Buycar learned that on the evening of May 10, Beijing time, ZEEKR Intelligent Technology (stock code: "ZK") was listed on the New York Stock Exchange. The offering price of ZEEKR is $21, and the total amount raised is $441 million. Based on the issue price, ZEEKR has a market value of about $5.2 billion. As of the close, ZEEKR was quoted at $28.26 per share, up 34.57% from the issue price.
This is the fourth Chinese new energy company to successfully list on the NASDAQ. An Conghui, President of Geely Holding Group and CEO of ZEEKR Intelligent Technology, said in his speech: "In 37 months, ZEEKR has set a new record for the fastest new energy vehicle brand from release to IPO; Behind this is the accumulation of our parent company, Geely Holding Group, for 37 years. ”
Unlike the previous atmosphere when NIO, Xiaopeng and Ideal rang the bell on the Nasdaq, ZEEKR has never experienced the difficult life and death line of entrepreneurship, so there is no ashore carnival when the bell is ringed. ZEEKR listing has nothing to do with entrepreneurship, dreams, or even financing. Importantly, this is the beginning of Geely Holding Group's transformation.
ZEEKR was born for listing
The listing of ZEEKR is the OKR of An Conghui and his team, and it is the KPI fulfillment of professional managers.
Since the release of the ZEEKR brand, Lynk & Co Zero Concept has become ZEEKR 001, and the listing has become a goal that must be completed, and it must also reflect the "ZEEKR speed". According to the prospectus, since its establishment, ZEEKR's sales have grown by leaps and bounds, and its revenue has doubled. But then there is, the more you sell, the more you lose.
According to the data, from 2021 to 2023, the total annual revenue of ZEEKR will be 1.5443 billion, 19.6712 billion, and 33.9118 billion respectively; The net loss for the year was 4,514.3 million, 7,655.1 million and 8,264.2 million, respectively. By the end of 2023, ZEEKR's cash and cash equivalents are only 3,260.7 million.
But unlike any startup, cash flow is never something that Zeekr needs to consider. As An Conghui said, "ZEEKR's gross profit margin has been positive since the first car." ”
This is something that "Li Bin" never dared to think about, to ensure cash flow at any time to support the entrepreneurial logic of 6-12 months, and to "thank you for the grace of not saving back then", all of which are "entrepreneurship" that ZEEKR has never experienced.
Therefore, the mission of ZEEKR has never been to "live". As Geely Holding Group's most important attempt to embrace the new automobile revolution, ZEEKR is Geely's "future". Of course, in this dimension, ZEEKR has completed its mission.
Just like Emgrand during the Great Leap Forward period of independent car companies, Lynk & Co during the high-end period of Chinese brands, etc., in the PK with the new brands of smart electric vehicles incubated by traditional car companies, Ji used ZEEKR to continue its success.
Next, the story of Zeekr is no longer related to Zeekr. With the listing as a milestone, An Conghui has completed the KPI, and it can be confirmed that after the listing, the combination of ZEEKR and Geely Holding Group will be closer in terms of corporate management, corporate governance, capital investment and other aspects.
Geely needs "a game of chess"
In the automotive field, Geely Holding Group's capital operation is a benchmark. Since Geely's acquisition of Volvo, Li Shufu's capital empire has continued to grow, but with market changes, strategic adjustment is also imminent.
"The capital market doesn't seem to be interested in Li Shufu's capital market strategy, and there are a bunch of listed companies, none of which can be beaten." A securities analyst said, "Purely from the market capitalization, Li Shufu's 8 listed companies are not as good as a BYD." ”
According to the data, as of March 31, 2024, Geely Automobile's market value was 86 billion yuan, Polestar's 23.7 billion yuan, ECARX's 4.8 billion yuan, Qianjiang Motorcycle's 7.3 billion yuan, Hanma Technology's 3.3 billion yuan, Lifan's Technology's 14.5 billion yuan, and Lotus's 33 billion yuan. As of May 10, Volvo had a market value of 85 billion yuan. If you calculate it simply, the total market value of the eight listed companies in the "Geely system" is 257.6 billion yuan. Even if ZEEKR is added, it is difficult to match BYD's market value of more than 500 billion yuan.
Starting from Geely Holding Group's ninth listed company, Zeekr, the gears of change need to start turning. From the internal point of view of ZEEKR, more and more "auspiciousness" is the main direction in the future, whether it is in the supply chain system, or in the field of capital operation, the change from "empowerment" to "integration" has begun.
According to the data, Geely previously transferred 51% of the equity of Ningbo Weirui and all the shares of CEVT to ZEEKR. These two brands are an important part of Geely's new energy system, one is responsible for battery manufacturing, and the other is responsible for the research and development of new energy vehicle architecture and software, which has become an important source of revenue for Zeekr. Next, it is foreseeable that such integration will be more intensive.
Located on the 10th floor of the Geely Building in Hangzhou, Mr. Fei Xiaotong's sixteen-character motto hangs at the door of Li Shufu's office, "Each is beautiful, the beauty of the beauty, the beauty of the United States, the world is the same", whether it is the acquisition of Volvo, or the days after "buy, buy, buy, go up", have been quoted by Li Shufu many times.
However, in the stage when new automobiles enter a new competitive landscape, Geely Holding Group, which is "each with its own beauty", needs to "share the beauty of beauty".