Core Viewpoint - The investment agreement between FAW Group and Leap Motor aims to enhance the company's stability and risk resilience while maintaining control by the founding team [1][3]. Group 1: Investment Details - FAW Group will invest in Leap Motor through a private placement of shares, becoming a strategic shareholder [3][6]. - Leap Motor will issue 74.832 million shares at a price of RMB 50.03 per share, totaling RMB 3.744 billion [3][6]. - The newly issued shares will represent 20.47% of the expanded total of domestic shares and 5% of the total expanded shares [3]. Group 2: Fund Allocation - Approximately 50% of the funds raised, or RMB 1.872 billion, will be allocated for research and development [6]. - About 25% of the funds, or RMB 936 million, will be used to supplement working capital and general corporate purposes [6]. - The remaining 25%, also RMB 936 million, will be directed towards expanding the sales and service network and enhancing brand awareness [6]. Group 3: Market Reaction - Following the announcement of the investment, Leap Motor's stock price increased by 5.13%, reaching HKD 52.5 per share [5].

Group 1 - Several Hong Kong-listed new energy vehicle stocks showed active performance on December 29, with XPeng Motors-W rising by 5.98%, NIO-SW by 5.83%, BYD Company by 5.77%, and Li Auto by 2.42% [1] Group 2 - XPeng Motors announced that a paper co-authored with Peking University's School of Computer Science was selected for the AAAI 2026, indicating a commitment to advancing AI technology in autonomous driving [4] - Li Auto signed investment and cooperation agreements with China FAW Group, aiming to enhance strategic collaboration and resource sharing in the development of plug-in hybrid and extended-range powertrains [4]

Group 1 - China FAW Group's subsidiary, FAW Equity Investment (Tianjin) Co., has signed a domestic share subscription agreement with Leap Motor, investing a total of RMB 3.744 billion for 74.832 million shares at RMB 50.03 per share, making FAW Equity a strategic shareholder of Leap Motor [2] - Approximately 50% of the investment will be allocated to research and development, 25% for operational funds and general corporate purposes, and the remaining 25% to expand sales and service networks and enhance brand awareness [2] - FAW's subsidiary, FAW Qixin Power (Changchun) Technology Co., has also signed a cooperation agreement with Leap Motor to strengthen strategic collaboration in capital and powertrain development [2] Group 2 - The collaboration is based on long-term strategic trust and technological complementarity between the two companies, aiming to deepen cooperation in areas such as intelligent connected new energy vehicle joint research and global layout [3] - The partnership is expected to accelerate the development of a new paradigm in the automotive industry and contribute to the high-quality development of China's automotive sector, transitioning from a "big automotive country" to a "strong automotive country" [3]

Core Viewpoint - The news highlights the strategic investment by China FAW Group (一汽) in Leap Motor (零跑汽车), which involves the subscription of 74.8322 million domestic shares at a premium price, aimed at enhancing collaboration in the smart electric vehicle sector [1][5]. Group 1: Investment Details - Leap Motor announced a conditional agreement with FAW to issue 74.8322 million domestic shares at a price of 50.03 CNY per share, which is a premium compared to the closing price of 49.94 HKD on December 24 [1]. - The subscription represents approximately 25.74% of the total issued domestic shares and about 5.26% of the total issued shares of Leap Motor [1][2]. - Following the completion of this subscription, the shareholding of the founding group will decrease from 9.04% to 8.59% [1]. Group 2: Financial Implications - The total proceeds from the domestic share subscription are expected to amount to 3.744 billion CNY, with approximately 50% allocated for R&D, 25% for operational funding, and 25% for expanding sales and service networks [2][3]. Group 3: Company Performance - Leap Motor, established in 2015, has become the second profitable new energy vehicle manufacturer, reporting a revenue of 19.45 billion CNY in Q3 2023, a year-on-year increase of 97.3%, and a net profit of 150 million CNY [3][4]. - The company has delivered over 1.2 million vehicles to date and aims to achieve annual sales of 600,000 units by 2025, with a long-term goal of reaching 4 million units [4]. Group 4: Strategic Collaboration - The investment by FAW is part of its strategy to accelerate its transition to smart electric vehicles, leveraging Leap Motor's expertise in self-research technology and cost control in new energy vehicles [4][5]. - The collaboration will focus on joint development and production of powertrains, including plug-in hybrids and extended-range vehicles, enhancing resource sharing between the two companies [5].

Core Insights - Leap Motor celebrated its 10th anniversary with a grand event in Hangzhou, showcasing its achievements in the electric vehicle sector and unveiling its strategic plan for the next decade [1] - The company aims to become a world-class intelligent electric vehicle manufacturer, with flagship models D19 and D99 highlighting its commitment to innovation and quality [1] Group 1: Company Development - Leap Motor has focused on "full self-research" as its core driving force, maintaining a high R&D personnel ratio of 80%, which has enabled it to master all core technologies required for electric vehicles [2] - The company has achieved significant market performance, with cumulative global deliveries exceeding 1.2 million vehicles and a projected annual sales volume of nearly 600,000 units by 2025, leading the new car-making forces in China [3] - Leap Motor has established over 1,800 service outlets globally, with more than 1,000 in China and over 800 overseas, covering 35 countries and regions [3] Group 2: Product Strategy - The company has developed a comprehensive product matrix covering all vehicle categories, including sedans, SUVs, and MPVs, with plans to launch several new models in 2025 [4] - The D19 and D99 models are positioned to redefine luxury standards in the market, featuring advanced technology and high-quality materials [5][6] - The D19 SUV offers flexible seating arrangements and high-end features, while the D99 MPV is set to become a benchmark in the 300,000 RMB segment, with both models available in extended range and pure electric versions [6] Group 3: Future Vision - Leap Motor's long-term goal is to achieve annual sales of 4 million vehicles, with a target of breaking the 1 million mark by 2026 [6] - The company plans to focus on five core areas: technological innovation, product series enhancement, AI technology research, localized industrial layout, and refined marketing management [6] - Leap Motor aims to leverage its technological advancements and efficient manufacturing systems to enhance its global influence and provide exceptional smart mobility experiences for users [6]

Core Insights - Leap Motor celebrated its 10th anniversary and unveiled its strategic plan for the next decade, highlighting its achievements and future goals [1][8] - The company aims to become a world-class automaker with an annual sales target of 4 million vehicles and plans to break the 1 million sales mark by 2026 [8] Company Performance - Leap Motor has delivered over 1.2 million vehicles to date, with an expected annual sales of nearly 600,000 units in 2025 and a monthly sales record exceeding 70,000 units [3][4] - The company has achieved continuous quarterly profitability, indicating a shift towards high-quality and sustainable development [3] Technological Advancements - Leap Motor has developed a comprehensive R&D system covering key areas such as vehicle architecture, electronic architecture, battery systems, and autonomous driving technologies, with self-research accounting for 65% of vehicle costs [3][4] - The company introduced several key technologies, including the first automotive-grade intelligent driving chip and integrated battery systems, aiming to bring advanced features to the mainstream market [3][4] Product Development - The launch of the D19 SUV and D99 MPV marks the expansion of Leap Motor's product lineup, which now includes a diverse range of vehicles from A0 to D-class, offering both pure electric and range-extended options [4][7] - The D19 features a flexible seating arrangement and advanced interior technologies, while the D99 emphasizes luxury and performance with high-capacity battery options [7] Strategic Partnerships - Leap Motor has established a strategic collaboration with Stellantis, leveraging its global resources for channel networks, after-sales service, and logistics, facilitating international expansion [5] - The company has successfully entered 35 countries and regions, with over 800 overseas sales and service outlets, enhancing its global presence [5] Future Outlook - Leap Motor plans to focus on five key areas for future growth: technology innovation, product evolution, ecosystem development, localized industrial layout, and refined marketing services [8] - The company aims to integrate its technological advancements and manufacturing capabilities to strengthen its market competitiveness and contribute to the growth of the electric vehicle industry [8]

Core Viewpoint - Leapmotor, a Chinese electric vehicle maker, aims to sell over 4 million vehicles annually within the next decade, as stated by CEO Zhu Jiangming [1] Company Summary - Leapmotor is positioning itself for significant growth in the electric vehicle market, with ambitious sales targets set for the next ten years [1]

Core Viewpoint - Leap Motor has entered into a share subscription agreement with FAW Group, raising approximately RMB 3.744 billion through the issuance of about 74.83 million shares at a price of RMB 50.03 per share, which will be used for R&D, operational funding, and expanding sales networks [1][5][12]. Group 1: Financial Details - The total amount raised from the share subscription is RMB 37.44 billion [5]. - Approximately 50% (RMB 18.72 billion) of the funds will be allocated for R&D investments [5]. - About 25% (RMB 9.36 billion) will be used to supplement working capital and for general corporate purposes [5]. - The remaining 25% (RMB 9.36 billion) will be directed towards expanding the sales and service network and enhancing brand awareness [5]. Group 2: Strategic Implications - FAW's investment is expected to provide Leap Motor with critical strategic resources and a trust endorsement for its current and future development [12][25]. - The partnership aims to strengthen strategic collaboration and resource sharing between Leap Motor and FAW, enhancing product competitiveness in the electric vehicle market [20][21]. - Leap Motor's founder emphasized the importance of maintaining control by the existing management team despite the new investment [7][9]. Group 3: Future Outlook - Leap Motor aims to transition from a new car manufacturer to a more established electric vehicle company, targeting an annual sales volume of 4 million units in the next decade [11]. - The collaboration with FAW is seen as a strategic empowerment that provides Leap Motor with additional resources to navigate the competitive landscape of the automotive industry [25][27]. - The first overseas model developed through this partnership is expected to enter production in the second half of next year [24].

Core Viewpoint - The Hong Kong stock market saw a significant rise in automotive stocks, driven by government initiatives to boost consumer spending in the upcoming year [1] Group 1: Market Performance - NIO (09866) increased by 6.71%, reaching a latest price of 41.020 with a market capitalization of 101.08 billion, and a year-to-date increase of 17.87% [2] - Xpeng Motors (09868) rose by 6.44%, with a latest price of 81.000 and a market cap of 154.842 billion, showing a year-to-date increase of 73.63% [2] - BYD (01211) saw a 6.14% increase, with a latest price of 99.350 and a market cap of 905.7947 billion, reflecting a year-to-date increase of 13.65% [2] - Geely (00175) increased by 5.20%, with a latest price of 17.800 and a market cap of 191.153 billion, showing a year-to-date increase of 22.84% [2] - Li Auto (02015) rose by 4.23%, with a latest price of 67.800 and a market cap of 136.864 billion, but has a year-to-date decrease of 27.83% [2] - Leap Motor (09863) increased by 3.92%, with a latest price of 51.900 and a market cap of 73.792 billion, reflecting a year-to-date increase of 59.45% [2] - Great Wall Motors (02333) rose by 3.34%, with a latest price of 14.860 and a market cap of 127.17 billion, showing a year-to-date increase of 12.85% [2] - GAC Group (02238) increased by 3.00%, with a latest price of 4.120 and a market cap of 42.012 billion, reflecting a year-to-date increase of 21.60% [2]

源：零跑汽车官网 智通财经记者 | 宋佳楠 12月29日，针对一汽集团以内资股增发方式入股零跑汽车一事，零跑汽车CEO朱江明向智通财经等媒体 表示，与一汽集团投资协议里明确约定，会保持创始团队的控制权。 在他看来，一汽、Stellantis等大股东入股零跑，可以增强公司稳定性，抗风险能力更强。"未来几年汽 车赛道并不会一帆风顺，还是有一定风险，大股东的加持和零部件层面的合作，对零跑是非常好的选 择。"朱江明说。 图片来 | | | 於本公告日期 | | | | 緊隨內資股認購事項完成後 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 佔已發行 | | 佔已發行 | | 佔已發行 | | 佔已發行 | | | 股份數目 | 股份總數 | | 股份總數 | 股份數目 | 股份總數 | | 股份總數 | | | (包括H股及 | 概的 | 僅內資股 | | 概約 (包括H股及 | 概約 | 僅內資股 | 蔵約 | | | 内資股） | 自分比 | 的數目 | 百分比 | 内資股) | 自分比 | 的數目 | 百分比 | | 單一 ...