[IPO in the Ningde Times rose by 44% on the first day. Investor Junlian Capital: “Hurricane-style†investment in new energy vehicles] Hard technology requires high investment. If it is not focused on capital, its development will certainly be slow.
On June 11, 2018, the Ningde era officially landed on the A-share GEM. It rose 44% on the first day and the market value was as high as 78.6 billion.
Although 2018 was a year when the unicorns got listed, the Ningde era began to ignite market enthusiasm from the day the prospectus was announced.
The domestic battery giant, which maintained a growth rate of more than 300% over the past three years, had a net profit of 4.288 billion yuan in 2017. As a "super unicorn," the Ningde era has been sought after by the top agencies since its inception. This includes both China National Bank International Capital and Ping An’s national team, as well as well-known market funds such as Junlian Capital, Yunfeng Fund, Boyu Capital, and Shenzhen Venture Capital. Among them, Julian Capital started the first round of financing from the Ningde era and has been accompanied by the growth of the company.
According to Chen Hao, Managing Director and President of Unionlink Capital, "Junlian Capital has invested in more than 30 companies in the automotive sector at various levels including automotive services, next-generation travel, electric vehicles and smart driving. In the car map, the Ningde era is one of the most representative companies invested by Junlian Capital in this field.Zeng Zeng (Chairman of the Ningde Times Group) has accumulated 17 years of professional and practical experience in the lithium battery industry. There is a very deep understanding of the market and future technology paths and forward-looking understanding. This is why we are optimistic about Zeng’s team.â€
At the time of the Ningde era, the Julian Capital team that led the investment in Ningde Times accepted an exclusive interview with China.
The unicorn hidden in the town
The name of the Ningde era was derived from Ningde City, Fujian Province, where the company's headquarters is located. This is also the home of Zeng Xiaoqun. It is not difficult to see that Zeng Yiqun was an entrepreneur with a deep home plot.
According to the prospectus, the funds raised during the Ningde era are mainly used for the construction of Lithium-ion power battery production base projects in Ningde and R&D projects for power and energy storage batteries. The main power battery systems, energy storage systems and lithium battery materials are among them. Power battery is the main source of revenue. Sales exceeded Panasonic and BYD last year, ranking first in the world. The company's customers include European electric car manufacturers such as Daimler, BMW, and Volkswagen, and recently signed Nissan's orders. The company began to provide vehicle-mounted batteries for Japanese cars for the first time, becoming the first and only one to provide power to international car manufacturers. Battery company.
Talking about the first meeting with the Ningde era team, Executive Director of Qi Lian Capital Fan Qihui introduced that during the period from 2015 to 2016, the domestic investment in lithium battery power is very low, due to the many years of layout of Junlian Capital in this industry chain, and Related to the successful listing of the investee companies, it is very optimistic about the prospects of Ningde era, but the first round of financing on the valuation of more than 20 billion yuan, or hesitate. â€
Therefore, in the era of Ningde, Junlian Capital quickly established a project team internally and was led by Zhou Hongbin, managing director of Junlian Capital. The team members include Executive Director Fan Qihui, Executive Director Ge Xinyu, and 3 partners and a VP Wu Xuefei. composition. In the early stage of investment, the project team went to Ningde many times and quickly finalized the investment.
Hard science and technology development requires high investment. If it is not focused on capital, its development will certainly be slow. In the absence of a national policy, companies must develop and survive. Therefore, understanding the laws of industrial development and the help provided by investment agencies with professional backgrounds are of utmost importance.
"Junlian Capital has a very clear understanding of the catalytic development of the new energy + car portfolio. Therefore, it has more recognized the investment in R&D in the Ningde era and its persistent pursuit of technical principles. The company has invested a lot of research and development since several years ago. People, from material mechanics to equipment tools to product simulation and simulation experiments, are costly. This is why Ningde’s era is now in an invincible position in the global market,†said Fan Qihui.
According to Ge Xinyu, Zeng Yiqun was a business leader with feelings, boldness, and courage. Zeng Yiqun, who graduated from Shanghai Jiao Tong University’s Department of Naval Architecture, was not a keban in the energy industry, but he made ATL the world’s largest producer of polymer batteries. Ningde’s era was his second venture and he developed into a global company in a few short years. The top three power lithium battery manufacturers.
In addition, the Ningde era led by Zeng Yiqun has set a new industry standard worldwide.
Ge Xinyu told reporters in the China Network. "The information I recently received was that the product standards in the Ningde era have surpassed some international companies, forcing these companies to turn to price wars, attracting markets through low prices, and this way we are The competitive methods adopted by domestic companies in the early years and international companies are now completely reversed.†This represents the strength of Chinese technology companies and gives investors more confidence.
The investment layout with electric vehicles as the core involves underlying automation equipment and materials, electric vehicle vehicles, lithium battery production, and automotive intelligence and unmanned technology. Investing in the Ningde era is precisely along this established body of context.
Junlian "Hurdle" investment
When investing in the Ningde era, there have been many discussions within Julian Capital. This is a well-deserved head project. The corresponding projects of this type will also face higher valuations, and will often be more cautious and meticulous in investment decisions. .
On January 5, 2016, the first round of financing was launched in the Ningde era. According to the prospectus, 15 investors including Julian Capital, Zhaoyinhao, Guangfa Shunde, Shenzhen Venture Capital, Zhaoyin International, Yicun Capital and Septwolves Venture Capital signed an investment agreement with Ningde. The total scale of this financing is 3 billion yuan, and its post-investment valuation has reached 21 billion yuan. The company that raised such a high valuation for the first time is not very common for the Junlian.
The first round of financing in the Ningde era became a unicorn, which challenged the decision-making of investors. Junlian Capital, as the earliest organization to enter, has a long investment decision cycle. This is due to the fact that Junlian has systematically studied the industry for more than three years and has invested in several projects in this field. At that time, the investment in the field of power lithium batteries was far less than it is now. The relevant supporting policies of the country have not yet been introduced. It can be said that the investment in the era of Ningde is a similar "hurdle-style" investment that was carried out by the company in the eve of the outbreak of this industry. It is a quick shot, and immediately caught up with the big "boat" that the industry set out. After the first round of financing in the Ningde era, the power lithium battery and new energy automobile industry began to usher in an investment climax.
Specific to the game, in the investment map of the new energy automobile industry of Junlian Capital, the investment focuses on the "electricalization", "intelligence" and "unmannedness" of the car, and the first layer is the bottom automation equipment and materials. U-Capital invested in pilot intelligence in 2011, and subsequently invested in lithium anode materials and equipment companies, ç’žTailai, and Kaiyin Energy, a lithium anode materials company. In addition to Pioneer Intelligence and Hao Tailai have been successfully listed, Kaijin Energy has now applied for IPO. In the field of lithium battery equipment, ALI and laser processing equipment company Eyestar Technology were invested. The former is a power battery equipment company, and the latter product is mainly used in the automotive, aerospace and other industrial fields.
The second floor is the production of electric vehicles and lithium batteries. In this field, Junlian Capital has invested in the Ningde Times, the world's largest power lithium battery manufacturer, and Benteng, the new energy vehicle brand.
On the third floor, he began to enter the intelligent and unmanned car industry, immersed in the driverless, self-driving industry, and invested in the driverless artificial intelligence technology company Pony. Ai, millimeter-wave radar company wood cattle technology, as well as assisted driving ADAS solution provider technology.
Specific to the automotive industry, Junlian Capital had previously invested in the Maps and Traffic Data Corporation Gaode map in the direction of resource provision in the industrial chain. The company landed in Nasdaq in 2010 and was later acquired by Alibaba; Sales vehicles have invested in the vehicles of Easy Car and Youxin Film. The former was listed on the NYSE in 2010. The latter has officially submitted an IPO application to the US SEC and will be listed on NASDAQ this year. Internet travel In the next-generation travel operation, the company invested in China Shenzhou Cars, Shenzhou Special Vehicles and shared car brands and traveled immediately. Among them, Shenzhou Car Co., Ltd. was listed in Hong Kong in 2014, and Shenzhou Special Car was listed on the New Third Board in 2016. It also invested in exquisite tires in the auto parts industry. The company was listed on the A-share market in 2016; it invested in the rear-wheel drive car and other projects in the automotive aftermarket.
“We pay more attention to the deepening and thoroughness of investment in the entire automotive industrial chain. The electric vehicle industry is full of changes and needs continuous exploration. We hope that in the future, we can cooperate with more 'old masters' in the industry like Tsang. A technology to achieve the first division of the industry, but also continue to do extensions, as the leader in technology reuse." Ge Xinyu said.
In the future, Junlian Capital will continue to focus on opportunities for sensors, automotive chips, lightweight bodywork, and new materials.
Fan Qihui said, “The founding team and early employees of Junlian Capital all have a relatively deep industrial background. On the one hand, it has a natural industrial plot. On the other hand, it is also more sensitive to technology. The investment layout of Junlian in the automotive industry chain includes A large number of industrial resources have the capability of industrial synergy. A large number of these enterprises may cooperate with the Ningde era in the future to achieve a win-win situation for all parties."
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