Geely Zeek electric vehicles goes IPO in US
2022.12.13 07:11
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Geely Zeek electric vehicles goes IPO in US
Budrigannews.com – Geely Automobile Holdings in China (OTC:) On Tuesday, Ltd said that Zeekr, a brand of electric cars, had secretly filed for a U.S. initial public offering. This would be the first major Chinese listing in nearly two years.
Geely, which in October had laid out plans to spin off the subsidiary, stated that Zeekr filed with U.S. regulators last week without providing any details about the size of its IPO or its listing date.
Reuters on Monday solely detailed that Zeekr was meaning to raise more than $1 billion in its U.S. Initial public offering and looking for a valuation of more than $10 billion.
That contrasts with its initial external fundraising valuation of approximately $9 billion from last year.
The plans are presented by a company that competes with Tesla (NASDAQ:) Inc. and Nio, a Chinese rival (NYSE:) Next year, Inc. plans to market its first and only crossover, the 001, in Europe.
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It joins the growing list of Chinese automakers aiming to introduce or increase EV sales in the region.
Since Beijing tightened its grip on overseas share sales in July of last year, a Zeekr IPO would be the first significant U.S. float of a Chinese company.
In addition, Beijing and Washington reached a significant auditing agreement in August, which significantly reduced the likelihood that more than 200 Chinese companies listed on the New York Stock Exchange would be delisted.
