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Chinese EV Company Zeekr Raises $441 Million In Upsized U.S. IPO

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Zeekr,EV,Eric Li

I cover Chinese billionaires, and help to compile the China Rich List as well as Under30 list in Asia. I contribute to Forbes, and previously I freelanced for SCMP and Nikkei. Prior to Beijing, I spent six months as an intern at TIME magazine's Hong Kong office. I am a graduate of the Medill School of Journalism, Northwestern University.

A ZEEKR vehicle is seen in Hangzhou, Zhejiang province, China. ZEEKR raised $441 million Thursday on the New York Stock Exchange and will trade under the ticker symbol"ZK."’s Geely Automobile Holdings, raised $441 million in an upsized initial public offering in the U.S., but the deal valued the company at only $5.5 billion, an almost 60% fall from early 2023.each. Instead, Zeekr expanded the offering to sell 21 million ADS Thursday at $21 per share, which valued the company at $5.

In the first quarter of this year, Chinese companies raised a paltry $46.9 million through both primary and secondary listings in the U.S., down 90% from $428.4 million raised in the same period a year earlier, according to analytics and data firm Dealogic. Mega deals—such as the $25 billion IPO of Chinese e-commerce behemoth Alibaba in New York in 2014—have all but vanished.and become more encouraging of listings on bourses outside mainland China.

This has left Zeekr in an uncomfortable middle position, Wang says. It sells five pure electric models, a mix of sedans and SUVs, in a range of 200,000 yuan to almost 800,000 yuan. Last year, the company reported $7.3 billion in sales, up more than 60% from 2022, although losses widened to $1.2 billion, according to its IPO prospectus. The automaker wants to doubleunits from 118,000 vehicles in 2023, in part by entering foreign markets including Europe, a senior executive said earlier this year.

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