极氪退市换吉利 “合一”，吉利重构资本版图

Core Viewpoint - The article discusses the strategic shift of Geely from a "Two Horizontals" strategy to a "One Geely" strategy, indicating potential issues in the execution of its original strategic goals and the need for restructuring [3][5][26]. Summary by Sections Strategic Adjustment - Geely's announcement in May to return to the "One Geely" strategy reflects a significant adjustment from its earlier "Two Horizontals" framework, suggesting challenges in implementing its strategic goals [3][5]. - The shift implies that Geely's strategic development objectives may not align with the practical outcomes, necessitating a strategic reconstruction based on actual results [3][5]. Financial Implications - The integration of Zeekr and Lynk & Co is central to Geely's strategy, but it may require strategic choices in the Hong Kong and US markets, leading to potential dilution of Geely's shareholding in Geely Auto [5][6]. - As of the end of 2024, Zeekr's financials show significant liabilities, with assets at 32.7 billion and liabilities at 42.8 billion, resulting in negative equity of 10.1 billion [6][7]. Operational Performance - Zeekr's operational challenges are highlighted by a projected net loss of 5.8 billion in 2024, despite a positive cash flow of 3.2 billion [7][8]. - The merger with Lynk & Co is expected to optimize Zeekr's asset/liability structure and enhance profitability, potentially allowing for a quicker turnaround [8][9]. Accounting Differences - The acquisition of Lynk & Co by Zeekr will be recorded under different accounting standards, leading to discrepancies in reported financial results [9][12]. - The differences in asset/liability recognition between Hong Kong and US accounting standards could significantly impact the perceived financial health of Zeekr post-merger [14][16]. Market Reactions - Following the announcement of the acquisition, Zeekr's stock price initially fell due to concerns over debt financing and shareholder conflicts, but later recovered as the market began to recognize the potential value of the integration [20][24]. - The proposed privatization of Zeekr by Geely, with a non-binding offer of $25.66 per ADR, has led to a significant increase in Zeekr's stock price, indicating market optimism about the deal [24][25]. Strategic Restructuring Costs - The transition to the "One Geely" strategy may incur high costs, including time and resource investments, and could dilute Geely's control over Geely Auto [22][23]. - The privatization process may require Geely to pay approximately $2.6 billion, reflecting the strategic complexities and financial implications of the shift [25][26].