Figure 1: Listing bell ringing diagram
On the evening of May 10, Beijing time, ZEEKR Intelligent Technology Holdings Co., Ltd. (hereinafter referred to as "ZEEKR") was officially listed on the New York Stock Exchange in the United States with the stock code "ZK". Due to the oversubscription, ZEEKR expanded the size of the IPO, issuing a total of 21 million American Depositary Shares (ADSs, each ADS corresponds to 10 ordinary shares) at a price of US$21 per share, raising approximately US$441 million, and if the underwriters exercise their over-allotment rights, the issuance size will be further expanded to 24.15 million ADSs, raising approximately US$507 million. The underwriters of this offering mainly include 12 well-known institutions such as Goldman Sachs, Morgan Stanley, BofA Securities, and CICC.
Photo 2: Signature of the commemorative book of listing
The listing in the United States will not only further enhance the company's global governance capabilities, but also open a new window for global investors to observe and participate in the global development of China's high-end new energy vehicles.
An Conghui, President of Geely Holding Group and CEO of Zeekr Intelligent Technology, 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 and achieve global compliance and transparency
Picture 3: An Conghui delivered a speech at the listing ceremony of ZEEKR on the New York Stock Exchange
Figure 4: An Conghui exchanged listing commemorative gifts with the chairman of the New York Stock Exchange on behalf of ZEEKR
The company's opening price was $26 per share, and the stock price has risen since the start of trading, trading at $29 per share, up more than 38% from the issue price of $21, with a market capitalization of $7.078 billion.
Five new models in three years, with a total of more than 240,000 units delivered, constantly refreshing the industry delivery record
As a luxury intelligent pure electric brand under Geely Holding Group, ZEEKR was released on April 15, 2021 and successfully landed on the New York Stock Exchange today, in only 37 months, setting a new record for the fastest listing in the history of new energy vehicle companies with "ZEEKR speed". Relying on Geely Holding's solid industrial foundation and global superior resources accumulated over the past 37 years, ZEEKR has quickly built a complete pure electric intelligent technology ecosystem and opened up the "ZEEKR mode", the third track of pure electric development.
In the past three years, under the pressure of multiple factors such as price wars, lack of expensive batteries, and subsidy declines, ZEEKR has continued to set new records and lead the industry. Since its establishment, five new models have been launched: 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. Every product of ZEEKR is the benchmark and champion of the market segment. In 2024, ZEEKR will also launch a new medium and large electric SUV.
The rich product matrix and stable delivery capabilities have witnessed the accelerated growth of ZEEKR. As of the end of April 2024, ZEEKR has delivered more than 240,000 vehicles, and from January to April this year, a total of nearly 50,000 units have been delivered, more than doubling year-on-year, and continuing to rank first in the sales of more than 200,000 high-end pure electric brands in China.
The expansion of the market size has significantly contributed to the growth of the company's revenue. In 2023, ZEEKR's total revenue 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. The diversified revenue structure composed of vehicle sales, three-electric business, R&D and other services reflects the company's balanced and comprehensive development trend in various business areas.
In 2021, the first year of the brand's release, the gross profit margin of ZEEKR vehicles was positive, reaching 15% in 2023, an increase of 10.3 percentage points year-on-year from 4.7% in 2022.
The outstanding core competitiveness has also allowed the company to gain the favor of capital. Since its establishment, ZEEKR has been supported by excellent industrial capital and well-known institutions such as CATL, Intel and Intel. In this listing, the old shareholders continue to subscribe firmly, fully recognizing the long-term value of ZEEKR.
Figure 5: Trading floor
A new milestone, the IPO listing opens a new chapter in the globalization journey of ZEEKR
With the successful landing on the New York Stock Exchange, ZEEKR ushered in a new 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 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 make breakthroughs and innovations in various core technology areas 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 the world's first L4-level integrated die-casting intelligent production line, and has become the first independent brand in China to build its own die-casting workshop.
In particular, it is worth mentioning that 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 world's largest bandwidth native pure electric architecture, which greatly improves R&D efficiency and large-scale benefits, and leads category innovation, efficiently ensuring the launch of five new cars in three years, and the launch rate 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 in global mass production, 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 has strengthened ecological synergy and laid out the world's only "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. As of the end of April, the number of ultra-fast charging piles exceeded 2,500+, ranking first in the industry and becoming the global leader in ultra-fast charging.
Figure 6: Going to sea
In 2024, ZEEKR will not only enter the luxury market of 8 European countries, but 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.
As a typical example of China's new energy transformation and development, ZEEKR's listing in the United States has redefined the global value of China's new energy vehicles and set a new milestone for the globalization process of China's new energy industry.
Photo 7: The entrance of the New York Stock Exchange