Geely's Subsidiary Zeekr Successfully Goes Public in the U.S.
On the evening of May 10th, Beijing time, Zeekr officially listed on the New York Stock Exchange with the stock code "ZK". It is reported that Zeekr issued 21 million American Depositary Shares (ADS) at a price of USD 21 per share, raising approximately USD 441 million.
On the first day of trading, Zeekr opened at USD 26 per share, peaking at USD 29.36 per share. By the end of the day, the stock closed at USD 28.26 per share, a 34.57% increase from the issue price, with a market value of USD 6.898 billion (approximately CNY 49.85 billion).
An Conghui, President of Geely Holding Group and CEO of Zeekr Intelligent Technology, stated, "In just 37 months, Zeekr has set the fastest record for a new energy vehicle brand from launch to IPO. Behind this achievement lies the 37-year accumulation of our parent company, Geely Holding Group, and our pioneering exploration of the third track in the new energy vehicle industry."
Since 2023, Zeekr has been actively working towards a U.S. IPO. With multiple announcements from Geely Holding Group detailing new developments, the successful listing now signifies Zeekr as the fastest new force in car manufacturing to achieve an IPO. In comparison, NIO, XPeng, and Li Auto took 4, 6, and 5 years respectively from establishment to a successful IPO.
In March 2021, Geely Automobile Group officially established Zeekr, focusing on the high-end pure electric vehicle market. Just one month later, its first product, the Zeekr 001, was launched, followed by the Zeekr 007, Zeekr X, and Zeekr 009, along with the Zeekr 009 Glorious, totaling five models. By the end of April 2024, Zeekr had delivered over 240,000 vehicles.
Additionally, Zeekr has taken the lead in the industry by creating a "three 800s" ultra-fast charging solution, which includes vehicles with 800-volt systems, 800-volt power batteries, and an 800-volt ultra-fast charging network. This will provide a comprehensive ecosystem for pure electric users, completely alleviating range anxiety and becoming the cornerstone of Zeekr's ecosystem in the high-end pure electric market.
Despite steady progress in sales and energy replenishment, Zeekr's net losses have been expanding. Over the past three years, Zeekr's total revenue was CNY 6.5 billion, CNY 31.9 billion, and CNY 51.7 billion, respectively, with net losses of CNY 4.514 billion, CNY 7.655 billion, and CNY 8.264 billion.
"Zeekr will take the opportunity of the IPO to further upgrade its governance structure, achieve global compliance and transparent sustainable development, co-create the ultimate travel experience with global users, bring stable long-term value to investors, and take on greater responsibility in areas such as low-carbon manufacturing and corporate ESG," said An Conghui.
It is understood that Zeekr is the second IPO within Geely Automobile Group this year. According to media statistics, with Zeekr's successful IPO, Li Shufu, known as the "Car Crazed," now has nine listed automotive companies under his command, including Geely Automobile, Volvo Cars, QJMOTOR, Polestar, Ecarx, Hanma Technology, Lifan Technology, and Lotus Technology.