标签： 南京夜生活

(Original title: Depth: Rapid delisting, US delisting, or a step in Geely’s grand integration strategy? )

[Industry in car home] On May 7th, Geely announced that it planned to buy all the shares of Krypton, a subsidiary listed in the US stock market, and privatize it at a premium of 20% on the average price of the past 30 trading days. If the transaction is completed, Krypton will be completely delisted from the US stock market, and Krypton will be completely merged with Geely Automobile to become a wholly-owned subsidiary.

Hearing the news, the first reaction of the internal staff is: very sudden, very stupid.

In May, 2024, Krypton went public only three years after its establishment, becoming the fourth new force to go public in the United States after Wei Xiaoli. It was listed less than a year ago, and now it is announced to withdraw from the market immediately. The delisting speed is as fast as the listing. What happened? This paper tries to interpret it in depth.

Members of the United States named 25 China companies for delisting, including Krypton, but not Lotus.

In the context of Sino-US trade confrontation, in addition to tariffs, financial war is also one of the options at the negotiating table.

On May 2nd, Republican Congressman John Moolenaar, Chairman of the US-China Special Committee on Strategic Competition, and Rick Scott, Chairman of the Senate Committee on Aging, and others jointly wrote to the SEC, demanding that 25 China companies listed in the US suspend trading and withdraw from the market.

We read the original text of the letter. Among the 25 listed companies named by Members, there are three related companies in the smart car industry, including Krypton, Tucki and Xiaoma Zhixing.

Krypton is on the list of 25 listed companies that call for delisting.

The reasons for the withdrawal of Krypton from the market described by US Members are summarized as follows:

1. Polar Krypton has been integrated into China’s civil and military system by using the "Future Travel Constellation" satellite network developed and built by Geely, which supports real-time tracking, remote sensing and safe communication of smart cars.

2. Geely has equipped the Krypton car with direct satellite connection without ground network, connecting the daily electric car function with the space infrastructure controlled by China military for a long time.

3. Geely also provided more than 1,000 Borui cars to the China People’s Liberation Army, promoting that "military quality" is suitable for harsh environment, which proves that Krypton supports integration of defense and civilian technologies.

4. Krypton has a Communist Party organization in the company, and the intelligent workshop provides a training and publicity base for CPC ideological education, vocational training and school-enterprise integration;

5. Krypton partly owns Zhejiang Times Geely Power Battery Co., Ltd., which is jointly held by Contemporary Amperex Technology Co., Limited, and Contemporary Amperex Technology Co., Limited is included in the list of entities in the Xinjiang Uygur Forced Labor Prevention Act.

The screenshot of the original letter is as follows:

Original screenshot

As mentioned in the letter, these 25 companies pose great risks to the national security and capital market of the United States.

Geely’s other listed car companies, such as Lotus and Polar Star, are not on this list, and there is no news of simultaneous delisting recently. In 2017, Lotus acquired by Geely was listed and traded in the United States in February 2024 by merging with a special purpose acquisition company.

Geely’s official reply: integrate resources and return to a Geely.

Li Shufu, chairman of Geely Holding, said in this statement that in the face of fierce market competition and increasingly complex economic environment, Geely Holding will judge the situation and continue to promote the integration of automobile business in accordance with the spirit of Taizhou Declaration, return to a Geely, integrate technological advantages, and improve innovation and profitability.

Finally, don’t forget to mention: Geely Holding will still maintain close communication and cooperation with American and international capital markets.

This acquisition shows Li Shufu’s skillful capital market operation means.

First, the price of $25.66 for this acquisition of Geely is 20% higher than the average transaction price in the past 30 days and 22% higher than the listing price of $21. A better premium acquisition can avoid lawsuits from minority shareholders.

Second, Geely sent a "Non-binding Offer Letter" to Krypton, which means that the preliminary letter of intent given by the buyer to the acquired party is not legally binding and does not represent the final negotiation price. Only when Krypton agrees, the transaction can be carried out.

There is a guess that if the market speculates on Krypton’s share price for a short time and exceeds the purchase price of $25.66, Geely may give up the acquisition. Immediately after the announcement, on May 7, the Krypton closed up 11.5% to $25.19.

Third, Geely does not buy and sell at a loss. The invitation letter for repurchase does not specify how long it will be implemented, and it will be valid for a long time. Geely will not buy back at the high point of the stock price, or wait until the stock price falls.

Krypton’s share price has been lower than the issue price for a long time, and its listed market value and current market value are hovering around 6 billion US dollars, which is lower than the 13 billion valuation expected by investors in the A round of financing, and also significantly lower than that of Wei Xiaoli. Tucki has exceeded 18 billion, and ideally it has exceeded 27 billion. The valuation has shrunk dramatically, and the US stock market environment has further deteriorated in recent years. At present, China Stock Exchange is also facing the risk of delisting under the political game, which makes investors nervous, and the refinancing space is getting smaller and smaller, losing the significance of listing.

The risk of delisting of China Stock Exchange will return again, and there is no second listing in Hong Kong at present and will not be in the future.

"The delisting of China Stock Exchange" is not a new topic. As early as Trump’s first term in 2021, the US Securities Regulatory Commission introduced the delisting regulations for China companies under the Foreign Company Accountability Act, which triggered a large number of China Stock Exchange companies including Alibaba, Xpeng Motors and Weilai Automobile to go to Hong Kong for secondary listing, thus realizing the listing in the United States and Hong Kong to avoid the delisting risk.

However, although the listing in the United States and Hong Kong has been realized and the risk of delisting has been eliminated, the trading volume provided by the Hong Kong stock market is far less than that of the US market. For example, the average daily ADR trading volume of Alibaba and JD.COM in US stocks is about 80% higher than that of their Hong Kong stocks.

The trading volume provided by the Hong Kong stock market is much smaller than that of the US market.

With the escalation of geopolitical tensions between the United States and China, if all ADR stocks in China are delisted from the American stock exchange at the same time, the entire China stock market will be at risk of downward valuation.

From the perspective of capital market, compared with Tucki and Weilai Automobile, Krypton has not been listed in Hong Kong for the second time, and its investors are at risk of delisting. Even if we return to the Hong Kong stock market, not to mention that the valuation is greatly discounted compared with the US stock market, mainly because Geely Automobile itself is also listed on the Hong Kong stock market, and re-listing will form horizontal competition. If you can’t go public twice, then delisting is a better choice.

To reach the top in 2017, it is necessary to benchmark the Volkswagen Group and make a global layout.

In 2010, Geely bought Volvo Cars for US$ 1.8 billion (about RMB 10.8 billion). For Geely, whose revenue at that time was only RMB 20 billion, the market described it as "snake swallowing elephant".

Volvo cars have brought thoroughly remoulded changes to Geely, and Volvo has made Geely really understand what automobile product development is all about. Subsequently, CMA, the modular architecture of mid-level cars, was introduced, and based on this, the new brand "Lingke" was launched, and Geely began to gradually get rid of the image of low-priced and cheap cars.

In 2017, Geely won the first place in the sales of self-owned brand car companies in China.

In 2017, Geely won the first place in the sales of China’s own brand car companies.

2020 "blue operation failed" 2021 began a new version of "blue operation": the birth of krypton.

Before 2020, Li Shufu recognized that electrification was the future trend, but did not think that it would immediately have a subversive and destructive impact on the industry.

Until the arrival of the epidemic, the country put forward the goal of "peak carbon dioxide emissions, carbon neutral", and Tesla achieved its first profit after its establishment. BYD has been deeply involved in the battery industry for many years, and once it ushered in a big outbreak, Geely also acquired traditional car companies around the world. Li Shufu’s misjudgment made Geely completely backward.

In 2021, Geely began to deploy a new version of the "Blue Plan". On the one hand, it established a new brand of electric vehicles, on the other hand, it did not give up the internal combustion engine and continued to study new power vehicles such as hybrid and extended range.

Krypton was established under this background.

In March, 2021, Krypton set up its own sub-brand independently from the interior of Lectra, focusing on the development of more than 300,000 high-end pure electric vehicles.

In 2023, Lectra announced that it would no longer produce fuel vehicles, and comprehensively transform new energy vehicles such as pure electricity and extended range, focusing on 200,000-300,000 vehicles.

In February 2023, Geely launched the new energy brand "Yinhe", and in 2024, it incorporated the geometry series, focusing on the low-end new energy market below 200,000.

In 2024, it was proposed that brands were too scattered, and inter-brand collaboration should be achieved.

Compared with BYD, the brands of Geely Holding Group are too scattered, and there is no single brand or model strong enough to compete with BYD. In January 2024, Geely first proposed to achieve synergy among many brands.

However, Geely’s internal brands have different origins and complex equity, which is fundamentally different from BYD and more difficult to coordinate. Coupled with the rising political risks in overseas markets, it has brought difficulties in operation and management. After Volvo’s acquisition for more than ten years, there are still internal communication problems. Geely began to sell the shares of its invested companies and shrink its layout.

In September 2024, the Taizhou Declaration was issued. Li Shufu mentioned that the Group should shift from strategic expansion to strategic focus and integration, shut down and transfer some businesses, adhere to steady operation and stop blindly expanding.

Summary and outlook

From the perspective of capital market, the refinancing space of Krypton in the US stock market with deteriorating environment is shrinking, and because Geely Automobile has been listed in Hong Kong, it is impossible to go to Hong Kong for a second listing, so delisting is a better choice.

From the internal strategy of the Group, the current sales performance of Krypton has not reached the target set at the time of listing. In the first quarter, it achieved the annual target of 12.18%, and Linke has achieved 19%. In addition, the debt ratio of Krypton is extremely high. Although the loss has narrowed, there is still a loss of 5.79 billion. In the fierce market competition, Li Shufu may hope to return to Geely as soon as possible, integrate resources and improve synergy.

The above may be several reasons for this sudden acquisition for reference and discussion. (car home graphic Wu Peizhe)

Municipal health bureaus (commissions) at all levels, medical colleges and universities, and relevant units directly under the provincial and municipal governments in Guangdong and the commissions:

　　According to the deployment of the seventh batch of "Guangdong Special Support Program" and the Notice of Guangdong Provincial Health and Wellness Committee on Re-soliciting the List Items of the Seventh Batch of "Guangdong Special Support Program" Provincial Health and Wellness Committee (Health and Wellness Talents) (Y.W.H. [2023] No.64), the seventh batch of "Guangdong Special Support Program" Provincial Health and Wellness Committee (Health and Wellness Talents) list items are now publicly released and declared. The relevant matters are notified as follows:

　　First, the list is released

　　According to the needs of the list items collected in the early stage, 36 leading talents and 72 top-notch young talents have been identified by organizing experts to review and demonstrate (see Annex 1). Now, the list items are publicly released to the whole society and the project disclosure and declaration work is carried out.

　　Second, the conditions for the object of disclosure

　　(1) The list is revealed for talents engaged in scientific research and clinical practice in the field of health and health who worked full-time in Guangdong before January 1, 2022. After being selected, they need to continue to work full-time in Guangdong for more than 3 years. Experts from Hong Kong and Macao, and foreign experts who have obtained permanent residence identity cards for foreigners, who have worked full-time in Guangdong before January 1, 2022 and meet the requirements, can also declare the disclosure list. There is no restriction on the age of the top talents, and the top young talents should not exceed 40 years old in principle (the date of birth is on or after January 1, 1983), and the top young talents in the field of Chinese medicine can be relaxed to 45 years old (the date of birth is on or after January 1, 1978). Other members of the team except the person in charge do not require age, education, professional title and full-time working time in Guangdong.

　　(II) The exposed objects must abide by the laws and regulations of People’s Republic of China (PRC), have good scientific morality and professional ethics, have no records of crimes and medical accidents, have no behaviors that violate the relevant provisions of part-time remuneration, intellectual property rights, confidentiality agreements, prohibition of competition, and violate the integrity and ethics of scientific research, and have no passive termination of national and provincial scientific research projects or unqualified acceptance of the finished projects.

　　(III) The object of unveiling the list can be an individual, or one person can take the lead in organizing a multi-person team to carry out joint research (after unveiling the list successfully, the living allowance of the talent project belongs to the person in charge of the team, and the scientific research funds provided by the project demander are allocated and used by the team according to the division of labor), and there should be a clear division of labor and cooperation mechanism within the team. Each unveiling object can only participate in the unveiling of one list item.

　　(four) the object of the list can put forward a clear solution for the list items, which requires clear thinking, feasible technical route and true data; Have a certain working basis, clear expected goals and corresponding technical indicators, and a clear project completion deadline and schedule; It has legal independent intellectual property rights and no intellectual property disputes.

　　(5) Project mutual exclusion requirements.

　　1. The same applicant (including members of the unveiling team) may not declare different implementation platform projects of the Guangdong Special Support Plan at the same time.

　　2. Those who have been selected for the National Overseas Talent Introduction Program, the National Special Support Program for High-level Talents, the Yangtze Scholar Award Program, the National Science Fund for Outstanding Young Scholars, and the National Science Fund for Outstanding Young Scholars may not declare this program.

　　3. Individuals, team leaders and participating members who have been selected into the provincial talent plan (including the Pearl River Talent Plan, the Guangdong Special Support Plan, the original Pearl River Scholar Post Support Plan) and the Outstanding Youth Project of the Provincial Natural Science Foundation, etc., who are still in the support period may not declare this plan; Top-notch young talents of the Pearl River Talents Program and Guangdong Special Support Program who have passed the support period, young scholars of the former Pearl River Scholars Post Support Program, and individual and team project leaders of the Outstanding Youth Program of the Provincial Natural Science Foundation can apply for the leading talent project of this program; There is no restriction on the application for this plan by the project participants of the Pearl River Talents Program, Guangdong Special Support Program, the original Pearl River Scholar Post Support Program and the Outstanding Youth Program of the Provincial Natural Science Foundation who have passed the support period.

　　4 the tenth batch of "Pearl River Talent Plan" applicants shall not declare this plan.

　　(six) priority support object.

　　1. Under the same conditions, give priority to supporting talents from Hong Kong and Macao who work full-time in Guangdong to declare and unveil the list as responsible persons, and encourage and support talents from Guangdong, Hong Kong and Macao to unveil the list in groups. The number of projects supported by talents from Hong Kong and Macao participating in the exhibition is not less than 20% of the total number of selected lists.

　　2. Under the same conditions, give priority to supporting talents in Guangdong, Guangdong, West and North Guangdong to declare and unveil the list as responsible persons, and encourage and support talents in the Pearl River Delta and Guangdong, West and North Guangdong to form a Industry-University-Research cooperation team to jointly unveil the list. The number of projects supported by talents in eastern Guangdong, western Guangdong and northern Guangdong is not less than 10% of the total number of selected lists.

　　Third, the process of revealing the list

　　(1) Announcing the list.

　　Eligible disclosure objects can choose a published list item, put forward technical solutions, fill in the project disclosure plan (Annex 2) as required, and attach relevant certification materials. The disclosure plan shall not contain plagiarism, confidentiality and other contents. If there are related problems, the object of disclosure shall bear relevant responsibilities. In the spirit of seeking truth from facts, the object of unveiling the list should strictly follow the relevant provisions of scientific research integrity, scientific research ethics, etc., conduct self-examination on the intellectual property ownership, illegality, violation, infringement and other issues of the unveiling plan, promise to continue to work in Guangdong full-time for more than 3 years after being selected, and sign a personal commitment letter (Annex 3). Jiebang scheme and personal commitment need to be audited by the unit where the Jiebang object belongs, and submitted to the competent department, which will summarize and review and submit it to the Provincial Health and Health Commission (Annex 4). If the competent department is the health administrative department of each city, it shall be audited and checked by the organization department at the same level before being submitted to the provincial health and wellness committee.

　　(2) accepting the disclosure of the list.

　　The Provincial Health and Wellness Committee is responsible for accepting the project disclosure plan, commitment letter and relevant supporting materials submitted by various competent departments, and conducting formal review.

　　(3) Demonstrating and revealing the list.

　　The Provincial Health and Wellness Committee organized the project demanders to set up an expert group to fully demonstrate the objects and their schemes for uncovering the list according to the unified rules, comprehensively considered the qualifications, ability level, feasibility of the scheme for uncovering the list, preliminary work basis and phased achievements, and the fit with the project demanders, and put forward suggestions for successful uncovering the list according to the argumentation opinions.

　　(4) determine the object of disclosure.

　　The Provincial Health and Wellness Committee shall organize experts to review and determine 30 leading talents and 60 young top-notch talents according to the successful candidates proposed by the project demanders, and report them to the Office of the Leading Group for Talent Work of the Provincial Party Committee for approval. The unit where the proposed candidates belong and the project demanders shall publicize the proposed candidates and their plans for uncovering the list respectively, and the publicity time shall not be less than 5 working days. The Provincial Health and Wellness Committee draws up a preliminary list of candidates and a funding plan, which will be published by the Office of the Leading Group for Talent Work of the Provincial Party Committee after being submitted to the Leading Group for Talent Work of the Provincial Party Committee for approval.

　　For the projects not selected on the list, the project demanders are encouraged to combine the actual situation and refer to the selected projects to provide internal project approval and supporting support.

　　(5) signing an agreement.

　　The selected personnel signed a cooperation agreement with the unit, the competent department of the unit, the project demander and the Provincial Health and Wellness Committee to clarify the rights and obligations of all parties. The Provincial Health and Wellness Committee is responsible for supervising the implementation of the agreement and promoting the implementation of the project.

　　(6) Funding policy.

　　The published objects will be directly included in the talent projects corresponding to the list to give support. The provincial finance will give a one-time living allowance of 800,000 yuan for each selected leading talent and 500,000 yuan for each young top-notch talent, and the project demand can be supported according to a certain proportion. The scientific research funds of the list projects are provided by the project demanders according to the promised amount of the list. The supporting scientific research funds for leading talents projects are not less than 1 million yuan/item, and the supporting scientific research funds for top-notch young talents projects are not less than 500,000 yuan/item. The intellectual property rights generated by technical research are owned by the project demander. The selected talents can apply for the excellent Guangdong card according to the regulations and enjoy the relevant talent protection policies in our province.

　　Fourth, the time of declaration and contact information

　　All competent departments must submit the paper version (bound in duplicate) and electronic version (Word and PDF scanned copy) of the disclosure plan, supporting materials, commitment letter and other disclosure materials to the Personnel Department of the Provincial Health and Wellness Commission before November 24, 2023.

　　Tel: 020-83848501, 020-83823692; Address: Room 409, South Building, Provincial Health and Wellness Commission, No.17 Xianlie South Road, Guangzhou.

　　Attachment:

　　Guangdong Provincial Health and Wellness Commission

　　November 16, 2023

The collective appearance of the three major film emperors brought the whole premiere to its climax.

The appearance of Sun Honglei is really unexpected.

Sun Honglei and Chen Kaige embraced deeply.

Ge You

Wang Xueyin

　　Movie network news(Photo/Qian Jiayi Wen/Yang Yaru) The New Year blockbuster, which will be released on December 4, will be recorded in the "Premiere" section of the film channel on November 26. Director Chen Kaige and chief producer Chen Hong, together with starring Ge You, Wang Xueyin, Huang Xiaoming, ZhangFeng yi, Chiu Man-Cheuk, Christina, Peng Bo, Zhao Wenhao and Wang Han, also appeared to join in. Tao Jingying, the host, even claimed to be a fan of Chen Kaige. He pretended to be a flower addict and hugged Chen Kaige when he came up.

Leslie Cheung’s precious images expose Ge You and Wang Xueyin to praise Chen Kaige.

　　That night, it became a thank-you meeting, with three movie stars Ge You, Wang Xueyin and ZhangFeng yi Zizan directing Chen Kaige. Ge You said, "Chen Kaige is the director I respect, and I sincerely thank him for letting me play the role of Cheng Ying, and director Chen said the play accurately." ZhangFeng yi believes that Chen Kaige is a person who regards movies as his life. Wang Xueyin, who has cooperated with Chen Kaige since 1984, also expressed his gratitude to the director.

When the precious image of Leslie Cheung appeared on the big screen, the audience applauded and the scene was very touching.

　　Chen Kaige’s popularity in the circle is well known. Sun Honglei, who didn’t get the chance to perform in The Orphan of Zhao, was also present. Jiang Wenli, Zhou Xun, Li Xuejian and other actors also sent their blessings through the VCR.

　　That night, precious images of Leslie Cheung were also exposed. Leslie Cheung, who was still very young, recalled the first time he met Chen Kaige in Hong Kong, giving people a sense of time travel, and the scene was also filled with applause. Chen Kaige looked very sad. "I have always thanked Leslie Cheung, and I miss him very much!"

Huang Xiaoming turned into a pervert "indecent" Tao Jingying laughed at his poor acting skills.

　　"The first time I cooperated with Chen Kaige, I was very nervous, because I heard that Chen Kaige had to shoot 30 shots in one shot. When I thought about it, I couldn’t shoot 70 or 80 shots!" Huang Xiaoming laughed at his poor acting skills and expressed his admiration for Chen Kaige. "I remember there was a scene at that time, and I needed to kneel down for Ge You, but the director felt that I didn’t do well enough, so I knelt down in person, and I was so moved!"

Chiu Man-Cheuk taught Tao Jingying wolf prevention on the spot, and Huang Xiaoming became a "pervert"

Huang Xiaoming

　　In The Orphan of Zhao, Huang Xiaoming, a handsome man, volunteered to self-destruct his image and become a scar face. In this regard, Huang Xiaoming said faintly, "I hope everyone can see Huang Xiaoming who is trying to be a good actor!" At the scene, Huang Xiaoming, regardless of the image, played a pervert who molested Tao Zi. Under the guidance of Chiu Man-Cheuk, Tao Zi dealt a fatal blow to Huang Xiaoming.

Chen Kaige claimed that life was very frustrating and confessed to his wife Chen Hong on the spot.

　　"Although my heart is still young, I am old, with less hair and a big belly. I don’t know where the handsome boy Chen Kaige was. When I look back, I have made very few movies, and I didn’t shoot very well. In fact, I am quite frustrated in my life. I know that I am not as good as they say! " Chen Kaige was very emotional that night and expressed his feelings several times. "Because I know it in my heart, I am anxious."

Chen Kaige showed his heart to his wife Chen Hong at the scene.

　　For his wife Chen Hong, Chen Kaige also expressed his excitement at the scene. "I want to say to Chen Hong, hold your hand and grow old with your son!" As the solid backing of Chen Kaige, Chen Hong blushed in public and shouted to her husband Chen Kaige warmly, "In fact, there is no need to worry, we have done our best!"

Huang Xiaoming and Jane Zhang sang "Young Zhao Gu" in a golden voice.

Huang Xiaoming sings songs.

Jane Zhang sings songs.

Zhao Wenhao, the young orphan of Zhao, performed a live dance.

　　In the play, the young Zhao is brave and good at fighting; Off-stage, Zhao Wenhao, the actor of Zhao Gu, a teenager, is also stunted. At the recording scene of "Premiere", Zhao Wen showed off his real kung fu, kicking and rolling on the spot … … The scene also remembered bursts of applause.

　　In addition, Jane Zhang also appeared to sing the theme song of Chen Kaige’s classic "When Love Is Past". Huang Xiaoming also sang loudly and performed Leslie Cheung’s old song Together.

More wonderful pictures on the next page