{"id":10846,"date":"2024-05-04T16:51:33","date_gmt":"2024-05-04T16:51:33","guid":{"rendered":"https:\/\/topat10.com\/?p=10846"},"modified":"2024-05-04T16:51:33","modified_gmt":"2024-05-04T16:51:33","slug":"geelys-ev-brand-zeekr-plans-what-could-be-the-biggest-u-s-ipo-by-a-chinese-company-since-2021","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=10846","title":{"rendered":"Geely&#039;s EV brand Zeekr plans what could be the biggest U.S. IPO by a Chinese company since 2021"},"content":{"rendered":"\n<p>Zeekr Intelligent Technology Holding Ltd., the high-end electric car brand under <a href=\"https:\/\/fortune.com\/company\/zhejiang-geely-holding-group\/\" target=\"_blank\" aria-label=\"Go to https:\/\/fortune.com\/company\/zhejiang-geely-holding-group\/\" class=\"sc-330a5589-0 gPJZJS\" rel=\"noopener\">Zhejiang Geely Holding Group<\/a> Co., is seeking to raise as much as $367.5 million in a US initial public offering.<\/p>\n<div>\n<p>The EV maker said in a filing Friday that it plans to market 17.5 million American depositary shares for $18 to $21 apiece in what will be the biggest US offering by a China-based firm since 2021. Each ADS will represent 10 of the company\u2019s ordinary shares.<\/p>\n<p>Zeekr would have a market value of about $5.1 billion at the top of that range based on its filings with the US Securities and Exchange Commission.<\/p>\n<p>Geely Auto, Mobileye Global Inc. and <a href=\"https:\/\/fortune.com\/company\/contemporary-amperex-technology\/\" target=\"_blank\" aria-label=\"Go to https:\/\/fortune.com\/company\/contemporary-amperex-technology\/\" class=\"sc-330a5589-0 gPJZJS\" rel=\"noopener\">Contemporary Amperex Technology<\/a> Co. Ltd. are interested in subscribing for as much as $349 million worth of shares in the offering, Zeekr said in its filings.<\/p>\n<p>Zeekr\u2019s plans add to a stream of IPOs that have put listings on pace for the best year since 2021, when offerings set an all-time record. The $15.7 billion raised in 72 IPOs on US exchanges since Jan. 1 is now almost double the total at this point last year, with half of 2023\u2019s volume coming from the blockbuster offering by Johnson &amp; Johnson spinoff Kenvue Inc., according to data compiled by Bloomberg.<\/p>\n<h3 class=\"wp-block-heading\">Small, Rare<\/h3>\n<p>US listings by Chinese companies have been\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-13\/a-year-after-audit-deal-chinese-ipos-in-us-are-small-and-rare\" target=\"_blank\" aria-label=\"Go to https:\/\/www.bloomberg.com\/news\/articles\/2023-12-13\/a-year-after-audit-deal-chinese-ipos-in-us-are-small-and-rare\" rel=\"noreferrer noopener\" class=\"sc-330a5589-0 gPJZJS\">small and rare<\/a>\u00a0in the years since a crackdown following the $4.4 billion offering by ride-hailing giant Didi Global Inc., which\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-23\/didi-gets-green-light-to-depart-us-markets-during-china-probe\" target=\"_blank\" aria-label=\"Go to https:\/\/www.bloomberg.com\/news\/articles\/2022-05-23\/didi-gets-green-light-to-depart-us-markets-during-china-probe\" rel=\"noreferrer noopener\" class=\"sc-330a5589-0 gPJZJS\">delisted<\/a>\u00a0from the New York Stock Exchange less than a year after its 2021 IPO. Zeekr\u2019s IPO would be the biggest by a China-based firm in the US since LianBio\u2019s $374 million listing, including over-allotment shares, later that year, the data show.<\/p>\n<p>Although Chinese regulators have since eased curbs on overseas listings so long as the companies are compliant with the rules, no issuer based in the country raised more than $200 million last year in the US, according to data compiled by Bloomberg.<\/p>\n<p>In February, Geely took automaker Lotus Technology Inc. public via a\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-23\/lotus-pins-7-billion-listing-hopes-on-lvmh-links-amid-ev-slump\" target=\"_blank\" aria-label=\"Go to https:\/\/www.bloomberg.com\/news\/articles\/2024-02-23\/lotus-pins-7-billion-listing-hopes-on-lvmh-links-amid-ev-slump\" rel=\"noreferrer noopener\" class=\"sc-330a5589-0 gPJZJS\">merger<\/a>\u00a0with a special purpose acquisition company. That followed Geely\u2019s Polestar Automotive Holding going public in a\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-28\/polestar-ipo-s-meh-greeting-is-a-troubling-signal-for-ev-makers\" target=\"_blank\" aria-label=\"Go to https:\/\/www.bloomberg.com\/news\/articles\/2022-06-28\/polestar-ipo-s-meh-greeting-is-a-troubling-signal-for-ev-makers\" rel=\"noreferrer noopener\" class=\"sc-330a5589-0 gPJZJS\">SPAC deal<\/a>\u00a0in 2022, after Geely\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-29\/volvo-cars-cut-price-ipo-marks-one-of-europe-s-biggest-in-2021\" target=\"_blank\" aria-label=\"Go to https:\/\/www.bloomberg.com\/news\/articles\/2021-10-29\/volvo-cars-cut-price-ipo-marks-one-of-europe-s-biggest-in-2021\" rel=\"noreferrer noopener\" class=\"sc-330a5589-0 gPJZJS\">listed<\/a>\u00a0its <a href=\"https:\/\/fortune.com\/company\/volvo\/\" target=\"_blank\" aria-label=\"Go to https:\/\/fortune.com\/company\/volvo\/\" class=\"sc-330a5589-0 gPJZJS\" rel=\"noopener\">Volvo<\/a> Car AB in Stockholm the previous year.<\/p>\n<p>Zeekr founder and Chairman Shufu Li, according to the US filing Friday, will control almost 75% of the shareholder voting power in the company after the IPO.<\/p>\n<h3 class=\"wp-block-heading\">Revenue Gain<\/h3>\n<p>Last year, Zeekr had a net loss of $1.17 billion on about $7.3 billion in revenue, with the latter increasing more than 60% from 2022, according to its filings. \u00a0<\/p>\n<p>The Zeekr lineup includes the 001, a five-seat crossover and the <a href=\"https:\/\/fortune.com\/company\/twitter\/\" target=\"_blank\" aria-label=\"Go to https:\/\/fortune.com\/company\/twitter\/\" class=\"sc-330a5589-0 gPJZJS\" rel=\"noopener\">X<\/a>, a compact sport utility vehicle. The brand has also\u00a0<a href=\"https:\/\/zeekrglobal.com\/article\/article-17\/\" target=\"_blank\" aria-label=\"Go to https:\/\/zeekrglobal.com\/article\/article-17\/\" rel=\"noreferrer noopener\" class=\"sc-330a5589-0 gPJZJS\">launched<\/a>\u00a0the 007, a premium sedan.<\/p>\n<p>The offering is being led by <a href=\"https:\/\/fortune.com\/company\/goldman-sachs-group\/\" target=\"_blank\" aria-label=\"Go to https:\/\/fortune.com\/company\/goldman-sachs-group\/\" class=\"sc-330a5589-0 gPJZJS\" rel=\"noopener\">Goldman Sachs<\/a> Group Inc., <a href=\"https:\/\/fortune.com\/company\/morgan-stanley\/\" target=\"_blank\" aria-label=\"Go to https:\/\/fortune.com\/company\/morgan-stanley\/\" class=\"sc-330a5589-0 gPJZJS\" rel=\"noopener\">Morgan Stanley<\/a>, <a href=\"https:\/\/fortune.com\/company\/bank-of-america-corp\/\" target=\"_blank\" aria-label=\"Go to https:\/\/fortune.com\/company\/bank-of-america-corp\/\" class=\"sc-330a5589-0 gPJZJS\" rel=\"noopener\">Bank of America<\/a> Corp. and China International Capital Corp. The company plans for its shares to trade on the New York Stock Exchange under the symbol ZK.<\/p>\n<\/div>\n<div data-cy=\"subscriptionPlea\">Subscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. <a href=\"https:\/\/www.fortune.com\/newsletters\/eye-on-ai?&amp;itm_source=fortune&amp;itm_medium=article_tout&amp;itm_campaign=eye_on_ai\" target=\"_self\" aria-label=\"Go to https:\/\/www.fortune.com\/newsletters\/eye-on-ai?&amp;itm_source=fortune&amp;itm_medium=article_tout&amp;itm_campaign=eye_on_ai\" class=\"sc-330a5589-0 gPJZJS\" rel=\"noopener\">Sign up<\/a> for free.<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Zeekr Intelligent Technology Holding Ltd., the high-end electric car brand under Zhejiang Geely Holding Group Co., is seeking to raise as much as $367.5 million in a US initial public offering. The EV maker said in a filing Friday that it plans to market 17.5 million American depositary shares for $18 to $21 apiece in [&hellip;]<\/p>\n","protected":false},"author":411,"featured_media":10847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-10846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Geely&#039;s EV brand Zeekr plans what could be the biggest U.S. IPO by a Chinese company since 2021 | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"Zeekr is seeking to raise as much as $367.5 million in a U.S. initial public offering.\" \/>\n<meta name=\"robots\" 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