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Zeekr Secures $441 Million in Largest Chinese US IPO Since Mid-2021

Zeekr, a Chinese automaker, successfully launched its initial public offering (IPO) in the United States, raising $441 million by pricing its American depositary shares (ADS) at $21 each, the upper limit of its targeted price range.

Initially planning to offer 17.5 million ADS, the company expanded its issuance to 21 million ADS due to robust demand, including an underwriter option for an additional 2.625 million ADS. Set to commence trading on the New York Stock Exchange this Friday, this IPO marks the largest by a Chinese company in the U.S. since June 2021, valuing Zeekr at approximately $5.1 billion.

This significant IPO reflects heightened investor confidence and underscores the growing allure of Chinese automotive stocks on the global stage.

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Geely’s EV Subsidiary Zeekr Expands IPO by 20%, Dilutes Ownership to Maintain Control

Geely has strategically expanded its initial public offering by 20% through its electric vehicle (EV) arm, Zeekr, indicating robust market interest.

Based in Hangzhou, Zhejiang province, Zeekr has rapidly developed its product lineup, launching several models since its inception in 2021. Notably, the company debuted the Zeekr 001 and has recently added the Zeekr 009 Grand and Zeekr MIX to its portfolio.

Despite this expansion, Geely Auto plans to purchase up to $320 million in shares during the IPO, slightly reducing its ownership from 54.7% to just over 50%, ensuring it retains majority control.

The adjustment in share distribution underscores Geely’s commitment to both fostering growth in its EV subsidiary and maintaining a controlling stake.

  • Zeekr’s Rapid Model Expansion: Introduced multiple models including luxury and compact SUVs.
  • Ownership Strategy: Geely Auto adjusts stake to maintain control post-IPO.

Zeekr Outperforms Tesla, Nio, and Xpeng in Delivery Growth Amid Pricing War

At the recent Capital Markets Forum, HKEX CEO Bonnie Chan discussed industry dynamics affecting EV manufacturers like Zeekr. Amid a competitive pricing battle, with average price reductions of 10% across 50 models, Zeekr has distinguished itself by outpacing its rivals, Tesla, Nio, and Xpeng, in delivery numbers this year.

The surge in Zeekr’s deliveries underscores its growing market presence and resilience in a fiercely competitive sector. The discussion, which took place in HKEX’s Connect Hall, highlighted the shifting trends in the electric vehicle market, where strategic pricing adjustments are becoming a critical factor in maintaining competitive momentum.

  • Competitive Pricing Strategies: Average reductions reflect aggressive market positioning.
  • Delivery Performance: Zeekr’s delivery numbers surpass major competitors in the current year.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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