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Meituan Wang Xing reduced his ideal car for three days in a row! Official response

2024-04-13 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)04/03 Report--

Recently, according to documents disclosed by the Hong Kong Stock Exchange, Wang Xing, executive director of ideal Automobile and co-founder of Meituan, reduced his holdings of 950000 shares, 1.4139 million shares and 1.7984 million common shares for three consecutive days from March 26 to 28, totaling 4.1623 million shares of ideal Motors, involving a capital of nearly 503 million Hong Kong dollars.

After the reduction, Wang Xing's stake in ideal Motor dropped from 21.76% to 21.53%. As for the reduction of Wang Xing's holdings, ideal Automobile responded that the stock trading is a personal act, accounting for a very small portion of Wang Xing's total shareholding and does not involve Meituan's shareholding.

It is worth noting that this is not the first time Wang Xing has reduced his holdings of ideal stocks. In March last year, Wang Xing reduced his holdings of ideal auto stocks nine times, reducing a total of about 3.9329 million shares and cashing out about HK $420 million.

In September last year, Wang Xing again reduced his holdings of ideal Automobile Hong Kong stocks for four times, reducing his holdings by a total of 1.9479 million shares, cashing out a total of HK $310 million. After the reduction, Wang Xing held 384 million ideal shares, down from 21.89% to 21.79%. At that time, Wang Xing's move also attracted the attention of people inside and outside the industry. At that time, the ideal car response was also said: this trading stock is Wang Xing's personal behavior.

The data show that Wang Xing is the founder and CEO of Meituan, the actual controller of Meituan Company, and has injected capital into ideal car many times. Wang Xing held the position of non-executive director of ideal Automobile in July 2019, and in August 2019, ideal Automobile announced the completion of US $530 million in round C financing. This round C financing was led by Wang Xing, founder of Meituan, of which Wang Xing personally contributed US $285 million and Meituan's Dragon Ball Capital contributed US $15 million.

In 2020, ideal Automobile announced that it had received 550 million US dollars in financing from D-round, which was also led by Wang Xing. Of this amount, US $500 million comes from Meituan's Strategic Investment Department. Ideal Automobile listed in the United States, Meituan contributed $300 million to subscribe for ideal Automobile shares, and Wang Xing subscribed for $30 million. According to incomplete statistics, Wang Xing and Meituan have invested a total of 1.15 billion US dollars in ideal Automobile, making them the largest external shareholders of ideal Automobile.

For Wang Xing, a major shareholder, to reduce his holdings in ideal auto stocks, some industry insiders said that the move may be adjusting the investment strategy to look for new investment opportunities. In addition, some business people have pointed out that measures that are uncertain about the future development prospects of ideal cars may be due to the fact that new car sales of ideal cars do not meet expectations.

As we all know, since the launch of the ideal car blockbuster MEGA on March 1st, the ideal car has not had a good life. In addition to the fact that sales were suppressed, even the model MEGA, which was highly expected by the ideal car, failed to meet expectations after its launch. To this end, ideal Motors also announced in March that it would lower its annual sales target by 24000 to 25000 vehicles in the first quarter and an estimated delivery volume of 76000 to 78000 vehicles in the first quarter.

In addition, there is news in the market that the target of 800000 cars set by ideal cars this year may be reduced by 160000 to 240000 vehicles, and the adjusted annual target is 560000 to 640000 vehicles. The ideal MEGA sales guidance is lowered to 2000 vehicles per month from the previous forecast of 8000 vehicles, and is expected to gradually increase to 4000 to 5000 vehicles per month.

Although, officials have not yet responded to the news. But at the moment, the situation of the ideal car is not optimistic. Since 2024, the pin crown position of the ideal car has been gradually replaced by the question boundary. The data show that the cumulative sales of ideal cars in the first quarter were 80400, compared with 85800 in the first quarter.

In addition, with the entry of Xiaomi car, at this stage, many car companies have also fought a price war to seize the market, the follow-up competition pressure of the ideal car will be greater and greater. In this context, Wang Xing, as a major shareholder of the ideal car, the reduction of this behavior will also have a certain impact on the ideal automobile secondary market.

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