Zeekr Charges onto NYSE, Achieving Record-Breaking IPO for Chinese NEV Brand

Zeekr Intelligent Technology Holdings Co., Ltd., the luxury electric vehicle brand under Geely Holding Group, has marked a monumental achievement by going public on the New York Stock Exchange on May 10.

Trading under the ticker symbol "ZK," Zeekr has not only raised a substantial $441 million by issuing 21 million American Depositary Shares at $21 each but also set a breathtaking pace by becoming the quickest Chinese new energy vehicle (NEV) company to list, taking just 37 months since its inception.

Since its launch in April 2021, Zeekr has captivated the global capital market's interest with its extraordinary speed and robust market performance. Notably, in under three years, Zeekr posted a startling revenue of 51.7 billion yuan in 2023, boasting a vehicle gross margin of 15%.

Zeekr has certainly lived up to its high-end branding, surpassing the 240,000 vehicle delivery mark by the end of April 2024. The first four months of the same year saw a sales surge of 111% year-on-year, clinching the title of China's top-selling pure electric brand in the over 200,000 yuan category.

The overwhelming market response during the IPO led to an oversubscription, scaling the issuance to 24.15 million ADS and raising an even more remarkable $507 million. Zeekr's success paints a broader picture of the ascension of Chinese NEV companies and is a significant nod to the global reevaluation of their value and potential.

As it stands on the global stage of the US capital market, Zeekr represents the forefront of China's automotive sector in electrification, smart technology, and digitalization. This momentous occasion is anticipated to compel the reassessment and recognition of China's NEV industry by global investors, serving as a strong indicator of China's rapid advancement and future potential in the global automotive landscape.

Zeekr's IPO not only propels its growth trajectory but also stands as a landmark in the internationalization of Chinese automotive brands, paving the way for a new era of global presence and influence.