Do you still remember Li Bin, He Xiaopeng and Li Xiang when Weilai, Xiaopeng and Ideals respectively rang the bell in the US?

It is undeniable that, taking advantage of the hot wave of the capital market at the beginning, three new forces in China built cars, successfully got on the fast boat of IPO, and quickly became the "hot cakes" that were highly sought after by investors. The stock price and market value have repeatedly created the best records in history.

With the wind and water flowing smoothly, there is a great momentum of getting better. After several additional offerings, the cash and cash equivalents in hand can also be described as very abundant.

However, in the last two years, especially since 2022, no one had expected that the capital winter that swept the world would come so fiercely. War, epidemic, political confrontation between countries and other adverse factors have become the root of the camel.

It is also precisely based on this background that the whole market is undoubtedly becoming more crotch pulling when we focus on US stocks again. As an argument, on October 10 local time, the three major indexes opened higher and moved lower. They fell in the middle of the day in shock, and the decline in the final session narrowed.

By the end of the day, the Dow Jones Industrial Average had fallen 0.32% to close at 29202.88, with a drop of nearly 1% in the afternoon; The NASDAQ index fell 1.04% to 10542.10, a new closing low since July 2020, with a drop of 2% during the session; The S&P 500 index fell 0.75% to close at 3612.39, with an intraday decline of more than 1.4%.

Affected by this, the closing price of Weilai closed at US $13.28 per share, down 3.49%, and its total market value shrank to US $22.474 billion. Xiaopeng closed at US $9.54 per share, down 3.54%, with a market value of only US $8.222 billion; The ideal closing share price closed at US $19.00 per share, down 2.91%, and the market value fell below the US $20 billion mark, only US $19.803 billion.

Moreover, according to incomplete statistics, since July, the share price of Weixiaoli has fallen by more than 37%, 68% and 48% respectively. The continuous decline reminds us that in April and May, the Securities and Exchange Commission (SEC) of the United States included the three in the "pre delisting" list of China conceptual stocks.

As for the root cause, the official explanation given by the Securities and Exchange Commission (SEC) is: "It is impossible to check the audit papers of these companies." All the above companies are required to submit their defense before May 25.

In fact, according to the detailed rules of the Foreign Company Accountability Act issued at the end of 2021, if a foreign listed company fails to submit the report required by the Accounting Oversight Committee of the United States Listed Company for three consecutive years, it has the right to delist it from the exchange.

However, these companies can provide evidence to the SEC before the application deadline to prove that they do not meet the conditions for delisting. It also has 15 working days to appeal the decision of the SEC.

In this regard, after being included in the "pre delisting" list, Weilai and Ideals also made a reply at the first time. The main idea summarized is: actively cooperate with relevant investigations, submit required materials, continue to abide by applicable laws and regulations, and strive to maintain the listing status.

Similarly, Zhao Lijian, spokesman of the Ministry of Foreign Affairs of China, also said at a regular press conference, "China's securities regulatory authorities have communicated with the U.S. securities regulatory authorities on this matter. The inclusion of Chinese enterprises in the relevant list is a step for the United States to implement relevant domestic laws, and does not represent the delisting of relevant enterprises. Whether these enterprises are delisted and listed in the United States depends on the progress and results of China US audit and regulatory cooperation."

At that time, the implication read from it was more like that, in the current situation, it might not be as bad as expected, and there was still a lot of room for change.

However, since "pre delisting" has taken place, it is more like a warning signal. It is an indisputable fact that the American capital market is becoming increasingly strict in its review standards for Chinese companies. In the future, I believe that no one can guarantee that the overall market situation will gradually improve rather than continue to deteriorate.

However, according to the current development trend, the situation of "American stocks pull the hip, and China's new cars are very hurt" will probably remain for a long time, and even the possibility of the worst result will not be ruled out.

To make matters worse, CNBC reported that Jamie Dimon, CEO of JPMorgan Chase, said in an interview, "Although the state of American consumers is slightly better than that of the financial crisis in 2008, the soaring inflation, the Federal Reserve's policy of raising interest rates beyond expectations and the impact of international situation have all sounded the alarm bell for the American economy."

He believes that the above are very serious problems. When the European economy has fallen into recession, these negative factors may lead to a recession in the United States and even the global economy in six to nine months.

In addition, through a period of observation, it is not difficult to see that even though the NIO Berlin 2022 launch conference held by Weilai in Germany received unanimous praise, the ideal L9, as a full-size new energy SUV with a price of more than 450000 yuan, exceeded 10000 in the first integer month after delivery, but it seems that it cannot stimulate the corresponding US stock price and market value.

In other words, if the actual terminal performance of China's newly built cars continues to improve, it is difficult to form sufficient positive feedback in the capital market.

In such a difficult situation, we can only say: "chaos, chaos." Next, including Weixiaoli, what needs to be done is to tighten money and prepare for another cold winter.