Gao Yi reversed the city to increase the number of car trips.
Others fear that I am greedy, others greedy me, and the recent operation of Asia’s largest fund sorghum perfectly explains this classic rule of the stock investment market.
In 2019, the super unicorns in the field of travel were intensively listed, intensively broken, and the investment institutions collectively faltered, but Gaochun Capital once again played the role of the capital winter hunter, buying in large quantities in the second quarter. The shares of Weilai, Tesla, Uber and other companies are worth nearly $1 billion.
On August 14, Gaochun Capital submitted to the US Securities Exchange (SEC) for the second quarter of position report (13F). According to the report, as of the end of the second quarter, Gaochun Capital held a total of 58 US companies with a total market capitalization of US$7.606 billion (53.4 billion yuan), an increase of over US$1.6 billion based on US$5.987 billion at the end of the first quarter. (11.2 billion yuan), an increase of 27% from the previous month.
In addition to continuing to be optimistic about e-commerce, education, biomedical and other industries, Gaochun has placed a heavy position in the field of travel, not only to build Uber, Tesla, but also to double China The new car represents the company.
According to the SEC document, Gaochun entered the Uber 15 million shares, with a total market capitalization of nearly 700 million US dollars, second only to iQiyi.
Despite the slight reduction of the company, it doubled the holding of 20.813 million shares of Weilai Automobile, holding a total of 4,193,300 shares, and newly entered Tesla with 668,300 shares. Representatives of home and American electric vehicle companies hold a stock market value of more than 200 million US dollars.
Sorghum holds Weilai stock (screenshot source)
As of the end of the second quarter, Gaochun’s total market capitalization of holding company shares including Uber, Tesla, Weilai, Youxin was close to $1 billion.
Sorghum has been deeply involved in the primary market in the field of travel. As early as 2015, Gaochun Capital took a $1 billion investment in Uber in the form of equity financing. At the same time, Gaochun is also an important investor in Didi. In the 2016 online car battle, Gao Song was seen as a powerful promoter of Diber’s acquisition of Uber China.
The sorghum and Weilai have deeper roots. Before the founding of Wei Lai, founder Li Bin was able to discuss the issue of building a car with Gao Lei Capital Zhang Lei. In 2015, Gaochun Capital led Wei to $100 million in Series A financing, and then in the C and C+ rounds. After the listing of Weilai, Gaochun held a shareholding of 6.4%, which is the third largest shareholder of Weilai. In January of this year, Weilai issued a total of 650 million US dollars of convertible senior bonds, and as a major shareholder of Wei Lai, it also purchased 30 million US dollars of claims.
But this time, the high-profile large-scale construction of Uber, Tesla, plus code Weilai, in fact, does not meet the judgment of most secondary market investors on this industry.
Uber’s $3.17 billion in revenue in the second quarter created the lowest growth rate ever (14%), and a net loss of $5.24 billion also created a history since Uber began to disclose financial data in 2017. recording. In the past four months, Uber’s current market value has shrunk by more than $25 billion compared to the $82.4 billion listed.
Also, due to market pessimism, Tesla’s share price plummeted nearly 14% in a single day and the market value evaporated by $6.4 billion.
Since the “Bitsra understands the local market”, Weilai also faces similar difficulties. At the beginning of this month, under the influence of the “reduction of the staff”, Weilai Auto’s US stocks fell sharply, and the stock price of 3.28 US dollars at the close of the day, and Compared with the beginning of the year, it was almost wavy. Recently, there have been reports from the media about the financial report. After the release of the Weilai stocks in March this year, many executives and institutions have cleared their positions.
Li Bin once said at the 2016 Global New Energy Vehicle Conference: “Building a car is a very expensive thing, so new ventures want to build a car, at least 20 billion yuan of capital is needed, otherwise don’t want to do it. Ok.”
Under the background of the overall downturn in the automobile market and the subsidy retreating, the first task of the new car has become “live”. At least for nowIn terms of whether it is a new energy vehicle or a network car, it seems that it will continue to lose money for a long time in the future.
The second-tier market of Gaoyao’s counter-market plus car travel is also a continuation of its value investment logic. Zhang Lei, CEO of Gaochun Capital, once said in a talk show that “environmental travel modes and lifestyles do not need to sacrifice quality of life. This is the goal that future automotive products need to achieve.”
According to the materials available, Gaochun initially had only one US dollar main fund, mainly targeting the secondary market – now it is two to three billion dollars. However, this is a rare Evergreen Fund (evergreen fund) in China: Zhang Lei and LPs have agreed that as long as valuable investment can be done, in theory, it is not limited to the second level, the first level or even the buyout. In fact, Jingdong Equity projects such as Blue Moon are also from the fund.
A parent fund partner told Gao that the number of projects invested by Gao Song in the secondary market is not large, but the investment in a single project is very large (such as the current position of iQiyi reached 1.04 billion US dollars), Can make it have a certain influence on the company.
Of course, the new energy vehicle is obviously a new track for Gaochun Capital. Perhaps the observation of Tesla’s Masukura will enable Gaochun to make more effective suggestions on the development direction of Weilai.