Geely’s Zeekr inches closer to U.S. IPO, may file this week

Reuters reports Thursday, citing unnamed sources, that Chinese automaker Geely’s premium electric car brand, Zeekr, is set to publicly release details of its plans this week to list shares on the New York stock exchange (NYSE).

According to the sources, Zeekr will reveal its prospectus, and soon after, its shares might start trading on the stock exchange.

Zeekr filed for a U.S. initial public offering in December, aiming to raise over $1 billion. However, Reuters’ sources suggest that the company might secure less than the targeted amount from the IPO.

By making a confidential filing, companies can withhold details from competitors for a longer duration, providing them with greater flexibility, especially when the timeline for an IPO is uncertain.

The upcoming IPO could represent the first significant public offering by a Chinese entity in the United States in two years. This move comes after Beijing tightened regulations on overseas share sales in 2021, following a cybersecurity investigation into Didi Global, a ride-hailing giant, soon after its debut in the U.S. stock market.

Founded in 2021, Zeekr is ranked 13th in China EV sales, with a total of 79,028 units sold in the first nine months, more than double the same period last year.

The company features a diverse product line, featuring four EV models in the Chinese market. Its most popular electric vehicle, the 001 crossover, is priced at 269,000 yuan ($36,927.22).

Zeekr has also announced its strategy to penetrate international markets, with plans to enter countries such as the Netherlands, Sweden, Germany, Israel, and Kazakhstan, among others.