Geely to Split EV Marque Zeekr and List It Independently

Geely Automobile announced at the Hong Kong Stock Exchange (HKEx) at noon on October 31 that it has proposed to spin off Zeekr Intelligent Technology Holding Limited (Zeekr) and list it independently. The stock exchange has confirmed that the group can carry out the proposed spin-off, but the relevant terms, including the listing locale, offering scale, price range, and the guaranteed quota for shareholders of the company to obtain Zeekr’s securities have not yet been determined, and further announcements will be published in due course.

Regarding the matter, Zeekr responded, “We will disclose relevant information in a timely manner according to relevant laws and regulations. The Zeekr management team will put business first to ensure the completion of the delivery target of 70,000 vehicles in 2022. The recent turmoil in the capital market will not shake our confidence in the new energy market, and the short-term fluctuations in the market will not affect the medium and long-term development of the company.”

Zeekr is an intelligent pure electric vehicle brand owned by Geely, a Chinese multinational automotive company headquartered in Hangzhou, which was jointly established by Geely Automobile and Zhejiang Geely Holding Group. According to public information, the legal representative of Zeekr is An Conghui, and the Chairman is Eric Li, who is also the founder and Chairman of Geely.

Since its establishment, Zeekr has completed two financing rounds. On August 29, 2021, Zeekr formally signed a strategic investment agreement with five companies, namely Intel Capital, CATL, Bilibili, Cathay Fortune Group and Boyu Capital. The total investment of the five companies is $500 million, accounting for about 5.6% of Zeekr shares after investment.

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At present, the company has one model on sale, which is THE Zeekr 001 based on Geely’s Sustainable Experience Architecture (SEA) platform. A total of 8,276 Zeekr 001 models were delivered in September, an increase of 15.5% from the previous month, and a total of 45,500 vehicles were delivered in less than one year.

On October 12, the 50,000th Zeekr 001 officially rolled off the production line at the Zeekr Smart Factory in Hangzhou, Ningbo. The Zeekr 009, the second model of the brand, will be officially launched on November 1.