Lei Jianping on May 11
ZEEKR Intelligent Technology Holdings Co., Ltd. (hereinafter referred to as "ZEEKR", stock code "ZK") was officially listed on the New York Stock Exchange yesterday. The underwriters of this offering mainly include 12 institutions, including Goldman Sachs, Morgan Stanley, BofA Securities, and CICC.
As a result of the oversubscription, ZEEKR expanded its IPO by issuing a total of 21 million American Depositary Shares (ADSs) at a price of US$21 per share, raising approximately US$441 million, and if the underwriters exercise their over-allotment rights, the offering size will be further expanded to 24.15 million ADSs, raising approximately US$507 million.
The opening price of ZEEKR on the first day was $26, an increase of 23.8% from the issue price; The closing price was $28.26, up 34.57% from the issue price; At the closing price, the company has a market capitalization of $6.9 billion.
An Conghui, President of Geely Holding Group and CEO of Zeekr, said: "The new energy wave is a change in the global automotive industry that has not been seen in a century. Different from traditional car companies and new forces, ZEEKR empowers Geely Holding Group's car-making heritage and global resources to a new independent brand, which is the third track opened up by ZEEKR for the global new energy transformation, and it is also the long-term value highlighted by ZEEKR in the global capital market. ZEEKR will take the listing as an opportunity to further upgrade its governance structure, achieve global compliance, transparent and sustainable development, and create the ultimate experience of travel life with global users. ”
Five new models in three years, with a total of more than 240,000 units delivered
As a luxury intelligent pure electric brand under Geely Holdings, ZEEKR was released on April 15, 2021, and it took 37 months to land on the New York Stock Exchange, setting a new record for the fastest listing in the history of new energy vehicle companies with "ZEEKR speed".
Relying on Geely Holding's 37 years of development and accumulated industrial foundation and global superior resources, ZEEKR has quickly built a complete pure electric intelligent technology ecosystem and opened up the "ZEEKR mode", the third track of pure electric development.
Since its establishment, ZEEKR has launched five new models: the new luxury hunting coupe new ZEEKR 001 and its high-performance version of the pure electric hunting supercar ZEEKR 001 FR, the original pure electric luxury MPV ZEEKR 009 and the four-seat ultra-luxury flagship MPV ZEEKR 009 Guanghui, the new luxury all-round SUV ZEEKR X, the pure electric luxury sedan ZEEKR 007, and the family full-scene large five-seat ZEEKR MIX, which has just made its world debut at the Beijing Auto Show. In 2024, ZEEKR will also launch a new medium and large electric SUV.
As of the end of April 2024, ZEEKR has delivered more than 240,000 vehicles, and from January to April 2024, a total of nearly 50,000 units have been delivered, more than doubling year-on-year.
ZEEKR's revenue is mainly composed of three businesses, including vehicle sales, three-electric business, R&D and other services.
ZEEKR's total revenue in 2023 will be about 51.7 billion yuan, a year-on-year increase of 62%, and the net cash flow from operating activities will be 2.28 billion yuan. Among them, ZEEKR's sales revenue from automobiles in 2021, 2022, and 2023 will be 1.54 billion yuan, 19.67 billion yuan, and 33.9 billion yuan respectively, and the year-on-year increase in automobile sales revenue in 2023 will be about 72.4%.
In 2021, 2022, and 2023, the revenue of the three electric business, R&D and other services will be 4.983 billion yuan, 12.228 billion yuan, and 17.761 billion yuan respectively, compared with traditional automobile manufacturers, ZEEKR's revenue composition is more diversified.
ZEEKR's gross profit in 2021, 2022, and 2023 will be 1.038 billion yuan, 2.47 billion yuan, and 6.85 billion yuan (about 965 million US dollars), respectively. The gross profit margin of ZEEKR in 2021 was positive at the beginning of the year, and the gross profit margin of ZEEKR vehicles will reach 15% in 2023, an increase of 10.3 percentage points year-on-year from 4.7% in 2022.
It will enter the luxury market in eight European countries
Since its establishment, ZEEKR has been supported by industrial capital and well-known institutions such as CATL, Intel, Intel, etc. As a result of the listing, existing ZEEKR shareholders and third-party investors have expressed interest in subscribing for up to US$349.08 million in ADSs in the offering, including up to US$320 million for Geely Automobile.
CATL and Mobileye, as partners in the industrial chain and original investors, both subscribed in the IPO. Mobileye subscribed for $10 million and CATL subscribed for $19.08 million.
With the successful landing on the New York Stock Exchange, ZEEKR ushered in a milestone in the development of the enterprise and opened a new chapter in the journey of globalization. About 45% of the proceeds from the IPO will be used to develop more advanced pure electric vehicle technology and expand the product portfolio. About 45% will be used for sales, marketing and expansion of the service and charging network; Approximately 10% will be used for general corporate purposes, including working capital needs, to support business operations.
ZEEKR said that it has always adhered to the development strategy of "one vertical and one horizontal globalization". Vertically strengthen the vertical integration of the industrial chain, continue to innovate around the core technology fields of new energy vehicles, and invest nearly 17 billion yuan in research and development in the past three years.
At present, ZEEKR's self-developed electric drive has formed a luxury and high-performance label. The 800-volt gold brick battery, self-developed and manufactured in the full stack from battery cells to battery packs, sets a new benchmark in the era of ultra-fast charging in terms of safety, experience and cost. The full-stack self-developed high-end intelligent driving assistance system, Haohan Intelligent Driving, has achieved the transcendence of the intelligent head echelon. In terms of intelligent manufacturing, ZEEKR has built an L4-level integrated die-casting intelligent production line, and has become the first independent brand in China to build its own die-casting workshop.
Based on the concept of architecture car manufacturing, the pure electric models mass-produced by ZEEKR are all built on the SEA vast architecture, which is the native pure electric architecture with the largest bandwidth in the world, which greatly improves the R&D efficiency and large-scale benefits, and leads the category innovation, effectively ensuring the launch of five new vehicles in three years, and the launch speed of no less than two new models per year until 2025.
In terms of technological innovation, ZEEKR has launched a number of black technologies including four-motor distributed electric drive, ZVC four-wheel torque vectoring technology and satellite communication technology, and has also cooperated with Mobileye to develop advanced assisted driving systems to meet the needs of intelligent driving in the global market.
Horizontally, ZEEKR strengthens ecological synergy and lays out the "three 800" ultra-fast charging full ecological solutions, including 800-volt vehicles, 800-volt electricity (power batteries), and 800-volt networks (energy replenishment networks). At present, ZEEKR has become the car company with the largest number of mass-produced 800-volt models in the world, including the new ZEEKR 001, ZEEKR 001 FR, ZEEKR 009 Guanghui, ZEEKR 007, ZEEKR MIX and other models.
Since the release of the brand, ZEEKR has insisted on building its own self-operated energy replenishment network, and as of the end of April, the number of ultra-fast charging piles has exceeded 2500+.
ZEEKR revealed that in 2024, ZEEKR will enter the luxury market of 8 European countries, and will also enter the markets of 50 countries and regions such as Southeast Asia, the Middle East, South America, and Australia, and the globalization strategy will be fully accelerated. As of the end of April, ZEEKR has built nearly 380 stores around the world.
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