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Home»Business»China’s Zeekr reveals wider loss in US IPO paperwork, Geely shares fall
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China’s Zeekr reveals wider loss in US IPO paperwork, Geely shares fall

November 10, 2023No Comments4 Mins Read
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People walk past a booth of Zeekr, Chinese automaker Geely's premium electric vehicle (EV) brand, at a shopping mall in Beijing

People walk past a booth of Zeekr, Chinese automaker Geely’s premium electric vehicle (EV) brand, at a shopping mall in Beijing, China November 3, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing Rights

Nov 9 (Reuters) – China’s Zeekr Intelligent revealed wider losses for the first half of the year on Thursday, as the electric car brand made its paperwork public for a stock market listing in New York and said it hoped to use funds raised to expand its product line.

Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had confidentially filed for its initial public offering (IPO) in December last year.

The filing confirms a report from Reuters on Thursday, which said Zeekr was looking to make its IPO prospectus public this week. Shares in Geely (0175.HK), Zeekr’s parent, fell by more than 2.5% in morning trading on the news of the listing.

The company was aiming to raise more than $1 billion, Reuters previously reported, but is now unlikely to breach the billion-dollar mark, according to one of the sources.

In February, Zeekr was valued at $13 billion after a $750 million funding round from investors including Amnon Shashua, CEO and founder of autonomous driving technology company Mobileye Global (MBLY.O), and the Guangzhou city municipal government’s investment arm, Yuexiu Industrial Fund.

For the six months ended June 30, Zeekr reported a net loss of 3.87 billion Chinese yuan ($531.34 million), compared with 3.09 billion yuan a year earlier.

Net revenue, however, more than doubled to 21.27 billion yuan in the same period.

The company’s current portfolio primarily includes three vehicle models. It plans to launch its first premium sedan model “targeting tech-savvy adults and families” this month and said it also plans to use the funds raised to develop more advanced battery electric vehicle technologies.

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Risks it flagged to investors included how the Chinese government exerted substantial influence over the conduct of its business and intense competition in China’s EV market, which is currently engaged in a price war.

IPO TO TEST FALLOUT OF SINO-U.S. TENSIONS

The listing could mark the first major float in the U.S. by a Chinese company in two years, after the delisting of ride-hailing giant Didi Global from the New York Stock Exchange.

Didi had angered Chinese regulators by pushing ahead with its $4.4 billion New York listing despite being asked to put it on hold.

The episode, together with a longstanding audit dispute between China and the U.S., stalled Chinese companies from seeking U.S. listings. Only six mainland China-based companies launched U.S. IPOs in 2022.

Since then, however, Beijing has softened its stance towards companies looking to list internationally, unveiling a set of rules earlier this year to revive such listings, after the U.S. accounting watchdog and China resolved the audit dispute in December 2022.

But simmering tensions between the world’s two biggest economies over trade, intellectual property and the future of Taiwan continue to spill over into the corporate sphere.

In August, Intel (INTC.O) had to scrap its $5.4 billion deal to buy Israeli contract chipmaker Tower Semiconductor (TSEM.TA) after their merger agreement expired without regulatory approval from China.

A similar delay also led to DuPont De Nemours (DD.N) ending its $5.2 billion deal to buy electronics materials maker Rogers Corp (ROG.N) last year.

Zeekr will list its shares on the New York Stock Exchange under the ticker symbol “ZK”.

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Goldman Sachs and Morgan Stanley are the lead underwriters for the IPO.

($1 = 7.2835 Chinese yuan renminbi)

Reporting by Niket Nishant and Manya Saini in Bengaluru, Additional reporting by Jaiveer Shekhawat and Mehnaz Yasmin; Editing by Krishna Chandra Eluri, Shilpi Majumdar and Lincoln Feast.

: .

Acquire Licensing Rights, opens new tab

Niket Nishant reports on breaking news and the quarterly earnings of Wall Street’s largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.

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