美国不留人自有留人处 极氪私有化后并入吉利

Core Viewpoint - The article discusses the recent delisting of Zeekr (极氪) from the New York Stock Exchange, which reflects both the company's internal challenges and the increasingly unfriendly environment for Chinese companies in the U.S. market [1][2]. Group 1: Delisting and Market Environment - Zeekr's delisting is seen as a significant event, marking a shift in the trend of Chinese companies seeking U.S. listings, which has been declining [2]. - The company had previously raised $440 million in its IPO in 2024, but its exit from the U.S. market effectively reduces the total capital raised by Chinese firms in the U.S. for the year [2][4]. - In 2025, only 63 Chinese companies are expected to raise a total of $1.12 billion in the U.S., a stark contrast to the $1.91 billion raised by 59 companies in 2024 [4]. Group 2: Financial Performance and Challenges - Zeekr's financial performance has been mixed, with a reported revenue increase of 9% year-on-year to 31.6 billion yuan (approximately $4.5 billion) in Q3, but a significant reduction in losses from 2.03 billion yuan to 307 million yuan [6][8]. - The company's gross margin improved from 15.2% to 19.2% year-on-year, aided by the growth of its Lynk & Co brand [7]. - However, Zeekr's electric vehicle sales have declined by 0.55% year-on-year, with total sales of 193,866 units in the first 11 months of the year [8]. Group 3: Corporate Strategy and Future Outlook - The integration of Zeekr into its parent company, Geely Automobile, has caused dissatisfaction among some shareholders, as Geely aims to consolidate its high-end brands [5][9]. - Geely's initial privatization offer was $25.66 per ADS, later increased to $26.87 per ADS, reflecting investor pushback [6]. - The article suggests that the tightening regulations for Chinese companies seeking to list in the U.S. may lead to more firms considering alternative markets, such as Hong Kong or Shanghai, for their listings [9][11].