Deloitte China assists listing of ZEEKR on NYSE
Chinese NEV company sets sector record for shortest time between establishment and US IPO
Deloitte China assisted the listing of ZEEKR Intelligent Technology Holding (ZEEKR, stock ticker: ZK) on the New York Stock Exchange (NYSE) on 10 May 2024, US time, setting the record for the shortest time between the establishment of a Chinese new electronic vehicle (NEV) company and its completion of a US initial public offering (IPO), and marking the largest US IPO of a China concept stock by funds raised for nearly the past three years. ZEEKR is a spin-off listing from Hong Kong-listed Geely Automobile (stock code: 00175.HK).
ZEEKR offered 21,000,000 American Depository Shares (ADS), each representing 10 of its ordinary shares. The offer price is USD21 per ADS, taking the total funds raised in this offering to USD441 million. The company's market cap reached nearly USD7 billion by the end of its first trading day, with 34.57% jump from its offer price.
(From left) Shengyue Gui, Director of ZEEKR, Conghui An, Director and Chief Executive Officer of ZEEKR and Donghui Li, Director of ZEEKR, attend ZEEKR’s listing ceremony in New York Stock Exchange
(From left) Jing Yuan, Chief Financial Officer of ZEEKR; Shengyue Gui, Director of ZEEKR; Conghui An, Director and Chief Executive Officer of ZEEKR and Donghui Li, Director of ZEEKR, attend ZEEKR’s listing ceremony in New York Stock Exchange
About the client
ZEEKR is a battery electric vehicle (BEV) non-wholly owned subsidiary established in 2021 by Zhejiang Geely Holding Group (Geely Group), a Fortune Global 500™ company. It focuses on innovation in BEV architecture, hardware, software and the application of new technologies. Its current product portfolio includes the ZEEKR 001, ZEEKR 001 FR, ZEEKR 009, ZEEKR X and an upscale sedan.
Source: ZEEKR Intelligent Technology Holding Limited IPO prospectus filed on 9 May 2024
About the IPO engagement
Deloitte’s outstanding services to Geely Group over the past 15 years were the wining factor in this IPO. Over the past three years, we have established a multi-disciplinary engagement team with members from the Global Capital Market Group, Audit & Assurance (A&A), Valuation Review (VR), Tax Review and Risk Advisory (RA) teams. We have also led our overseas member firms in the provision of world-class, one stop services to the client.
Deloitte China served ZEEKR throughout its IPO journey with a high-quality philosophy of “diligence and excellence”. The engagement team supported ZEEKR by providing consistent, professional capital market audit services at each stage of listing filing work. It also worked collaboratively with intermediaries to help the client list on NYSE.
Deloitte China congratulates ZEEKR on its successful listing on NYSE. We will continue to provide high quality professional services to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see About Deloitte to learn more.
Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China’s reform, opening-up and economic development. We are a globally connected firm with deep roots locally, owned by our partners in China. With over 20,000 professionals across 31 Chinese cities, we provide our clients with a one-stop shop offering world-leading audit, tax and consulting services.
We serve with integrity, uphold quality and strive to innovate. With our professional excellence, insight across industries, and intelligent technology solutions, we help clients and partners from many sectors seize opportunities, tackle challenges and attain world-class, high-quality development goals.
The Deloitte brand originated in 1845, and its name in Chinese (德勤) denotes integrity, diligence and excellence. Deloitte's global professional network of member firms now spans more than 150 countries and territories. Through our mission to make an impact that matters, we help reinforce public trust in capital markets, enable clients to transform and thrive, empower talents to be future-ready, and lead the way toward a stronger economy, a more equitable society and a sustainable world.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively, the “Deloitte organization”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.
No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.