上市捷报丨沙利文助力VinFast通过DE-SPAC方式成功登陆纳斯达克(NASDAQ:VFS)

VinFast（NASDAQ:VFS) Eastern Time, United States2023year8month15day after dayBlack Spade Acquisition Co., Ltd.The merger is officially completed, and it was15Daily PassDe-SPACThe method is listed and traded on NASDAQ.VinFastHeadquartered in Vietnam with its US headquarters located in Los Angeles, the company is committed to developing a range of new energy passenger vehicles, buses, scooters and other products. It caters to different price segments and diverse consumer groups, continuously enhancing the user experience while driving the development of the new energy vehicle industry with more products and features. Frost & SullivanFrost & SullivanFrost & Sullivan, hereinafter referred to as 'Frost & Sullivan', isVinFastWe provide exclusive industry advisory services for going public in the US. We extend our warmest congratulations on its successful listing.De-SPACThe listing was completed in this manner.

During the listing process in the US, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important chapters), and assisting the issuer in completingSECCommunication with investors, helping them quickly understand the market ecosystem and competitive landscape, assisting issuers in completingSECFeedback on various industry-related issues, etc.

Investment highlights

The company is2018Production of electric scooters began in2019Production of passenger vehicles commenced in2020Production of electric buses started in [year], as of2023year6At the end of the month, nearly105,000A car and more182,000An electric scooter;

The company's target markets focus on North America, Europe, and Vietnam, with an expected growth2027In [Year], the total potential market of target market (USD)TAM"( )" will be reached1.3trillion dollars, with an annual automobile shipment volume of approximately3,50010,000 vehicles;

The company isVingroupA holding subsidiary thereof,VingroupIt is one of the largest companies listed on the Ho Chi Minh Stock Exchange, as of2023year6month30day,VingroupThe total market value of the Group and all its listed subsidiaries is approximately210billion dollars.

Global electric vehicle market size

In recent years, consumers have become increasingly fond ofSUVFor large vehicles, this trend has also extended to the pure electric vehicle market. Consumers areSUVThe multifunctionality and breadth of offerings are attractive. Global marketSUVThe annual shipments are expected to decline from2022year315.2Ten thousand vehicles increased to2028year20,18.610,000 units, with a compound annual growth rate of36.3%Pure electricSUVThe market share is expected to decline from2022year42.3%increased to2028year65.0%.

Global sales of pure electric vehicles (by model),2019 - 2028E

Source: Frost & Sullivan report

Analysis of Driving Factors for the New Energy Vehicle Market

· The construction of charging infrastructure has developed rapidly

A strong charging network is crucial for the widespread promotion of electric vehicles, as it gives drivers confidence that they can charge their vehicles anytime and anywhere, thereby alleviating range anxiety. Governments and private companies are making significant investments in the development of electric vehicle charging infrastructure. In some countries, governments are providing incentives to encourage the deployment of charging stations and help cover the upfront costs of installation. Private companies are also investing in charging infrastructure by building their own networks and expanding the use of charging stations in collaboration with governments and other organizations.

· The advancement of battery technology has continuously optimized battery costs

In recent years, battery energy density has been continuously improving, mainly due to the application of higher-performance cathode materials such as high-nickel ones.NCM/NCAMaterials, lithium-rich manganese-based materials, and anode materials.2019In [year], the energy density of battery cells was only217till252 Wh/kgIn contrast, at present, the energy density of many battery cells has already exceeded300 Wh/kgCoupled with improvements in operating temperature range, charging efficiency, and safety performance, the increase in battery energy density has significantly enhanced driving range.

· Lower ownership cost compared to traditional fuel vehicles

The ownership cost of electric vehicles includes various expenses such as purchase price, maintenance, fuel, and charging. Compared to traditional fuel vehicles, the ownership cost of electric vehicles can be reduced in the following aspects:

1Lower fuel costs: Electric vehicles typically have lower fuel costs because electricity is cheaper per mile than gasoline or diesel.

2Government incentives: In many countries, the government provides tax credits and rebates as incentives to encourage the purchase of electric vehicles. These incentives can significantly reduce the upfront costs of electric vehicles and make them more affordable for consumers.

3Lower maintenance costs: Electric vehicles have fewer moving parts than traditional internal combustion engine vehicles, which means they usually require less maintenance. This can reduce maintenance costs throughout the vehicle's entire service life.

View the prospectus

Frost & Sullivan has extensive research experience in the automotive and transportation industries, assisting well-known companies in successfully accessing capital markets. Successful listings include: Shengshi Dalian ( NASDAQ:SDA), Youpinche (NASDAQ:UCAR), Hesai TechnologyHSAI.NASDAQ), Yikatong Technology ECX.NASDAQ), Buyang International2457.HK), Newton GroupNWTN.NASDAQ), Zhongchuang New Aviation3931.HK), Leapmotor9863.HK), Deutsche Bank Worldwide2418.HK), Kuaidao Taxi2246.HK), NIO AutoNIO.SGX), NIO Auto9866.HK), Canggang Railway2169.HK), Yanguang PearlYGMZ.NASDAQ)Asia Express8620.HK),InfinityL&T（1442.HK),TOMOHOLDINGS（6928.HK), iFlytek IntelligenceEH.NASDAQ), Aodima8418.HK), Xiangxing International8157.HK), CIMC Trucks1839.HK), Xunlong1930.HK), CSSC Leasing3877.HK), Chengdu Expressway1785.HK), Tianrui Auto Interior (6162.HK), Beping Holdings2885.HK), Huazhi International2258.HK), Pulin Mountain Formation1809.HK), NIO AutoNIO.NYSE), Wanlida8482.HK), Qilu Expressway1576.HK), Yingheng Technology1760.HK), Asia Industry1737.HK), Ruifeng Power2025.HK), Gaomeng Technology8065.HK), Hebei Yichen1596.HK), Zhengli Holdings8283.HK), JunGao Holdings8035.HK), Yadi Group1585.HK), Yihai Car RentalEHIC.NYSE), Xincheng Power (1148.HK), Zhengxing WheelsZX.NYSE), Shuanghua Holdings1241.HK), Changfeng Axle (1039.HK).