Group 1 - Li Xiang's reported salary of 639 million yuan is inaccurate; actual compensation is 2.66 million yuan, with the majority being stock-based compensation [1] - The People's Bank of China announced a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates, providing approximately 1 trillion yuan in long-term liquidity [1] Group 2 - Kweichow Moutai officially announced Zhang Yixing as its first brand ambassador, aiming to attract younger consumers [2] - Skechers announced its decision to go private, clarifying that this does not affect its operations in China [2] - Changan Automobile refuted rumors of merging with Dongfeng Group and is pursuing legal action against those spreading false information [2] Group 3 - The Federal Reserve decided to maintain the federal funds rate between 4.25% and 4.50%, marking the third consecutive meeting without a rate change [3] Group 4 - SpaceX received permission to increase its Starship launch frequency from 5 to 25 times per year [4] - Samsung's Harman International acquired Masimo's audio business for $350 million, aiming to strengthen its position in the consumer audio market [4] Group 5 - Geely Auto proposed to privatize Zeekr at a price of $2.57 per share, representing a premium of approximately 13.6% over the last trading price [7] - Reading Group and Japan's CCC Group established a strategic partnership to co-create IP and open a pop-up store in Japan [8] Group 6 - Uber reported Q1 revenue of $11.533 billion, a 14% year-over-year increase, with a net profit of $1.776 billion [13] - Disney's Q2 revenue grew 7% to $23.621 billion, with adjusted EPS increasing 20% to $1.45 [13] - Novo Nordisk reported Q1 net sales of 78.087 billion Danish kroner (approximately $11.01 billion), with a growth of 18% at fixed exchange rates [14]

Group 1 - A-share market has a more solid foundation for long-term stable operation due to a series of continuously strengthened policies [16] - The recent emphasis on stabilizing and activating the capital market by the State Council Information Office further supports this outlook [16] - The role of central financial institutions in promoting long-term capital inflow into the market is expected to enhance market resilience [16] Group 2 - The People's Bank of China is implementing a moderately loose monetary policy to support economic recovery and high-quality development [4] - The China Securities Regulatory Commission has issued a plan to promote the high-quality development of public funds, including reducing investor costs and reforming performance evaluation mechanisms [4][5] - The Guangdong provincial government has launched a special action plan to boost consumption, which includes encouraging listed companies to implement employee stock ownership plans [6] Group 3 - The U.S. Federal Reserve has maintained its interest rate target range, reflecting increased uncertainty in the economic outlook [7] - The Fed's concerns about rising unemployment and inflation risks indicate a cautious approach to future monetary policy adjustments [7] - The ongoing trade tensions and tariff discussions between the U.S. and China continue to create economic uncertainty [5][8]

Core Viewpoint - Geely Auto has proposed a non-binding offer to privatize Zeekr, suggesting a purchase price of $2.57 per share or $25.66 per American Depositary Share, aiming to focus on its core automotive business and enhance operational efficiency [1][2][3] Group 1: Privatization Proposal - Geely Auto announced its intention to privatize Zeekr, which has been listed on the NYSE for only one year, to concentrate on its main automotive business [1][2] - The proposed privatization is part of Geely's strategy to integrate resources, reduce costs, and improve competitiveness in the electric vehicle sector [3] Group 2: Zeekr's Financial Performance - Zeekr completed a Pre-A round financing of $500 million and an A round financing of $750 million, with valuations rising from $9 billion to $13 billion [2] - In 2024, Zeekr reported total revenue of 75.913 billion RMB ($10.4 billion), a year-on-year increase of 46.9%, with a net loss of 5.791 billion RMB, reduced by 29.9% year-on-year [2] Group 3: Strategic Focus and Brand Positioning - Geely aims to enhance brand synergy and maintain distinct positioning for its various brands, including Zeekr as a luxury tech brand and Lynk & Co as a high-end new energy brand [3] - The privatization aligns with Geely's "Taizhou Declaration" to improve resource utilization and strengthen its global competitiveness in the smart electric vehicle market [3] Group 4: Recent Transactions - Geely has also sold stakes in its subsidiary, Geely Xinwanda, to further focus on its automotive business, with the total transaction value amounting to approximately 84.3 million RMB [4]

Group 1 - Zeekr, under the stock code "ZK," went public on the NYSE on May 10, 2024, becoming the fastest IPO in the new energy vehicle sector [1] - On May 7, 2025, Geely Automobile announced a non-binding offer to privatize Zeekr, proposing a purchase price of $2.566 per share or $25.66 per American Depositary Share [1] - Geely currently holds approximately 65.7% of Zeekr's shares, and if the privatization is completed, Zeekr will become a wholly-owned subsidiary of Geely [1] Group 2 - Geely's move to privatize Zeekr is part of its strategy to focus on its core automotive business and enhance competitiveness in the new energy and intelligent vehicle sectors [4] - The merger aims to improve resource integration, reduce operational costs, and enhance user experience, positioning Geely for long-term sustainable development [4] - As of May 7, 2025, Geely's stock price was HKD 16.78, with a total market capitalization of HKD 169.1 billion, while Zeekr's stock price was $22.59, with a market cap of $5.742 billion [4] Group 3 - In Q1 2025, Geely's total sales reached 704,000 units, a 48% year-on-year increase, with new energy vehicle sales at 339,000 units, achieving over 50% penetration in the domestic market [6] - The integration of Zeekr and Lynk & Co resulted in a 21% year-on-year sales increase, with a reduction in costs per vehicle by over 20% [6] - Following the merger, Geely plans to maintain clear market positioning for its brands, with Zeekr targeting the global luxury tech market and Lynk & Co focusing on the mid-to-high-end market [7]

5月7日，吉利汽车公告，公司于2025年5月7日向极氪提交非约束性报价函，建议私有化极 氪，收购所有已发行及发行在外的极氪股份及美国存托股票，建议购买价为每股极氪股份2.57 美元或每股美国存托股票25.66美元。 倘若私有化建议落实并完成，极氪将成为本公司的全资 附属公司，实现私有化并于纽交所退市 。 极氪在纽交所上市仅一年时间，吉利此举引发各方关注。 5月7日傍晚，吉利控股集团有关负 责人回应记者表示，吉利汽车此次建议私有化极氪，是吉利为了"聚焦汽车主业，回归一个吉 利" 。 极氪新款车型 极氪自动化产线 吉利将聚焦汽车主业 极氪冲击年销百万目标 2024年登陆纽交所 宁德时代等参与投资 根据吉利汽车公告，公司于2025年5月7日向极氪提交非约束性报价函，建议私有化极氪，收 购所有已发行及发行在外的极氪股份及美国存托股票（本集团实益拥有者除外）。建议购买 价为每股极氪股份2.57美元或每股美国存托股票25.66美元。该价格较最后交易日美国存托股 票于纽交所的收市交易价溢价约13.6%，较截至最后交易日止最后30个交易日期间美国存托股 票于纽交所的成交量加权平均价格溢价20.0%。 根据公告，于公布日期，本 ...

2025.05. 07 本文字数：1677，阅读时长大约3分钟 作者 | 第一财经 肖逸思 5月7日，吉利汽车控股有限公司（下称"吉利汽车"，股票代码：0175.HK）宣布，计划收购极氪智能 科技有限公司（下称"极氪"，股票代码：NYSE: ZK）已发行全部股份。吉利汽车目前持有极氪约 65.7%的股份，如交易完成，极氪将与吉利汽车实现完全合并，实现私有化并于纽交所退市。 对此，吉利控股集团方面回应称，此举是进一步落实《台州宣言》，聚焦汽车主业，提升资源利用效 率，深化品牌协同的重要步骤。 极氪此次私有化并从美股退市的计划在中美关税摩擦的背景之下，是这一轮市场热议中概股回流话题 后的"第一股"。同一日上午，中国证监会主席吴清在国新办新闻发布会上就表示，创造条件支持优质 中概股企业回归内地和香港股市。 此次极氪私有化资金来源包括吉利汽车拟发行新股、现金储备及债务融资（倘需要）。 极氪合并进吉利汽车 受此消息影响，截至美东时间5:30左右，极氪美股盘前大涨超11%至25.1美元，基本接近吉利汽车私 有化极氪的作价25.66美元。 公开资料显示，极氪汽车于2024年5月10日在美国纽交所挂牌上市，当下距离其正式上市 ...

Core Viewpoint - Geely Auto plans to acquire all issued shares of Zeekr, aiming for full integration and privatization, marking a significant move in the context of Chinese companies returning to domestic markets amid US-China trade tensions [1][5]. Group 1: Acquisition Details - Geely Auto currently holds approximately 65.7% of Zeekr's shares and proposes a purchase price of $2.57 per share or $25.66 per American Depositary Share (ADS), representing a premium of about 13.6% over the last trading day [2]. - The funding for this acquisition will come from issuing new shares, cash reserves, and potentially debt financing if necessary [3]. Group 2: Strategic Implications - Following the acquisition, Geely Auto will manage four major brands: Zeekr, Lynk & Co, Geely Galaxy, and China Star, with Zeekr positioned as a global luxury tech brand [4]. - The integration aims to enhance resource utilization, deepen brand synergy, and improve technological innovation capabilities across the brands [4]. Group 3: Market Context - The privatization of Zeekr is seen as the first significant move in the ongoing discussion about Chinese companies returning to domestic markets, especially in light of recent US-China tariff disputes [5][6]. - The China Securities Regulatory Commission has expressed support for high-quality Chinese companies returning to the domestic and Hong Kong stock markets, indicating a broader trend [6].

Group 1 - Geely Automobile Holdings Limited plans to acquire all issued shares of Zeekr Intelligent Technology Co., indicating a complete merger if the transaction is completed [1] - This move is part of Geely Holding Group's implementation of the "Taizhou Declaration" strategy, focusing on the automotive core business and accelerating layout in the fields of new energy and intelligence [1][2] - The merger aims to enhance internal resource integration, improve R&D efficiency, reduce operational costs, and enhance user experience, positioning Geely for long-term sustainable development in the global new energy and intelligent competition [1][2] Group 2 - The global automotive industry is undergoing a profound transformation, with Geely Holding Group entering a new strategic phase defined by five core initiatives: strategic focus, integration, collaboration, stability, and talent [2] - In Q1 2025, Geely's sales reached 704,000 units, a 48% year-on-year increase, with new energy vehicle sales at 339,000 units, achieving over 50% penetration in the domestic new energy market [2] - The integration of Zeekr and Lynk & Co has shown initial success, with Q1 sales of 114,000 units for the combined brands, a 21% year-on-year increase, and a reduction in per-unit costs by over 20% [2] Group 3 - Post-merger, each brand will maintain clear market positioning and differentiated technology planning, with Zeekr positioned as a global luxury tech brand and Lynk & Co as a high-end new energy brand [3] - Geely Galaxy and China Star series will cover the mainstream market, providing diverse options for consumers [3] - The brands will collaborate in seven key areas, including vehicle architecture and electric drive systems, to enhance core competitiveness and market share [3] Group 4 - The merger will provide tangible benefits to users, including access to Zeekr's advanced technology across all Geely brands, improving overall product performance and user experience [4] - A unified charging system will address all charging needs, reducing user anxiety regarding energy replenishment [4] - Shared maintenance networks will offer standardized and convenient after-sales service experiences, enhancing user satisfaction [4]

Core Viewpoint - Zeekr Group reported a total of 41,316 vehicle deliveries in April 2025, reflecting a 1.5% month-over-month increase, supported by a user base of over 1.9 million [2]. Group 1: Delivery Results - In April 2025, Zeekr Group delivered 41,316 vehicles, with Zeekr brand contributing 13,727 vehicles and Lynk & Co delivering 27,589 vehicles [2]. - The 1.5% increase in deliveries compared to the previous month indicates a positive growth trend for the company [2]. Group 2: New Product Launches - The Zeekr 7GT, launched on April 15, 2025, features advanced silicon carbide-powered e-motors, achieving 0-100 km/h in 2.95 seconds, showcasing high performance and safety [3]. - Zeekr Group introduced its flagship luxury SUV, the Zeekr 9X, at the Shanghai Auto Show, marking its first hybrid model and aiming for a global launch in Q3 2025 [4]. - The Lynk & Co 900, a large six-seater family SUV, began deliveries on April 28, 2025, with over 40,000 pre-orders since its debut in December [5]. Group 3: Company Overview - Zeekr Group, part of Geely Holding Group, is headquartered in Zhejiang, China, and focuses on creating a fully integrated user ecosystem with innovation as a standard [6]. - The company is developing its own software systems, e-powertrain, and electric vehicle supply chain, emphasizing values of equality, diversity, and sustainability [6].

Core Viewpoint - The article discusses the potential risks of forced delisting of Chinese companies listed in the U.S. and restrictions on U.S. investments in Chinese assets, highlighting the historical context and possible implications for the market [1][2][3]. Group 1: Historical Context of Delisting and Investment Restrictions - The U.S. government previously initiated a delisting crisis for Chinese companies from 2020 to 2022 due to the HFCAA, which required companies to meet PCAOB audit standards [8][11]. - The crisis peaked when 150 Chinese companies were placed on a "pre-delisting" list, leading to an average stock price drop of 60% for 19 tracked companies [11][12]. - Although the delisting risk was mitigated through negotiations, some companies like China Mobile were still forced to delist during the tensions [12]. Group 2: Current Risks and Potential Impacts - Recent statements from U.S. officials suggest the possibility of using the forced delisting of Chinese companies as a negotiation tool, indicating a "black swan" risk that should not be ignored [2][3]. - The article outlines the potential impact on various Chinese companies if forced delisting or investment restrictions were to occur, emphasizing that the likelihood of such actions is currently low but not negligible [2][3]. Group 3: Company-Specific Analysis - A table lists various Chinese companies, their U.S. ticker symbols, market capitalization, and the percentage of shares held by U.S. investors, indicating varying levels of risk exposure [3]. - Companies like Pinduoduo and Didi, which are solely listed in the U.S., would face the most significant impact if delisted, while those with dual listings may experience less severe consequences [20][21]. Group 4: Comparison with Previous Delisting Crisis - The current delisting risk is perceived to be more uncertain than the previous crisis, as it may involve more significant political stakes and core interests [18][19]. - The dependency of Chinese companies on U.S. markets has decreased, with the average trading volume in Hong Kong rising from 10% to 34% since March 2022 [20][38]. Group 5: Response Strategies for Companies - Companies that have established dual listings can transition their shares to continue trading in Hong Kong without significant legal hurdles [23][39]. - For companies solely listed in the U.S., there is a pressing need to convert to a primary listing in Hong Kong before any potential delisting occurs [23][39]. Group 6: Broader Implications of Investment Restrictions - If the U.S. government expands restrictions on investments in Chinese companies, the impact would be more severe than a delisting, leading to permanent capital outflows and potential panic selling [27][28]. - The average U.S. investor ownership in tracked Chinese companies is approximately 39.9%, which could lead to significant market disruptions if restrictions are enacted [28][30].