Will the new force become a "national team" after winning the championship?Just a month agoSold 70,000 carsofZero run, it was suddenly revealed that he was going to beFAWTo acquire the equity, the latter will also become the largest shareholder. It is said that even the official announcement date has been set.The outside world has speculated that this is because the two parties have cooperated for a long time. In March this year, they signed a "Memorandum of Understanding on Strategic Cooperation". Leapmotor also won the bid for FAW-Hongqi's vehicle development project and is preparing to work together next year...
In August this year, there were rumors about the possibility of capital cooperation between FAW and Leapmotor. However, the attitudes of both parties were ambiguous at the time.
But this time, just as the news was spreading all over the city, Lingpao officials and founder Zhu Jiangming responded.
Leapao responded to the acquisition of equity by FAW
The news of the "acquisition" came from China Economic Net, which learned from people familiar with the matter——
FAW GroupPlans to acquire successively through private placementLeap carequity and eventually become itslargest shareholder.
The source also revealed that the plan has been approved by relevant departments and is planned toNovember 17The official announcement will be made half a month later.
As soon as the news came out, I believe many people's first reaction was shock.
After all, zero running is in the spotlight now, and this year is already8 consecutive monthsThe new force has won the championship.
September is hereThe millionth unitThe entire vehicle rolled off the assembly line, becoming the second new power car company in China to achieve this milestone after Ideal; sales in October hit a record70,289 units, a year-on-year increase of over 84%.
From a financial perspective, Lingpao is only increasing now:
In the first half of this year, Leapao turned a profit for the first time in half a year, with a net profit of 30 million yuan, becoming one of the new forces.Second company achieves half-year profitcar companies.
In the second quarter alone, Lingpao’s net profit has reached163 million yuan, the same period last year had a net loss of 1.2 billion yuan.
During the earnings call, Leapmotor also adjusted its profit target for this year, from full-yearbreak evenAdjust toFull year profit.
The company's comprehensive gross profit margin in the first half of the year was 14.1%, also a record high. According to Li Tengfei, vice president of Leapao, the company’s gross profit margin in the second half of the year is expected to increase to15%.
Cash reserves are also sufficient. As of the end of the first half of the year, cash and equivalents, restricted cash, bank time deposits, etc., on hand reached 29.58 billion yuan.
from againGo to seaFrom a perspective, Zero Pao also has a unique advantage among new forces.
As early as two years ago, and the world’s fourth largest automobile groupStellantisAfter reaching strategic cooperation, the two parties established a joint venture company "Leapoo International", with Stellantis leading the sales and operations in overseas markets, marking the first shot of a "reverse joint venture" for Chinese car companies.
Leveraging the resources of Stellantis, Lingbao has been able to rapidly expand global channels with light assets and low cost. Currently, it has established a presence in Europe, the Middle East, Asia-Pacific and other countries around the world.30 piecesinternational market, establishedNearly 700Sales and service outlets.
It is not difficult to find that there are no obvious shortcomings in the current financial indicators of Leapao. The funds are relatively abundant, and the domestic and overseas markets are also booming.
Do you really want to give up your controlling stake? This question lingers in the minds of many people.
On the day the news of the "acquisition" came out, Lingpao responded.
Leapmotor official, including founderZhu JiangmingI responded to many media outlets including China Business News that night. The above is"False news".
However, whether "untrue" refers to all the details, or specifically "becoming the largest shareholder", we may have to draw a question mark first.
Because the outside world's speculation about the capital relationship between FAW and Lingpao is not completely groundless.
What is the shareholding structure of Zero Running?
In fact, Leapmotor and FAW have a long history, and the first cooperation between the two parties dates back to6 years ago.
2019, Leapmotor, which was founded less than four years ago, joined hands with FAW to launchFeasibility of joint research and development of three power systemsResearch has become the starting point for cooperation between the two parties.
The cooperation was upgraded the following year.FAW Besturn and LeapmotorSigned a strategic agreement, planning to cooperate in the research and development, manufacturing and production application of key components of smart electric vehicles, and jointly plan and develop smart electric vehicle models.
But what really makes the outside world think of it is theMarch this year, FAW Group and Leapmotor signed"Memorandum of Understanding on Strategic Cooperation", plans to upgrade cooperation in two dimensions:
On the one hand, we will jointly carry out joint development of new energy passenger vehicles and parts cooperation; on the other hand, we will explore and deepenFeasibility of capital cooperation.
Within a month, the new cooperation was implemented and the company won the bid.FAW Hongqi G117The vehicle development project is rumored to be launched through overseas channels in the second half of 2026.
In the financial report for the first half of this year, zero running was also included in1.1 billion yuanAs for its non-auto sales business, management revealed in a conference call that 200 million yuan of it comes from FAW’s R&D investment.
Until August 20, many media reported that FAW planned to acquire a stake in Lingpao and acquire the latter.About 10% equity, has been promoted by relevant departments within FAW. This rumor caused the share price on the same day to rise by more than 5%, and the market value approached 100 billion Hong Kong dollars.
However, neither party responded immediately to the authenticity of this announcement. Although FAW later stated that it was "untrue," it still made the outside world more imaginative about this integration.
In addition, it is nothing new for traditional car companies to invest in new forces. There is already precedent in the car industry.
for example,Volkswagen GroupTwo years ago I hadXpeng MotorsinvestUS$700 million(currently equivalent to approximately 5 billion yuan), acquired 4.99% of the latter's equity.
There are also such examples in the shareholding structure of Lingpao. From the company’s 2025 interim financial report:
Stellantistwo years ago1.5 billion euros(currently equivalent to approximately RMB 12.28 billion), the investment has been successful so far.largest single shareholder, the shareholding ratio in the financial report is approximately21.27%.
The current actual controller of Leapao is the company’s founder, chairman and CEO.Zhu Jiangming, he and co-founderFu Liquanand its related parties, jointly hold approximately23.41%shareholdings, forming the single largest shareholder group.
Among other external shareholders, Sequoia Ventures, a subsidiary of Sequoia Capital, was also an important early investor in Lingpao, as well as many local Zhejiang investors.State-owned assetsshareholdings, e.g.Hangzhou Hehe Zero Pao, Huzhou Xinchuang, Jinhua Industrial Fundetc.
The holders of the remaining shares include global public investors and employees. The architecture is as follows:
Then again, if FAW really wants to become the largest shareholder of Leopao, it must acquire at least 23.5% of the latter's equity.
Take zero and run the current shareHKD 56.8H share price, and1.422 billion sharesIf the total share capital is roughly calculated, then FAW will probably have to spendHK$19 billion(equivalent to RMB 17.4 billion).