Geely Automobile proposes spin-off of EV subsidiary ZEEKR

Shanghai (Gasgoo)- Geely Automobile Holdings Limited ("Geely Automobile" or "the company") announced on Oct. 31 that it has submitted a proposal to the Stock Exchange of Hong Kong Limited ("HKEX") in relation to the proposed spin-off and separate listing of ZEEKR Intelligent Technology Holding Limited ("ZEEKR").

As a non-wholly-owned subsidiary of Geely Automobile, ZEEKR is principally engaged in the research, development, and sales of battery electric vehicles, batteries, and other components of new energy vehicles, as well as relevant services under the "ZEEKR" brand.

ZEEKR 001; photo credit: ZEEKR

HKEX has confirmed that Geely Automobile may proceed with the proposed spin-off. However, such terms as the listing venue, offering size, price range, and assured entitlement of ZEEKR's securities for Geely Automobile's shareholders have not been finalized yet.

After being reached for comment, ZEEKR said it will disclose relevant information about the aforesaid spin-off plan as and when appropriate in accordance with laws and regulations. ZEEKR's management team will regard the business development as its top priority, striving to fulfill its full-year delivery target of 70,000 vehicles this year.

ZEEKR currently has one production model, the ZEEKR 001, available for sale. On Oct. 11, 2022, the 50,000th ZEEKR 001 rolled off the production line, only one year after the birth of the first one. Moreover, the EV maker delivered the 50,000th ZEEKR 001 on Oct. 15 this month.