邀约回购极氪背后：“一个吉利”的两大可能走向

Core Viewpoint - Geely has proposed a non-binding offer to privatize Zeekr, aiming to consolidate its automotive business and enhance operational flexibility amid uncertainties in U.S.-China relations [1][2][9]. Group 1: Geely's Proposal and Market Reaction - Geely submitted a non-binding offer to acquire all outstanding shares of Zeekr, with a proposed price of $2.57 per share or $25.66 per American depositary share [4][5]. - Following the announcement, Geely's stock rose by 5%, reaching HKD 17.88 per share, with a market capitalization of approximately HKD 180 billion [3]. - The proposed buyback price represents a premium of about 13.6% over the previous day's closing price but is still below Zeekr's initial listing price [5][6]. Group 2: Strategic Implications of the Merger - If the acquisition is successful, Zeekr will fully merge with Geely, positioning Zeekr as a global luxury tech brand within Geely's portfolio, which includes Lynk & Co, Galaxy, and China Star [2][10]. - The consolidation aims to strengthen Geely's control over its sub-brands and improve operational efficiency, reminiscent of past strategies that led to significant sales growth [14][15]. Group 3: Financial Performance and Market Challenges - Zeekr's financial performance has been under pressure, with a net loss of CNY 5.791 billion in 2024, exceeding the funds raised during its IPO [12]. - The brand's stock has fluctuated significantly, with a low of $13 per share and a peak of $33 per share over the past year, reflecting market volatility and investor sentiment [4][12]. - Despite a 29.9% reduction in losses year-over-year, Zeekr's asset-liability ratio exceeded 130%, indicating financial strain [12]. Group 4: Future Outlook and Organizational Changes - The potential privatization could lead to further organizational adjustments within Geely and Zeekr, as the company aims to streamline operations and enhance collaboration across brands [16][17]. - Industry analysts suggest that the move may also be a strategic response to the broader trend of privatizations in the Hong Kong market, driven by undervaluation and liquidity issues [10].