Zeekr has submitted an overseas listing filing with the CSRC, planning to issue up to 926,074,300 ordinary shares and list on the New York Stock Exchange.
(Image credit: CnEVPost)
In addition to self-driving startup WeRide, Geely Holding Group's premium electric vehicle (EV) subsidiary Zeekr has also filed for an initial public offering (IPO) in the US with the Chinese securities regulator.
Zeekr submitted an overseas listing filing with the China Securities Regulatory Commission (CSRC) and plans to issue up to 926,074,300 ordinary shares and list them on the New York Stock Exchange, according to an announcement on the CSRC's website today.
Zeekr should update its filing if it does not complete its listing within 12 months if it plans to move forward at that time, according to the announcement.
The CSRC's announcement did not disclose any information beyond the number of shares it plans to issue and where it will trade.
Earlier today, another announcement on the CSRC website showed that WeRide submitted a filing for an overseas listing on either the New York Stock Exchange or the Nasdaq exchange.
Chinese companies were not originally required to report to their home regulators for US listings, but new rules introduced by the CSRC at the end of 2021 put in place the requirement after Luckin Coffee's financial fraud, as well as Didi's US listing farce.
It's worth noting that these announcements only mean that the CSRC has received offshore listing filings from local companies, not that their applications have been approved.
On August 10, an announcement from the CSRC showed that Nio (NYSE: NIO)'s LiDAR provider Innovusion filed to go public in the US.
On August 18, Innovusion was asked to file supplemental materials to address questions including compliance with the establishment of a share control structure.
Zeekr was formally incorporated as a standalone company in March 2021 and currently sells the Zeekr 001, Zeekr 009, and Zeekr X models.
On December 12, 2022, Reuters reported that Zeekr had confidently filed for a US IPO, aiming to raise more than $1 billion.
Zeekr was seeking a valuation of more than $10 billion at the time, which would be the first major US IPO by a Chinese company in a year and a half, the report said.
On December 13, 2022, Geely said in a Hong Kong stock exchange announcement that Zeekr filed a draft registration statement for a possible IPO with the SEC on December 7 on a confidential basis.
On August 23, local media outlet Cailian reported that Zeekr plans to begin a new round of communications with investors in late August and plans to raise around $1 billion in a future IPO.
Zeekr is expected to be valued at well over $13 billion, the report said.