Trust is always the most expensive and extravagant. Once it is broken, it will not only be difficult to establish it again, but also cause a series of chain reactions ... < P > Recently, the financial fraud incident of Ruixing has been continuously fermented on the Internet.
according to foreign media reports, on Monday, Beijing time, according to a report released by Goldman Sachs to its customers, the Luckin Coffee shareholders' stock pledge loan broke the contract, and the lender enforced the 76.4 million shares of Ruixing pledged by Luckin Coffee shareholders.
As soon as the news came out, Ruixing's share price crashed again. As of the press release of Mala Auto Market, Ruixing's share price was reported at $4.39/share, a drop of 18.4%, and its current market value is only $1.97 billion. In intraday trading, the company's share price was once reported at $4.27/share, down more than 2%.
There are endless online reports about the chain reaction caused by the Ruixun incident, and there are also many auto media associations with the fates of CAR Inc. and Baowo.
However, the fall of Ruixing's domino has also had an indirect impact on some seemingly unrelated enterprises.
Many new car-making forces in China, which are far away from the other side of the ocean, are one of them.
Ruixun thunders, and China Stock Exchange "again" suffers from a crisis of confidence
The overseas IPO of new car-making forces is more than rugged
Ruixun thunders, which not only affect its own share price, but also bring trouble to many China Stock Exchange companies (refers to companies registered and listed overseas, but whose largest controlling interest or actual controller directly or indirectly belongs to private enterprises or individuals in China).
As early as April 2nd, when Luckin Coffee just issued an announcement admitting that the data were falsified, a number of Chinese stocks went green collectively, among which Weilai Automobile fell by 3.4%, Pinduoduo fell by 3.5%, and Vipshop also fell by 2.23%.
what has a greater impact than the stock price decline is that the Chinese stocks may collectively face a "trust crisis" again.
the reason why we use "zai" is because this crisis of confidence happened once as early as nine years ago. At the beginning of 211, a large number of Chinese stocks were publicly questioned by short-selling institutions and exposed to financial fraud. China's concept stocks plunged, and the credit crisis broke out.
The crisis caused a number of Chinese stocks to be suspended or even delisted. According to incomplete statistics, in the first 11 months of 211, as many as 28 Chinese concept stocks were delisted from the US main board market. In the second half of the following year, only Vipshop, a China enterprise, was listed on the NYSE.
At that time, the global stock exchanges were extremely distrustful of China Stock Exchange, and China Stock Exchange entered a long cold period.
imagine that even in other industries with many stories to tell, it is difficult to get an overseas IPO, not to mention the relatively more traditional automobile industry.
Time has become the specific medicine for "healing". Until September 218, Weilai Automobile was successfully listed on the new york Stock Exchange, becoming the first new car-making force in China to go public in the United States (and the only one so far).
It is reported that Weilai has obtained more than $1 billion in financing through IPO. At that time, for Wei, who was addicted to burning money, this money was tantamount to a "life-saving money".
as we all know, there are only three ways for new car-making forces to "find money": government investment (capital increase by parent company), financing and IPO. All the new forces making cars except Weilai have only the first two ways so far.
under the multiple pressures of intensified market reshuffle, declining sales volume and declining subsidies, the investment enthusiasm in the field of new cars has dropped too much compared with the past. More and more new forces making cars feel that financing is not as smooth and easy as before.
The precedent of Weilai's IPO has also stimulated them to take it as their goal.
At the beginning of this year, it was reported in Reuters that LI had applied for an IPO in the United States. According to relevant sources, the plan will raise at least 5 million US dollars, and it will be listed as early as the first half of 22.
coincidentally, it is Goldman Sachs that is responsible for leading the IPO for LI. I don't know whether the confidence crisis of China Stock Exchange, which may break out again, will shake its confidence in LI.
Obviously, the IPO road of the new car-making forces was cast a shadow because of Rui Xing's "forced" thunderstorm. According to the duration after the last crisis of confidence, the IPO time of new car-making forces may be postponed or even cancelled directly.
After Ruixing's "fake door", Xu Lei, CEO of JD.COM Retail Group, recently wrote in a circle of friends that such a "rat shit" of China Stock Exchange has a destructive impact on the image of China enterprises and a far-reaching negative impact on China start-up enterprises. After this incident, many economic costs of the whole society will increase accordingly.
In the final analysis, what is behind the Ruixun incident is actually the "collapse" of trust. For the new car-making forces aiming at IPO, Ruixing is likely to become an accident-free "misfortune".
Ruixun's "burning money" can't burn Starbucks
Can the new car-making forces surpass Tesla
Regardless of Ruixun's financial fraud, its existence in the China market has actually burned a lot of money.
In p>218, Ruixing lost 1.6 billion yuan, basically losing all the financing money. In 219, Ruixing's operating loss in the third quarter was RMB 59.9 million. In other words, for more than two years, Ruixing didn't make a penny and was losing money.
Qian Zhiya, one of the founders of Ruixing, has repeatedly said that Ruixing would "burn money" to defeat Starbucks in China. Regardless of whether you have beaten or not, Rui Xing has "played" himself in anyway.
In fact, this is somewhat similar to the new car-making forces in China. Everyone has to beat Tesla. Everyone is burning money, but none of them can make a profit. On the contrary, it is like burning money to support faith.
It may be inappropriate to compare Tesla to Starbucks, because Tesla has not yet achieved annual profit. But Tesla's situation is undoubtedly much better than many new car-making forces.
According to Tesla's financial report for the fourth quarter of 219, Tesla Motors' total revenue in the fourth quarter was $7.384 billion and its net profit was $132 million. This is also the sixth time that Tesla has achieved quarterly profit since its listing in July 21.
It is foreseeable that Tesla is destined to be the first car company to achieve annual profit compared with the new domestic car-making forces.
according to the recent visit of the horse-drawn car market to the new car-making forces in Chengdu, it is unnecessary to mention "beating Tesla" in a short time, and living is the most realistic move.
The new car-making forces that have just obtained favorable policies
still have to face the "money shortage" in the "buffer period"
In fact, just a few days before the Ruixun incident broke out, the new car-making forces in China just got a heavy good news.
the State Council held an executive meeting, which identified three measures to promote automobile consumption. The most interesting thing is to extend the purchase subsidy and exemption from purchase tax for new energy vehicles for two years!
This move is regarded as a shot in the arm for China's new energy automobile market, which has already fallen for eight consecutive days. At the same time, it is also interpreted by most people in the industry as bringing benefits to the vast number of new car-making forces from the policy level.
Because two years has undoubtedly created a long "buffer period" for them, they have "maintained" the competitiveness of the new forces that have already delivered mass production (the car will not quit);
for those new forces who are still in the stage of PPT building, it directly delays their exit time.
Under the domino effect of the Ruixun incident, it is bound to increase the IPO difficulty of the new car-making forces to a certain extent, so that those who regard it as the ultimate way to find money have to postpone or change their goals.
In this way, the new forces that are already short of money suddenly seem to lose their direction and motivation, and at the same time disrupt their own planning and rhythm.
of course, for the domestic auto market, there is also a good side. The new car-making forces who are "broken" may no longer focus on "telling stories", but can only bury their heads in "repairing internal strength".
At the same time, the reshaping of China's new energy auto market will be less affected by capital to a certain extent. What is really screened out in the end may be more convincing to "live", rather than being in a capital bubble.
Conclusion
The chain reaction caused by the thunder and lightning may be more than the collective crisis of confidence in China Stock Exchange. The new forces that seem to have nothing to do with cars in China have actually been affected to a certain extent, and it is very likely that they will "break" the "money path" of those new forces whose future is somewhat confused in a short time. At least in the case of overseas IPOs, it really cast a shadow over the new forces.
At the same time, the Ruixing incident is actually a wake-up call to the new forces. The impetuous atmosphere of "not doing a good job in business, but only making up stories" is not the right way after all, and it will inevitably be countered by the market and time. Even if it is a flash in the pan, its harm is far-reaching!
This article comes from the author of Chejia, car home, and does not represent car home's standpoint.