第一财经·2025-07-17 16:32Core Viewpoint - The valuation of Zeekr (JK.NYSE) has decreased by nearly half in less than two and a half years, with Geely Automobile (00175.HK) announcing a privatization deal costing approximately $2.4 billion [1][2]. Valuation Decline - Geely's acquisition price for Zeekr shares is set at $2.687 per share, translating to a total market value of about $6.88 billion, which is close to a "halving" from the $13 billion valuation during the A-round financing in February 2023 [2][4]. - The A-round financing raised $750 million at a post-money valuation of $13 billion, with participation from notable investors including Mobileye and CATL [2][3]. Industry Context - The global automotive market, particularly in the electric vehicle sector, is experiencing intense competition, leading to downward pressure on valuations across the industry [1][4]. - Analysts suggest that companies need to quickly integrate resources and avoid redundant investments to remain competitive [1][8]. Privatization Rationale - Geely's decision to privatize Zeekr reflects a shift from expansion to resource integration and cost reduction, aiming to eliminate complexities associated with minority shareholders [6][8]. - The privatization will allow Zeekr to become a wholly-owned subsidiary of Geely, enhancing decision-making efficiency and resource allocation [6][7]. Strategic Advantages - Full ownership of Zeekr will facilitate a unified strategic deployment across Geely's brands, improving collaboration and reducing conflicts with minority shareholders [7][8]. - The move is expected to maximize Zeekr's contribution to market share and profitability, allowing for more agile responses to economic and market challenges [7][8].