L Capital. In 2016, the two parties merged after the merger and changed its name to L Catterton.The current LCATTERTON management scale is more than $ 35 billion, and it has completed investment in more than 275 the most iconic consumer brands worldwide.
Lugus luxury supercar positioning, it is necessary to use LCAA to conduct in -depth insight into consumers worldwide and cooperate with the global luxury giant LVHM Group.In an interview before the start of the transaction, Lotus CEO also stated that the Louzs models will be attractive in the luxury electric vehicle market with poor services, so they are willing to build this luxury pure electric vehicle brand together.
In early February of this year, LCAA and Luther Technology proposed to consolidate the merger for voting, completed the merger on the 22nd, and finally successfully listed on the 23rd of Eastern Time.
Luther completed Pre-A financing in August 2021. The investor is Weilai Capital.The post -voting valuation at that time was 15 billion yuan.Before November 2023, Lands also completed several rounds of unveiled financing, making it valued at $ 5.4 billion.After the merger of the shareholders meeting, Lotus reached a value -added of about 700 million US dollars to $ 6.1 billion.
It is reported that since the transaction was announced, Lotus has raised more than 880 million US dollars of private equity investment agreement (PIPE) from global investors, existing shareholders and strategic partners in the world.The financing commitment is one of the largest Spacs in the beginning of the year, and it is one of the largest -scale financing obtained by special purposes since 2023.
One of the three super -run brands with Ferrari and Porsche, Luther is the final IPO company.Porsche was listed in Frankfurt in 2022, the largest IPO in Europe in the past decade.As a result, the parent companys Volkswagen Group cash out 19.5 billion euros, providing sufficient funds for its electrified transformation.Ferrari was listed in New York, USA in 2015. The current market value is $ 72.6 billion.Although it is as famous as the previous two, Luther, as a "decline", has been far from the other two strengths.
"Ten Years Revival Plan"
However, the current Lotus is indeed different from before.
Following the acquisition of Lotus in 2017 Geely at a 51%shareholding ratio, Lutters opened a large brand rejuvenation plan.In order to allow Luther to stand at the forefront of the luxury sports car brand again, Feng Qingfeng, vice president of Geely Automobile Group, served as CEO of the Lotus Group, responsible for the global business development of the Louz Group.
In 2018, Feng Qingfeng first proposed the Lotus Vision80 strategy, including the 10 -year brand rejuvenation plan, that is, when the 80th anniversary of the establishment of the Land brand in 2028, the brand faces the brand directionComprehensive transformation of electrification and intelligence.In the same year, Lotus launched the first pure electric supercar EVija, with a global limit of 130 units and a price of 21.88 million yuan. It is the first pure tram model to strengthen the brand halo effect.
The ten -year revival plan has set up the "3+3" product strategy.
The first "3" represents three sports cars, including pure electric supercars EVJIA, fuel highway sports car Emira.In 2025, Lotus will also launch an electric sports car to form a lineup of three sports cars.The second "3" represents Landus in addition to sports cars, and Lutstus formulated three living vehicles.In addition to the first pure -electric smart SUV Eletre, Louz will also launch a coupe -type sedan, a cross -border model that is a SUV and sports car.
The main force that leads the brand rejuvenation plan is that the luxury brand Lincoln has made Mao Jingbo who broke through the world in the Chinese market.In November 2022, Mao Jingbo officially joined Lotus as a founding partner and served as the president of China.
Mao Jingbos experience is also quite legendary. After graduating from international news, he has been a classic music reporter for 7 years, and then entered the public relations company as a 9 -year car public relations.In 2007, she entered Mercedes -Benz to lead Beijing Benzs "brand reset" campaign.In 2018, he became the president of Lincoln China, leading Lincoln to become one of the fastest -growing brands in Chinas luxury car market.
The senior marketer who knows the brands recovery experience, the first thing to enter Lotus is also the miracle to lead it to Lincoln Revival.
As a brand with the F1 champion gene, the label of Louz in the era of electrification is: driving control.As Mao Jingbo said: "Our dream is in the era of electric vehicles, when it comes to driving control, or when you want to pursue pure driving pleasure, you think of Luther. We hope to be the first brand of electric vehicles."
However, due to the comprehensive pure electric transformation, the superposition of the brands awareness is not high, the number of models is small, and the price is high.In 2022, the influence of the supply chain in 2022 further declined to 576 units, which was obviously obvious to the Porsche gap with more than 10,000 Porsche in the same period.
According to the prospectus, in the first September 2023, the net loss of the Lotus was US $ 530 million, an increase of 43.6%year -on -year.In 2021 and 2022, the companys net losses were US $ 110 million and $ 720 million, respectively.And this is why Luther actively entered the capital market. It is expected that enough funds to obtain enough funds through external financing will promote the brand to become a leader in the luxury electric vehicle market leader.
"Fast"
GeneralIt is 18 to 24 months.Obviously, Lotus, who has been listed in 13 months, is quite fast, but for Li Shufu, this is not the fastest he has worked.It only took 9 months to go public on the market.
This once again deepened everyones view of Geely: Geely Automobile, the helm of Li Shufu, is the car company that China is best at capital operation.
In 2010, Li Shufu acquired Volvo from Ford Motors and staged a classic merger case of "snake swallowing" in the history of automobiles.In 2017, Li Shufu also successfully acquired the Malaysian Baoquan and the American Flying Automobile Corporation Terrafugia.
He has also been listed on many subsidiaries in the past two years.In 2021, Volvo received a public offering of stocks on the Stockholm Stock Exchange, Sweden, and Extreme Star and Yija Tong immediately landed in Nasdaq.Cao Cao, a subsidiary of Geely Holdings, also reported the news of the IPO of Hong Kong.
Originally, Li Shufus eighth IPO belongs to Jiwen.In November 2023, Jiyang Automobile submitted a prospectus and scheduled to complete the listing target in December 2023.However, under the changes in the fundraising environment, the IPO rhythm was adjusted, and the Lotus, which was deployed at the same time, topped it.
Among the new forces of Chinese cars, Ji Ji is the fastest in listing and delivery.From the establishment of March 2021 to a valuation of 90 billion yuan, Li Shufu only took less than 2 years.The road of the IPO is only 2 years. In contrast, "Wei Xiaoli" took 4 years, 6 years, and 5 years, respectively.
Continuously promote the spin -up and listing of subsidiaries. You can guess that Geely is sharing technical assets of its brand as much as possible, and the cost of spreading the R & D costs to alleviate the pressure on the groups internal funds.
At present, due to the pressure on profitability in the early stages of new energy transformation, Global rating agency Standard Purcera has adjusted the credit outlook of Geely Holdings and Geely Automobiles business from stable to negative.In a report in 2023, S & Per mentioned that intensified price wars may hinder the process of recovery and deleveraging of Geely Groups profit margin.
On the one hand, the development of new energy vehicles is in full swing, and on the one hand, the global electric vehicle financing environment is tightened. Li Shufu, a multi -line layout of electric vehicles, must speed up financing.
