Geely’s premium electric car brand Zeekr files for US IPO

CHINA’S Geely Automobile on Tuesday (Dec 13) said its upmarket electric car brand, Zeekr, had confidentially filed for a US initial public offering (IPO), in what would be the first major Chinese float in the United States in over 1-1/2 years.

Zeekr filed with the U.S regulators last week, without providing any details on the size of its IPO or about its listing date, said Geely, which in October had laid out plans to spin off the subsidiary.

Reuters on Monday exclusively reported that Zeekr was aiming to raise more than US$1 billion and that it was seeking a valuation of more than US$10 billion.

That compares with a valuation of about US$9 billion in its maiden external fundraising last year.

A Zeekr IPO would be the first major US float of a Chinese firm since Beijing tightened its grip on overseas share sales in July last year.

The filing also comes after Beijing and Washington struck a landmark auditing deal in August that sharply lowered the likelihood of delisting for more than 200 New York-listed Chinese companies. REUTERS