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　　On September 29, local time in Frankfurt, Porsche (PAG911) was listed on the Frankfurt Stock Exchange in Germany, and the listing price was finally determined at 82.50 euros per share. As the largest IPO in Europe in the past ten years and the second largest IPO in German history, Porsche has a total market value of about 75 billion euros, making it the fifth largest car company in the world after Tesla, Toyota, BYD, and Volkswagen.

　　It is worth mentioning that, in tribute to the classic 911 model, Porsche issued a total of 911 million shares, including 455.5 million preferred shares and 455.5 million ordinary shares. Volkswagen sold 25% of Porsche's preferred stock, accounting for 12.5% of the company's overall stake. Qatar Investment Authority, Norway's sovereign wealth fund, Puxin Group and ADQ, as cornerstone investors, subscribed for a total of 40% of the new shares.

　　In the first half of this year, Porsche achieved sales revenue of 17.922 billion euros, an increase of 8% year-on-year; operating profit of 3.48 billion euros, an increase of 24.64% year-on-year, and a sales profit margin of 19.4%.

　　Although Porsche's sales fell 5% year-on-year in the first half of the year to just 145,800 units, the brand's profitability has steadily improved. In 2021, Porsche will earn 17,600 euros in operating profit for every car it sells, a figure that rose to 23,900 euros in the first half of the year.

　　The strong revenue capacity of the Porsche brand also makes it regarded as the "cash cow" of the Volkswagen Group. The prospectus shows that Porsche's sales in 2021 will only account for 3% of the Volkswagen Group's total sales of 8.6 million vehicles, but it will contribute nearly 30% of the Volkswagen Group's profits.

　　In front of the star brand of Volkswagen Group, the contribution of the Chinese market cannot be underestimated. In the first half of this year, Porsche sold 46,700 vehicles in the Chinese market, accounting for 31.4% of total sales. It can be said that for every 3 cars Porsche sells, one is sold to the Chinese market.

　　In terms of sales amount, the cumulative revenue of the Chinese market in the first half of the year was 5.64 billion euros, accounting for 31.47% of the total sales revenue, surpassing the 4.968 billion euros in North America and the 5.492 billion euros in the entire Europe, becoming Porsche's largest single market.

　　Although Porsche handed in a beautiful revenue answer sheet, the outside world has always had doubts about the Porsche IPO. Some investors believe that Porsche brand CEO Oliver Blume (Oliver Blume) has been pushed to the seat of Volkswagen Group CEO, and it is difficult to take into account the sports car maker's listing plan while leading both the Volkswagen Group and the Porsche brand.

　　After the IPO, Bloom said in an interview with Bloomberg that the market demand for Porsche has not declined due to the recession, because Porsche is well positioned and has a good plan for the product mix for the next year. At the same time, he stressed that holding both positions will not affect the corporate governance of Porsche or the Volkswagen Group, because Porsche is an "autonomous company".

　　It is reported that the Porsche IPO will bring a total of 19.5 billion euros of capital gains to the Volkswagen Group. 49% of these proceeds will be paid to Volkswagen shareholders as dividends, and the rest will be used for Volkswagen's electrification transformation.