Geely Will File for IPO at the Star Market Shortly
Geely’s quick move of Star Market IPO and robust recent performance give confidence to its investors.
According to Geely, it will file for an IPO at the Shanghai Stock Exchange’s (SSE) Star market in a few days.
As a traditional domestic automobile manufacturer, Geely’s IPO at the Star Market is a sign of its acceleration of technological transformation. Geely has kept pushing the development of vehicle intelligence and new energy vehicle for recent years. Geely is planning to bet more on cutting-edge technologies to improve the value of its independent brands.
Geely’s performance during the COVID-19 pandemic has been quite robust compared to its peers. Its sales in 2020 H1 was 530,446 units, first among all Chinese domestic brands. Its market share also increased from 6.51% to 6.74% in the first half of 2020.
In response to Geely’s IPO news, on the morning of August 31 (Mon), local time, Geely’s stock price on the Hong Kong Stock Exchange (0175.HK) rose more than 9% compared with its closing price the previous Friday.