Core Viewpoint - Geely plans to acquire all outstanding shares of Zeekr, aiming for a complete merger, which is expected to enhance asset utilization efficiency and strengthen market competitiveness [1][4]. Summary by Sections Acquisition Details - Geely currently holds approximately 65.7% of Zeekr's shares and intends to purchase the remaining shares at a price of $25.66 per American Depositary Share (ADS), representing a 13.6% premium over the previous closing price [9]. - The total acquisition cost is estimated at $2.24 billion, which is less than 40% of Geely's cash and cash equivalents projected to exceed 40 billion yuan by the end of 2024 [9]. Market Context - As of May 8, Zeekr's market capitalization was $6.624 billion, significantly lower than its initial public offering valuation of nearly $7 billion and its A-round financing valuation of $13 billion [4]. - Compared to other Chinese electric vehicle companies listed in the U.S., NIO has a market cap of $8.894 billion, Li Auto at $27.592 billion, and Xpeng at $18.624 billion [5]. Financial Performance - Zeekr is facing challenges with performance and sales, having achieved only 23% of its annual sales target in Q1 2024, with total sales of 165,300 units against a target of 710,000 units [8]. - The company aims to achieve profitability by 2024, with projected total revenue of 75.912 billion yuan, a year-on-year increase of 46.9%, and a net loss of approximately 5.791 billion yuan, a reduction of 29.9% compared to the previous year [6][7]. Strategic Implications - The privatization of Zeekr is expected to allow it to escape short-term market fluctuations and enhance decision-making efficiency, enabling more flexible strategic planning [5]. - Geely's restructuring efforts include integrating various brands and focusing on core competencies, which is seen as a response to the challenges posed by a multi-brand strategy [12][13].
回归“一个吉利”：上市未满一年 极氪将被私有化
Cai Jing Wang·2025-05-13 09:54