Core Viewpoint - Geely has proposed a non-binding offer to privatize Zeekr, aiming to consolidate its automotive business and enhance operational flexibility, amidst uncertainties in the US market for Chinese companies [2][3][11]. Summary by Sections Geely's Proposal - Geely announced a non-binding offer to acquire all outstanding shares of Zeekr at $2.57 per share or $25.66 per American Depositary Share, which represents a premium of approximately 13.6% over the previous closing price [5][7]. - The move is seen as a strategy to focus on the core automotive business and streamline operations under a unified Geely brand [2][3]. Market Reaction - Following the announcement, Geely's stock price increased by 5%, reaching approximately HKD 17.88 per share, with a market capitalization of around HKD 180 billion [3]. - Zeekr's stock price surged over 11% in pre-market trading after the buyout announcement [10]. Zeekr's Performance and Challenges - Zeekr has faced significant challenges, including a high debt-to-asset ratio exceeding 130% and a net loss of CNY 5.791 billion, which is greater than the funds raised during its IPO [16]. - The brand's stock price has been volatile, dropping to a low of $13 per share, and it has not met its sales targets, delivering only 22,221 vehicles against a goal of 230,000 [18][16]. Strategic Implications - If the acquisition is successful, Zeekr will be fully integrated into Geely, potentially enhancing synergies in procurement and technology across the brands [19][20]. - The consolidation reflects Geely's historical strategy of streamlining its brand portfolio to improve market competitiveness, as seen in previous brand integrations [19]. Future Outlook - The outcome of the non-binding offer could lead to two scenarios: successful privatization or continued operation as a publicly traded entity, depending on market conditions and investor sentiment [9][10]. - The potential for Zeekr to be re-listed in Hong Kong has been discussed, but industry insiders suggest this may not be feasible due to concerns over competition with Geely's existing brands [11][12].

Market Performance - The Hong Kong stock market showed a general upward trend, with the Hang Seng Index rising by 0.37%, the Hang Seng China Enterprises Index increasing by 0.7%, and the Hang Seng Tech Index up by 0.56%, marking a six-day consecutive rise for the Hang Seng Index [2][3] Sector Performance - The military, automotive, and cryptocurrency-related stocks performed well, while semiconductor and gold stocks weakened [3] - Military stocks surged due to external events, with China Aerospace Science and Industry Corporation, China Shipbuilding Industry Corporation, and Aerospace Technology Holdings rising by 6.23%, 6.02%, and 2.50% respectively [3] - Ideal Automotive led the automotive sector, with Ideal Automotive-W, Geely Automobile, and Great Wall Motors increasing by 4.96%, 4.41%, and 4.25% respectively [3] - Cryptocurrency-related stocks also saw significant gains, with New Fire Technology Holdings, Boya Interactive, and OK Blockchain rising by 19.75%, 10.38%, and 9.49% respectively [3] Company News - Ideal Automotive announced the launch of the Ideal L series smart upgraded models, with the Ideal L6 priced at 249,800 yuan and 279,800 yuan for its two configurations [3] - Geely Automobile plans to acquire all issued shares of Zeekr, in which it currently holds approximately 65.7% [3] - Bitcoin surpassed $99,000, leading to a rise in related Hong Kong stock ETFs, with gains of 5.56%, 5.40%, and 5.13% for various Ethereum ETFs [3] Gold Stocks - Gold stocks experienced a decline, with Chifeng Jilong Gold Mining, Zhaojin Mining Industry, and China Gold International falling by 4.72%, 2.18%, and 2% respectively [4] - The drop in gold stocks is attributed to easing signals regarding US-China tariffs, despite the People's Bank of China increasing its gold reserves to 73.77 million ounces by the end of April [4] Market Outlook - Dongwu Securities indicated that the rebound in the Hong Kong stock market relies on continued inflow of southbound funds and foreign capital return, with the Hong Kong dollar reaching a strong exchange guarantee at 7.75 [4] - Zheshang Securities suggested a "cautiously optimistic" strategy as the market trends have entered a right-side phase on weekly and monthly levels [4]

华夏时报（www.chinatimes.net.cn）记者 温冲 于建平 北京报道 5月7日，吉利汽车控股有限公司（下称"吉利汽车"，股票代码：0175.HK）宣布，计划收购极氪智能科技有限公 司（下称"极氪"，股票代码：NYSE: ZK) 已发行全部股份。吉利汽车目前持有极氪约65.7%的股份，如交易完 成，极氪将与吉利汽车实现完全合并。 对此，《华夏时报》记者联系了多位吉利汽车、极氪的相关负责人，但收到的反馈基本上是三缄其口。极氪相关 负责人表示："这是吉利汽车方面在操作，我这边不清楚。"吉利汽车的相关负责人则表示："我们现在没有更多的 延展解读，还是以官方发布的新闻稿和公告为准。" 根据公告，吉利汽车建议购买价为每股极氪股份2.566美元或每股美国存托股票25.66美元。倘若私有化建议落实并 完成，极氪将成为本公司的全资附属公司，实现私有化并于纽交所退市。 拟从美股退市，极氪或成中概股回流"第一股" 李颜伟的这一观点，实际上与吉利汽车官方发布的吉利控股集团董事长李书福的观点基本一致，尤其是后者的最 后一句话。 李书福表示："面对激烈的市场竞争和日益复杂的经济环境，我们将审时度势、根据《台州宣言》精神，持 ...

Core Insights - The People's Bank of China (PBOC) has implemented a 50 basis points (bp) reserve requirement ratio (RRR) cut and a 10 bp reduction in policy interest rates, along with a 25 bp decrease in structural loan and housing loan rates, aimed at enhancing financial support for technology innovation enterprises [2][25][31] - The central bank and regulatory authorities have emphasized the importance of stabilizing the financial markets and supporting the economy, particularly in light of the impacts of tariffs on both global and domestic economic conditions [3][26][29] - Specific measures to support technology enterprises include expanding the loan quota for "two new" initiatives by 300 billion yuan and enhancing the issuance of technology innovation bonds [4][27] Monetary Policy - The monetary policy remains accommodative, with a focus on reducing funding costs and releasing long-term liquidity [3][26] - The PBOC's RRR cut is expected to release approximately 1 trillion yuan in long-term liquidity, which will support credit growth and economic recovery [21][32] - The policy interest rate has been lowered from 1.5% to 1.4%, which is anticipated to lead to a corresponding decrease in the Loan Prime Rate (LPR) [22][33] Capital Market Support - The central bank has merged two capital market tools, increasing the total quota to 800 billion yuan, which is expected to benefit listed companies through share buybacks and increases [5][28] - The China Securities Regulatory Commission (CSRC) is working to enhance the entry of long-term funds into the market, aiming to stabilize and improve market conditions [5][28][36] - The CSRC has also indicated a focus on asset restructuring as a key area of work [5][28] Technology Sector Focus - The financial support for technology enterprises is becoming more specific, with measures including the establishment of risk-sharing tools for technology innovation bonds and the optimization of the bond issuance process [4][27] - The CSRC plans to release policies to deepen reforms in the Science and Technology Innovation Board and the Growth Enterprise Market, facilitating equity financing for technology companies [4][27] Economic Outlook - The report indicates that the A-share market's "technology narrative" is becoming clearer, with domestic market price-to-earnings ratios significantly lower than those of major global indices like the S&P 500 [7][29] - The overall economic performance and capital market responses in the first quarter have been acknowledged positively, with expectations for continued improvement in market conditions [3][26]

当天，中国证监会主席吴清在国新办发布会上表示，加强双多边的跨境监管合作，塑造稳定、透明、可 预期的监管环境，维护企业在境外市场的正当利益，支持优质中概股回归内地和香港市场。 中概股回流潮或已开启 极氪拟从美股退市，中概股回流潮正在开启。 5月7日，吉利汽车控股有限公司宣布计划收购极氪智能科技有限公司已发行的全部股份，目前吉利汽车 持有极氪约65.7%的股份。若交易完成，极氪将与吉利汽车完全合并，实现私有化并从纽约证券交易所 退市。而这距离极氪汽车正式上市还不到一年时间。 在中美关税摩擦背景下，极氪的私有化以及从美股退市的计划，成为市场热议中概股回流的"第一股"。 根据公告，吉利汽车建议购买价为每股极氪股份2.5美元或每股美国存托股票25.66美元，较最后交易日 美国存托股票于纽交所的收市交易价溢价约13.6%，较截至最后交易日止最后30个交易日期间美国存托 股票于纽交所的成交量加权平均价格溢价20%。私有化资金来源包括吉利汽车拟发行新股、现金储备及 债务融资。 事实上，在2020-2022年，中概股ADR潜在退市风险也曾引发全球投资者关注。这场退市风波结束后， 部分中概股为了规避风险，开始启动从美股退市或回归 ...

证 券 研 究 报 告 吉利汽车（00175.HK）重大事项点评 强推（维持） 启动极氪私有化，打造"一个吉利" 事项： ❖ 吉利汽车发布公告，宣布向极氪提交非约束性私有化要约，拟以2.566美元/18.5 元或 1.23 股新发行的吉利汽车股份收购每股极氪股份（以上两种方案股东可 选择，后同），或以 25.66 美元/185 元或 12.3 股新发行的吉利汽车股份收购每 股极氪 ADS。该报价较极氪最后一个交易日收盘价溢价 13.6%，较过去 30 个 交易日成交量加权平均价溢价 20%。目前，吉利汽车持有极氪 65.7%股权，若 私有化建议落实及完成，极氪将成为吉利汽车全资子公司并从纽交所退市。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 240,194 | 336,392 | 441,972 | 514,187 | | 同比增速(%) | 34.03% | 40.05% | 31.39% | 16.34% | | 归母 ...

公 司 报 告 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENHAI964@pingan.com.cn | 汽车 2025 年 05 月 08 日 吉利汽车(0175.HK) 拟私有化极氪，"一个吉利"正当时 推荐（维持） 股价：16.78 元（港币） 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.geely auto.com.hk | | 大股东/持股 | | | 实际控制人 | 李书福 | | 总股本(百万股) | 10078.04 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1570.88 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 8.61 | | 资产负债率(%) | 59.71 | 行情 ...

Core Viewpoint - The company intends to privatize Zeekr (ZK.N) at a proposed price of $2.566 per share, representing a premium of approximately 13.6% over the last trading price on the NYSE, and 20.0% over the volume-weighted average price for the last 30 trading days. If completed, Zeekr will become a wholly-owned subsidiary of Geely Auto and will delist from the US stock market [1][2]. Group 1: Privatization Proposal - Geely holds approximately 65.7% of Zeekr's total issued and outstanding share capital. If the privatization proposal is successful, Zeekr will become a wholly-owned subsidiary and will delist from the NYSE. The funding for the privatization may come from new share issuance, cash reserves, and debt financing if necessary [1][2]. - If cash is used for the privatization, it would require approximately 16.18 billion RMB based on Zeekr's total share capital of 2.542 billion shares and a non-company ownership ratio of 34.3%. If new shares are issued, it would involve issuing approximately 1.073 billion new shares, leading to a dilution of about 9.6% [1][2]. Group 2: Product Development and Market Strategy - Zeekr and Lynk & Co aim for a total sales target of 710,000 units by 2025, with Zeekr contributing 320,000 units and Lynk & Co 390,000 units. The Lynk & Co 900 was launched in April, with over 10,000 pre-orders within an hour, 30% of which came from owners of premium brands [2]. - The Zeekr 9 X luxury SUV is set to debut in the third quarter of 2025, featuring advanced technology and a price expected to exceed 1 million RMB. The introduction of new models is anticipated to accelerate market share acquisition in the high-end segment [2]. Group 3: AI and Technology Integration - Geely announced a deep integration with DeepSeek's large model in February and launched a comprehensive AI strategy in April, which includes advanced technologies that will be gradually applied to new models. The Lynk & Co 900 will be among the first to use NVIDIA's Thor chip, enhancing the company's focus on smart technology and potentially boosting product sales [3]. Group 4: Financial Projections - The company forecasts revenue growth from 240.19 billion RMB in 2024 to 512.83 billion RMB in 2027, with a compound annual growth rate (CAGR) of 34.0% in 2024 and 16.6% in 2027. Net profit is expected to increase significantly, with projections of 16.63 billion RMB in 2024 and 20.38 billion RMB in 2027 [4].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [6] Core Views - Geely plans to privatize Zeekr (ZK.N) at a price of $2.566 per share, representing a premium of approximately 13.6% over the last trading day [1] - The privatization aims to consolidate resources and create a unified Geely brand, enhancing operational efficiency and competitiveness in the luxury electric vehicle market [2] - The company forecasts significant revenue growth, with projected revenues of RMB 364.78 billion, RMB 439.69 billion, and RMB 512.83 billion for 2025, 2026, and 2027 respectively [4] Summary by Sections Privatization and Resource Integration - Geely holds approximately 65.7% of Zeekr's issued shares and plans to finance the privatization through new share issuance, cash reserves, and debt if necessary [2] - The cash privatization would require RMB 16.18 billion, while the share issuance would dilute existing shares by about 9.6% [2] Product Launches and Market Strategy - Geely aims for total sales of 710,000 vehicles in 2025, with Zeekr targeting 320,000 and Lynk & Co 390,000 [3] - The Lynk & Co 900 was launched in April 2025, with over 10,000 pre-orders within the first hour, indicating strong market interest [3] Technological Advancements - Geely is enhancing its AI integration, launching a comprehensive AI strategy that includes advanced driving technologies and voice models [4] - The integration of AI technologies is expected to boost product sales and reshape the company's valuation [4] Financial Projections - Revenue and net profit forecasts for 2025-2027 are RMB 364.78 billion, RMB 439.69 billion, and RMB 512.83 billion, with net profits of RMB 14.02 billion, RMB 17.78 billion, and RMB 20.38 billion respectively [5] - The projected EPS for the same period is 1.39, 1.76, and 2.02 RMB, corresponding to P/E ratios of 11, 9, and 8 times [4][5]

Core Viewpoint - Geely has proposed a non-binding offer to privatize Zeekr, aiming to consolidate its automotive business and enhance operational flexibility amid uncertainties in U.S.-China relations [1][2][9]. Group 1: Geely's Proposal and Market Reaction - Geely submitted a non-binding offer to acquire all outstanding shares of Zeekr, with a proposed price of $2.57 per share or $25.66 per American depositary share [4][5]. - Following the announcement, Geely's stock rose by 5%, reaching HKD 17.88 per share, with a market capitalization of approximately HKD 180 billion [3]. - The proposed buyback price represents a premium of about 13.6% over the previous day's closing price but is still below Zeekr's initial listing price [5][6]. Group 2: Strategic Implications of the Merger - If the acquisition is successful, Zeekr will fully merge with Geely, positioning Zeekr as a global luxury tech brand within Geely's portfolio, which includes Lynk & Co, Galaxy, and China Star [2][10]. - The consolidation aims to strengthen Geely's control over its sub-brands and improve operational efficiency, reminiscent of past strategies that led to significant sales growth [14][15]. Group 3: Financial Performance and Market Challenges - Zeekr's financial performance has been under pressure, with a net loss of CNY 5.791 billion in 2024, exceeding the funds raised during its IPO [12]. - The brand's stock has fluctuated significantly, with a low of $13 per share and a peak of $33 per share over the past year, reflecting market volatility and investor sentiment [4][12]. - Despite a 29.9% reduction in losses year-over-year, Zeekr's asset-liability ratio exceeded 130%, indicating financial strain [12]. Group 4: Future Outlook and Organizational Changes - The potential privatization could lead to further organizational adjustments within Geely and Zeekr, as the company aims to streamline operations and enhance collaboration across brands [16][17]. - Industry analysts suggest that the move may also be a strategic response to the broader trend of privatizations in the Hong Kong market, driven by undervaluation and liquidity issues [10].