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On the evening of May 10, Beijing time, Geely Holding Group's ZEEKR Automobile (hereinafter referred to as "ZEEKR") was officially listed on the New York Stock Exchange with "ZK" as the stock code. In this IPO, ZEEKR issued 21 million shares at $21 per share, raising about $440 million. If the underwriters exercise their over-allotment option, the offering will be further expanded to 24.15 million shares, raising approximately US$507 million.
So far, ZEEKR has become the ninth listed company under the name of Li Shufu, chairman of Geely Holding Group, after Geely Automobile, Volvo, Polestar, ECARX, Qianjiang Motorcycle, Hanma Technology, Lotus Technology and Lifan Technology.
On the first day of listing, ZEEKR opened at $26 per share, reaching as high as $29.36 per share, and as of the close, ZEEKR reported $28.26 per share, up 34.57% from the issue price, with a market value of $6.898 billion (about RMB 49.85 billion).
It is worth noting that compared with the IPO time of other new energy vehicle companies, the IPO process of ZEEKR is fast, NIO took 4 years, Li Auto took 5 years, Xiaopeng Motors took 6 years, and Tesla, the most profitable Tesla, also took 7 years from its establishment to listing. It took only 37 months from the brand launch on April 15, 2021 to the successful IPO, and ZEEKR has become the fastest IPO in history.
The full name of Geely Holding Group is Zhejiang Geely Holding Group Co., Ltd. According to Qichamao, Zhejiang Geely Holding Group Co., Ltd. was established on March 24, 2003 with a registered capital of 103,000 yuan, and the legal representative is Li Donghui. sales of used cars; power electronic components manufacturing; battery manufacturing; electric motor manufacturing; R&D of auto parts; auto parts retail; manufacturing of auto parts and accessories; auto parts wholesale, etc.
According to the equity penetration chart of Qichamao, Zhejiang Geely Holding Group Co., Ltd. has a total of 61 foreign investment enterprises, including Shanghai Geely Zhaoyuan International Investment Co., Ltd., Hezhong Property Insurance Co., Ltd., Zhejiang Yinji Auto Parts Co., Ltd., Daqing Volvo Car Manufacturing Co., Ltd., etc. The layout of the company's investment enterprises is mainly distributed in Zhejiang, Shanghai, Beijing, etc.
ZEEKR Automobile is a subsidiary of Zhejiang ZEEKR Intelligent Technology Co., Ltd. According to Qichamao, Zhejiang Zeekr Intelligent Technology Co., Ltd. was established on July 26, 2021, with a registered capital of 1,050,000 yuan, and the legal representative An Conghui, the company's business scope: technical services, technology development, technical consultation, technical exchanges, technology transfer, and technology promotion; information system integration services; information technology consulting services; technology intermediary services; sales of electronic products; software sales; software development; car sales; sales of new energy vehicles, etc.
Looking back at the development of the new energy vehicle industry in mainland China from the "ZEEKR Automobile Listing":
-- The scale of the development of the national new energy vehicle industry
In 2022, the national production of new energy vehicles will reach 7.058 million units and 6.887 million units. At the same time, according to data from the Ministry of Public Security, as of the end of 2022, the number of new energy vehicles in the country has reached 13.1 million, accounting for 4.10% of the total number of vehicles. According to the "New Energy Vehicle Industry Development Plan (2021-2035)" issued by the State Council, the mainland's new energy vehicle industry will continue to maintain a rapid development trend in the next few years, and by 2025, the sales volume of new energy vehicles will reach about 20% of the total sales of new cars, and the sales volume is expected to exceed 7 million.
-- Financing of the new energy vehicle industry
From the perspective of investment and financing scale, from 2018 to 2022, the investment and financing scale of China's new energy vehicle industry has increased overall, and the industry is hot. Among them, in 2021, the scale of investment and financing events in the mainland's new energy vehicle industry broke the situation of stable around 30 billion yuan for three consecutive years, reaching 83.927 billion yuan, an increase of 178.66% year-on-year in 2020, and at the same time, the number of investment and financing events also reversed the decline for three consecutive years, and the number of investment and financing events in China's new energy vehicle industry in 2021 was 89.
In 2022, the number of investment and financing events in China's new energy vehicle industry reached 98, with an investment and financing amount of 71.393 billion yuan. From January to July 2023, the number of investment and financing events in the industry will be 44, with an investment and financing amount of 18.958 billion yuan.
-- The market share of new energy vehicle brands
In terms of sales, BYD is the company with the largest market share of new energy vehicles in mainland China, with a market share of 31.72% in 2022, followed by SAIC-GM-Wuling with a market share of 7.79%. Tesla is in third place with a market share of 7.75%, followed by Geely with a market share of 5.37%. The market share of the remaining brands is relatively low, at more than 5%.
According to the analysis of the Prospective Industry Research Institute, the technological innovation trend of China's new energy vehicle industry will pay more attention to the application of emerging technologies such as artificial intelligence, intelligent vehicles, Internet of Vehicles technology, autonomous driving technology, and cloud computing technology, and the development of these technologies will further promote the development of the entire industry.
Wang Yao, deputy chief engineer of the China Association of Automobile Manufacturers, said that the intelligence of new energy vehicles will lead the automobile industry to a new height, and have a far-reaching impact on the technological progress, market competition and environmental protection of the automobile industry in China and even the world. In the future, the further upgrading of the industry needs to strengthen technology research and development and application, and at the same time promote the deep integration of upstream and downstream industrial chains, improve efficiency and flexibility, and provide a solid foundation for the continuous upgrading and development of the industry.
Prospective Economist APP Information Group
For more research and analysis of this industry, please refer to the "Analysis Report on Market Prospect and Investment Strategic Planning of China's New Energy Vehicle Industry" by Qianzhan Industry Research Institute.
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