Zeekr, one of Chinese automaker Geely's upmarket electric car brands, has confidentially filed for a U.S. initial public offering, aiming to raise more than $1 billion, sources said
In what would be the first major Chinese float in the United States in more than a year and a half, Zeekr is seeking a valuation of more than $10 billion, two of the sources said.The plans come as the brand, which competes with Tesla Inc and Chinese peer Nio Inc
A Zeekr IPO would be the first major U.S. float of a Chinese firm since Beijing tightened its grip on overseas share sales in July last year - a shift triggered by a cybersecurity probe into ride-hailing giant Didi Global on the heels of its U.S. stock market debut. A confidential filing allows companies to keep details from rivals longer and gives them added flexibility particularly when a timeline for an IPO is not fixed.A Zeekr 001 electric vehicle by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File Photo
Only five Chinese companies have completed U.S. IPOs this year, raising a combined $162.5 million, according to Refinitiv data - a far cry from the $12.8 billion raised last year.
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