Xinhua Finance Shanghai, May 11 (Reporter Wang He) On the evening of May 10, Beijing time, ZEEKR Intelligent Technology Holdings Co., Ltd. was officially listed on the New York Stock Exchange in the United States with the stock code "ZK". 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 underwriters of this offering mainly include 12 institutions, including Goldman Sachs, Morgan Stanley, BofA Securities, and CICC.
The opening price of ZEEKR was $26 per share, and it rose all the way after the start of trading, reaching a peak of $29.36 per share, an increase of more than 38% compared with the issue price of $21, with a market value of $7.078 billion.
37 months! Breaking the record for the fastest listing in the history of new energy vehicle companies
As a luxury intelligent pure electric vehicle brand under Geely Holding Group, Zeekr has set a new record for the fastest listing in the history of new energy vehicle companies, only 37 months from the brand release on April 15, 2021 to the IPO.
Industry insiders said that the listing in the United States will not only further enhance ZEEKR'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, and at the same time help the capital market to reevaluate the global value of China's 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, achieve global compliance, transparent and sustainable development, and create the ultimate experience of travel life with global users. ”
Li Donghui, CEO of Geely Holding Group, Vice Chairman and Executive Director of Geely Automobile Holdings Limited, said: "The ZEEKR IPO is a microcosm of Geely Holding's overall strategic plan. Through the IPO, we increase the transparency and standardization of corporate governance, enhance the independence and integrity of the operation and accounting of our sub-business groups, improve operational efficiency, and better communicate with users, industries, regulators and investment institutions in a responsible manner, so as to promote global compliance governance. ”
Over 240,000 units of five models have been delivered in three years
Since its establishment, ZEEKR has launched five 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 global debut at the Beijing Auto Show. Each product 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 accelerated ZEEKR's growth. 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, achieving a year-on-year growth of more than double, ranking first in the sales of China's high-end pure electric brands with more than 200,000 yuan.
The expansion of the market size has significantly contributed to the company's revenue growth. 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 balanced and comprehensive development trend of ZEEKR in various business areas.
In terms of performance, 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 core competitiveness has also allowed the company to gain the favor of capital. Since its establishment, ZEEKR has been supported by industrial capital and well-known institutions such as CATL, Intel, Intel, etc. In this listing, the old shareholders continue to subscribe firmly, fully recognizing the long-term value of ZEEKR.
The IPO listing opened a new chapter in ZEEKR's global journey
The successful landing on the New York Stock Exchange has ushered in a new milestone in the development of ZEEKR and will open a new chapter in its globalization journey.
According to reports, about 45% of the funds raised in the IPO will be used to develop more advanced pure electric vehicle technology and expand 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 adheres to the development strategy of "one vertical and one horizontal globalization". Vertical - Focusing on the core technology fields of new energy vehicles, we have continued to make breakthroughs and innovations, and have invested nearly 17 billion yuan in R&D 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.
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 efficiently ensures the launch of five new cars 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 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, laid out the world's only "three 800" ultra-fast charging full ecological solutions, 800-volt car + power battery + energy replenishment network, and has become the car company with the most mass-produced 800-volt models in the world, including the new ZEEKR 001, ZEEKR 001 FR, ZEEKR 009 Guanghui, ZEEKR 007, ZEEKR MIX, etc. As of the end of April, the number of ultra-fast charging piles exceeded 2,500, ranking first in the industry.
"Born to be global" is the strategy of ZEEKR, therefore, the design of ZEEKR models fully considers the industry standards and user needs of major markets around the world, and the vast architecture meets the most stringent five-star safety standards in China, the United States, Europe and other countries around the world, ZEEKR 001 and ZEEKR X have obtained the safety certification of the European Union and the United Nations, and are the first to start sales and delivery in developed countries in Europe.
As of the end of April, ZEEKR has built nearly 380 stores around the world. The global target of the ZEEKR brand this year is 230,000 units, and ZEEKR will not only enter the luxury market in 8 European countries this year, 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.
Editor: Wang Yuanyuan
Statement: Xinhua Finance is a national financial information platform undertaken by Xinhua News Agency. In any case, the information published on this platform does not constitute investment advice. If you have any questions, please contact customer service: 400-6123115