Core Viewpoint - Geely Auto Holdings plans to acquire all issued shares of Zeekr Intelligent Technology, leading to Zeekr's privatization and delisting from the NYSE within a year of its IPO [2][6][19]. Group 1: Company Actions and Market Reactions - Following the announcement, Zeekr's stock surged over 11% in pre-market trading, closing with an 11.51% increase on May 7, while Geely's stock rose by 4.17% [2]. - The decision to privatize Zeekr is seen as a significant move for Geely, reflecting a strategic focus on the automotive core business and resource efficiency [5][8]. Group 2: Strategic Context - The privatization aligns with the "Taizhou Declaration," which emphasizes strategic focus, integration, and collaboration within Geely's automotive operations [6][8]. - The timeline of events shows a series of strategic maneuvers, including the initial public offering of Zeekr in May 2024 and subsequent restructuring efforts to optimize the ownership structure of Zeekr and Lynk & Co [8][9]. Group 3: Financial Performance and Challenges - Since its establishment, Zeekr has faced significant financial losses, with net losses reported at 4.514 billion, 7.655 billion, 8.264 billion, and 5.79 billion yuan from 2021 to 2024 [23]. - Despite a 25% year-on-year increase in sales in Q1 2025, Zeekr's performance remains below expectations, achieving only 17.2% of its annual sales target in the first four months of the year [24][26]. Group 4: Future Leadership and Structure - The privatization raises questions about future leadership within Geely, particularly regarding who will steer the newly integrated automotive group post-privatization [33][34]. - The integration of Zeekr into Geely is expected to enhance operational efficiency and cost optimization across various brands under the Geely umbrella [31].
极氪私有化背后：李书福的面子和里子