Zhejiang Geely Holding Group (Geely Holding) has today announced its support for a preliminary non-binding acquisition offer by Geely Automobile Holdings (Geely Auto HK.0175) for all outstanding shares and American depository shares (ADS) in ZEEKR Intelligent Technology Holding Limited (Zeekr NYSE:ZK), the New York Stock Exchange-listed premium new energy vehicle group.
Geely Holding, China’s most diversified international automotive and mobility technology group, regards the Geely Auto offer for Zeekr as an efficient use of capital to simplify and streamline the equity structure of the Hong Kong listed automotive group, which already controls circa 65.7% of Zeekr Group.
The offer follows the recently-completed strategic integration of Lynk & Co, a separate automotive brand within the Geely portfolio, into Zeekr.
Geely Holding Chairman Eric Li (Li Shufu) said: “In line with the spirit of the Taizhou Declaration, the continued integration of Geely’s automotive business give rise to greater technological synergies, improve innovation capabilities, and increase profitability for all its holdings. This win-win proposal offers Zeekr shareholders a premium for their equity, long-term value for new and existing Geely Auto shareholders, and strengthens Geely as a world-leading smart electric vehicle group. We will continue to maintain close communication and cooperation with American and global capital markets”
The offer coincides with efforts by Geely Holding to encourage greater integration and synergies across its global portfolio of businesses. Geely Holding last year vowed to seek greater portfolio synergies under its ‘Taizhou Declaration’, which Mr Li unveiled to ensure long-term sustainable development across the group.
Geely Auto, Zeekr and Lynk & Co are all pursuing growth opportunities in vehicle electrification and automation, in which they have opportunities to share innovative architecture, hardware, software and connected technologies, whilst also maximizing capacity utilization and their respective market strengths.
For more details on the proposed transaction, please refer to the announcement from Geely Auto
Geely Holding expects Geely Auto and Zeekr to announce further details about the proposed transaction when both companies report financial results on May 15, 2025.
SOURCE: Geely
