Li Xiang, the founder, chairman, and CEO, will hold more than 50% of the aggregate voting power immediately upon the completion of this offering and the concurrent private placements.

Certain existing shareholders have agreed to purchase US$380.0 million in Class A ordinary shares from Li Auto, including:

• US$300.0 million by Inspired Elite Investments Limited, an affiliate of Meituan Dianping
• US$30.0 million by Bytedance (HK) Limited, an affiliate of Bytedance Ltd.
• US$30.0 million by Zijin Global Inc., an affiliate of Wang Xing, its director, and
• US$20.0 million by Kevin Sunny Holding Limited.

Positioned as an innovator in China’s new energy vehicle market, Li Auto designs, develops, manufactures, and sells premium smart electric SUVs. It is the first to successfully commercialize extended-range electric vehicles, or EREVs, in China.

Its first model, Li ONE, is a six-seat, large premium electric SUV equipped with a range extension system and cutting-edge smart vehicle solutions. Li Auto started the volume production of Li ONE in November 2019 and had delivered over 10,400 Li ONEs as of June 30, 2020.

Li focuses on the SUV segment within a price range of RMB150,000 (about US$21,000) to RMB500,000 (US$70,000). With their growing consumption power, families in China tend to choose SUVs for daily commutes and weekend family trips.

Its range extension solution also enables them to significantly reduce the bill of materials cost, or BOM cost, which results in more competitive pricing of Li ONE when compared to BEVs and ICE vehicles in a similar class according to Li Auto’s SEC filing.

Li has developed its four-display interactive system, full-coverage in-car voice control system, and advanced driver-assistance system, or ADAS, delivering safe and enjoyable driving and riding experiences to the customers.

Li Auto manufactures in-house and collaborate with industry-leading suppliers to ensure the high quality of its vehicles. It has built its own manufacturing base in Changzhou, Jiangsu Province, China, which allows its engineering and manufacturing teams to seamlessly collaborate with each other and streamline the feedback loop for rapid product enhancements and quality improvements.

It plans to launch a full-size premium electric SUV in 2022, which will be equipped with the next-generation EREV powertrain system. In the future, to target a broader consumer base, Li will expand its product lineup by developing new vehicles including mid-size and compact SUV models.

China is both the largest passenger vehicle market and the largest NEV market in the world as measured by sales volume. China’s NEV market is currently skewed towards BEVs, as 81.3% of the NEVs sold in China in 2019 were BEVs, according to the CIC Report.

Li has developed its proprietary EREV technology and applied it to the first model, Li ONE. An EREV is purely electric-driven by its electric motors, but its energy source and power come from both its battery pack and range extension system.

A range extension system generates electricity with a dedicated ICE designed with high fuel consumption efficiency, an electric generator, and a speed reducer to connect them.

The Li ONE electric propulsion system consists of a 140-kilowatt rear-drive electric motor, a 100-kilowatt front-drive electric motor, and a 40.5-kilowatt-hour battery pack, which supports an electrically powered NEDC range of 180 kilometers.

Li ONE’s range extension system consists of a 1.2-liter turbo-charged engine configured and fine-tuned for EREV purposes, a 100-kilowatt electric generator, and a 45-liter fuel tank.

With its integrated powertrain system, Li ONE delivers a total New European Driving Cycle, or NEDC, range of 800 kilometers, acceleration from zero to 100 kilometers per hour in 6.5 seconds, and energy efficiency of 6.8 liters per 100 kilometers or 20.2 kilowatt-hours per 100 kilometers, depending on its driving mode.

Li ONE’s energy can be replenished by slow charging, fast charging, and refueling.

Li ONE can operate even when customers have no access to charging infrastructure, thereby completely eliminating range anxiety. To offer the same driving range as BEVs of a similar class, Li ONE requires much less battery capacity.

A smaller battery pack not only is less costly, but also contributes to a more cost-efficient body structure design, which results in less usage of costly aluminum parts for the vehicle body and suspension system. As a result, the BOM cost of Li ONE is close to that of an ICE vehicle and is much lower than that of a BEV of a similar class.

Li Auto revenues for the three months ended June 30, 2020 reached RMB1.9 billion (US$275.0 million), including vehicle sales of RMB1.9 billion (US$271.0 million), representing an increase by 128.6% QoQ from revenues of RMB851.7 million for the three months ended March 31, 2020, including vehicle sales of RMB841.1 million.

Its vehicle deliveries for Q2 2020 increased by 128.0% to reach 6,604 from 2,896 in Q1 and the average selling price of its vehicles remained consistent during these two periods. As of June 30, 2020, it had over 700 sales and service personnel deployed across 21 retail stores, 18 delivery centers, and 17 servicing centers nationwide.

The gross profit margin increased from 8.0% in Q1 2020 to 13.3% in Q2 2020. It recorded a net loss of RMB75.2 million (US$10.6 million) for Q2, compared with a net loss of RMB77.1 million for Q1.

Li Auto had RMB3.7 billion (US$521.2 million) in cash and cash equivalents, restricted cash, time deposits, and short-term investments as of June 30, 2020, compared with RMB3.4 billion as of March 31, 2020.

The listings will help the company accelerate its goal of digitizing the service industry in China and driving domestic demand, as well as position the company to develop global markets with partners and expand investment in technology and innovation.

The innovative measures implemented by SSE STAR market and the SEHK have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets. We are thrilled to have the opportunity to play a part in this development

said Eric Jing, Executive Chairman of Ant Group.

Ant Group aims to create the infrastructure and platform to support the digital transformation of the service industry.

Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators. Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth

Mr. Jing said.

China’s mainland stock markets rose slightly in the morning session on 21 July 2020 following the news while shares related to Ant Group soared.

Alibaba-backed Ant Group is to raise US$10 billion in the Hong Kong IPO and the company could be valued at US$200 billion.

Ant Financial, the previously used company name of Ant Group, was created in 2014 to encompass Alipay and Alibaba’s bigger push into fintech. In 2018, Alibaba bought a 33% stake in Ant Financial. Jack Ma, the founder of Alibaba, still holds the controlling stake in Ant Group.

The Ant Group first announced its share structure in 2013, clearly announcing that the employee stock ownership would reach 40%. On July 13, 2020, Alibaba released its fiscal year 2020 report, which shows that Ma Yun holds about 8.8% of the shares in Ant Group and has 50% voting rights.

At present, Alibaba holds 33% of the shares of Ant Group, Jun Han and Jun Ao hold 50% of the shares of ant group. Jun Han belongs to Ma Yun and employees of Alibaba and Ant Group, and Jun Ao is part of Alibaba partnership. As the employees are still the largest shareholders of Ant Group, this also triggered speculation about how many multimillionaires and billionaires will be born after the IPO.

Check out Ant Group Performance here.

Ebang, founded in 2010, intends to list its shares on either the New York Stock Exchange or the Nasdaq under the ticker symbol “EBON”, according to its SEC filing.

It is a leading application-specific integrated circuit, or ASIC, chip design company and a leading manufacturer of high-performance Bitcoin mining machines, according to the F&S report. Ebang has strong ASIC chip design capability underpinned by nearly a decade of industry experience and expertise in the telecommunications business.

It’s one of the few fabless IC design companies with the advanced technology to independently design ASIC chips, having established access to third-party wafer foundry capacity and a proven in-house capability to produce blockchain and telecommunications products.

Ebang has dedicated their technology and efforts to ASIC applications for Bitcoin mining machines and is a leading Bitcoin mining machine producer in the global market in terms of computing power sold in 2019, according to the F&S report.

It is also one of the earliest contract manufacturers of Bitcoin mining machines in China to own self-developed proprietary ASIC chips. Its Ebit E10 model, launched in December 2017, was the first commercially available mining machine to use 10 nm ASIC chips among major mining machine producers.

Its latest commercialized Ebit E12 series mining machines, which incorporate the most recent iteration of its proprietary 10 nm ASIC chips, are capable of a hash rate of up to 50 TH/s and a computing power efficiency of 57W/TH.

Ebang has completed the design of our 8 nm ASIC chips and 7 nm ASIC chips and is ready to mass-produce our proprietary 8 nm ASIC chips when the market conditions become suitable. It currently focus on developing the proprietary 5 nm ASIC chips and mining machines for non-Bitcoin cryptocurrencies such as Litecoin and Monero.

Ebang had revenues of US$319.0 million and US$109.1 million in 2018 and 2019, respectively. It had a gross profit of US$24.4 million in 2018 and a gross loss of US$30.6 million in 2019. And, its net losses were US$11.8 million and US$41.1 million in 2018 and 2019, respectively.

As of December 31, 2019, there were 5,035 cryptocurrencies in circulation with a total aggregate market capitalization of approximately US$193.4 billion, which represented a 48.5% increase from approximately US$130.2 billion as of December 31, 2018.

The largest cryptocurrency, Bitcoin, accounted for approximately 68.2% of the market capitalization of all cryptocurrencies, or approximately US$131.9 billion as of December 31, 2019.

In recent years, sales of Bitcoin mining machines have increased as a result of the increasing adoption of blockchain technology and interest in cryptocurrencies, particularly when cryptocurrency prices increased.

Sales of Bitcoin computing hardware, the majority of which comprise sales of Bitcoin mining machines, have surged at a CAGR of 61.3% from approximately US$0.2 billion in 2015 to approximately US$1.4 billion in 2019 and are expected to further increase at a CAGR of 24.8% to approximately US$4.3 billion in 2024, according to the F&S report.

Shares of Alibaba jumped more than 7% within the first hour of its Hong Kong debut as investors wasted no time buying into one of China’s most successful internet companies.

Alibaba Group’s Hong Kong-listed shares will be fully fungible with the Company’s American depositary shares on the New York Stock Exchange (NYSE).

On this important milestone, I want to thank our customers first and foremost. My gratitude goes to all the Alibaba consumers who have supported us over the past 20 years, standing by us through our trial and error, as well as innovation for the future. Today, we are honored to have 10 customers and partners from across our Alibaba digital economy representing four continents and eight countries strike the gong at our listing ceremony, marking the start of our trading on the Hong Kong Stock Exchange

said Alibaba Group Chairman and Chief Executive Officer Daniel Zhang.

In 2014, when Alibaba was listed on the NYSE, a group of its digital economy and ecosystem partners was invited to ring the bell in the U.S., celebrating and sharing the important moment. Check out these videos if you are not familiar with Alibaba’s digital platforms.

The 10 customers and partners onstage to kick off this morning’s trading are involved with Taobao, Alipay, Alibaba Cloud, Fliggy, Lazada, Tmall, and AliExpress, with backgrounds ranging from users, merchants, internet celebrities and IoT experts to entrepreneurs. This demonstrates the globalization and diversification of the Alibaba Digital Economy, echoing the arrangements at the Alibaba’s NYSE listing.

I want to especially thank Hong Kong and the Hong Kong Stock Exchange. As a result of the continuous innovation and changes to the Hong Kong capital market, we are able to realize what we regrettably missed out on five years ago. Today, we realized what we said then: ‘When conditions allow, we will come back to Hong Kong

said Zhang.

Alibaba Group aims to serve over one billion annual active consumers and achieve over RMB10 trillion in annual gross merchandise volume (GMV) through its China consumer business in the next five years. This establishes a solid foundation to achieve the Group’s long-term strategic goal: to serve two billion consumers in the world, empower 10 million profitable enterprises and create 100 million jobs.

We are also grateful for being a part of this era, which is driven by digital innovation. Through the development of the internet and digital economy, we have been granted the opportunity to fulfill our founding mission, ‘to make it easy to do business anywhere.’ We want to use digital technology to help our customers and partners embrace the era of the digital economy,

said Zhang.

With e-commerce being its core business, Alibaba runs the largest digital advertising business in China and delivered the second-largest global shipment in smart speakers in Q3 2019.

Alibaba e-commerce platform highlights in Q3 2019

Danke has 407 thousand apartment units operated in 13 tier-1 and tier-2 cities in China. Its Compound Annual Growth Rate (CAGR) is 360% over the three years period of 2015 to 2018.

China’s residential rental market is expected to nearly double its size from 2018 to reach RMB3.0 trillion in 2023 according to iResearch. Danke provides solutions to both property owners and renters through its “new rental” business model, which is defined by the following features:

Centralization. Danke centrally operates the apartments sourced from property owners and rents them out to its residents.

Standardization. It standardizes the design, renovation, and furnishing of its apartment units, and provides high-quality, reliable one-stop services.

Online. Their entire business process is empowered by technology to enable seamless online experience for both property owners and residents. Danke doesn’t have any physical storefront since inception.

History of Danke Apartment

Danke started operations in China through Zi Wutong (Beijing) Asset Management Co., Ltd, or Zi Wutong, in January 2015.

In June 2015, it incorporated Phoenix Tree Holdings Limited under the laws of Cayman Islands, which became its ultimate holding company through a series of transactions.

In March 2019, Danke acquired 100% equity interest in Hangzhou Aishang Danke Technology Co., Ltd., or Aishangzu, a residential rental apartment operator that primarily operated in Hangzhou, through its wholly-owned subsidiary, Qing Wutong Co., Ltd. Danke primarily operates its business through the subsidiaries, consolidated VIEs and their subsidiaries in China.

As of September 30, 2019, Danke has a total of 5,205 employees.

Danke Brands

Danke Apartment operates two branded products, “Danke Apartment” and “Dream Apartment”.

Danke Apartment has been the primary focus of its business since its inception in 2015.

Danke source and lease apartments from individual property owners on a long-term basis, design, renovate and furnish such apartments in a standardized and stylish manner, and rent them out to individual residents, either as private rooms within an apartment or an entire apartment.

Leveraging its experience in operating Danke Apartment, Danke introduced Dream Apartment in November 2018 to target the large but underserved blue-collar apartment segment.

It leases entire buildings or floors in a building, transforms them into dormitory-style apartments, and rent them to corporate clients for employee accommodation. For all of its residents, Danke provides high-quality one-stop services, including cleaning, repair, and maintenance, WiFi as well as 24/7 resident support.

Danke Business Model

It runs Danke like a data science company.

As its founders are technology veterans, technology is deeply rooted in the DNA. At the core of its technology system is its proprietary artificial intelligence decision engine, or “Danke Brain,” which makes real-time and unbiased decisions based on data analytics to guide each step of its business operations and generate valuable business intelligence.

Pricing decisions represent a core competency for a co-living platform, yet pricing is complex due to the heterogeneous nature of apartments, neighborhoods, and cities. Its technology system enables to make tens of thousands of pricing decisions each day with an approximately 95% accuracy rate of the estimated lease-out price, without the need to rely on the local expertise of individual agents.

Danke can effectively manage an extensive network of renovation contractors to simultaneously renovate 50,000 apartment units scattered in thousands of neighborhoods across 13 cities and maintain consistent quality according to its filing files.

They use proprietary technologies to achieve precise budgeting, accurate time estimates, and seamless workflow coordination across Danke supply chain.

Danke currently generates revenues primarily from rents and service fees. Its revenues increased by 307.3% from RMB656.8 million in 2017 to RMB2,675.0 million (US$374.3 million) in 2018, and by 198.8% from RMB1,673.0 million in the nine months ended September 30, 2018 to RMB4,999.7 million (US$699.5 million) in the nine months ended September 30, 2019.

There are massive opportunities for co-living platforms that centralize the leasing and operation of rental properties. In particular, affordability is the biggest issue for young renters today, particularly in tier 1 and tier 2 cities in China.

In the conventional residential rental market, the smallest unit available for rent is often an entire apartment, as individual property owners are generally unable or otherwise unwilling to bear the burden and risk of renting out private rooms.

Co-living platforms reduce the smallest unit available for rent to a private room, thereby providing an affordable alternative. For instance, Danke enables renters to enjoy substantial savings by offering private rooms at less than half of the price of renting a studio or one-bedroom apartment in the same neighborhood in Beijing in the nine months ended September 30, 2019.

Co-living platforms are rapidly gaining popularity in China, benefiting from the sharing economy, online consumption, consumption upgrade and increasing acceptance by property owners.

Currently, properties operated by co-living platforms offering standardized renovation, furnishing and services only accounted for approximately 2% of all residential rental properties in China as of December 31, 2018.

In the United States and Japan, the percentage of renovated or serviced rental apartments operated by institutions was around 57% and 80%, respectively.

As co-living platforms achieve scale, they accumulate a large, captive pool of renters to whom value-added services can be provided. Typical renters spend more than ten hours each day at home, and during their stay, they may demand a wide range of services including cleaning, repair and maintenance, laundry, relocation, food delivery, smart home, and online insurance, among others. These services represented a nearly RMB2.4 trillion market in China in 2018, according to iResearch.