AutoBeta(AutoBeta.net)05/11 Report--

IPO, a high-end electric car brand owned by Geely Holdings, is priced at $21 per ADS and will be listed on the New York Stock Exchange under the symbol "ZK" on May 10, Interface News reported. This also means that if there is no accident, Polar Krypton will become the fourth new energy car company to be listed in the United States after Wei Xiaoli, and Li Shufu will also become the ninth listed company.

Polar Krypton will issue 17.5 million shares of ADS (American depositary shares), each of which corresponds to 10 common shares, with a price range of $18 to $21 per share, according to a prospectus filed with the SEC Securities and Exchange Commission. The latest news shows that the polar krypton stock IPO is priced at $21 per ADS, at the top of the previously announced $18 to $21 per share. In addition, the above report also pointed out that polar krypton has been more than 5 times oversubscribed and ended the subscription one day earlier than originally planned, and investors are more enthusiastic than expected.

Polar krypton brand (English name ZEEKR) was founded on April 15, 2021, is Geely's new intelligent pure electric car brand, jointly invested by Geely Automobile and Geely Holdings, with a shareholding ratio of 51% and 49% respectively. Li Shufu is chairman of the company and an Conghui is CEO.

From the point of view of the establishment time of Polar Krypton Automobile, it is only about three years since its establishment. After the success, IPO will become the fastest automotive technology company from its establishment to listing. As a reference, Wei Xiaoli took 4 years, 7 years and 5 years from its founding to listing, while Tesla took 7 years.

According to the financial report, polar krypton revenue in 2023 was 51.673 billion yuan, up 62% from the same period last year, while the net loss was 8.264 billion yuan, up 8% from the same period last year. Prior to this, the net losses in 2021 and 2022 were 4.514 billion yuan and 7.655 billion yuan respectively, with a cumulative loss of 20.433 billion yuan in three years. In addition, the sales income of extreme krypton cars from 2021 to 2023 was 1.5443 billion yuan, 19.6712 billion yuan and 33.9118 billion yuan respectively, with gross profit margins of 1.8%, 4.7% and 15.0%, respectively.

As an important brand of Geely's transformation to new energy, so far, polar krypton car models include polar krypton 001, polar krypton 009, polar krypton X, polar krypton MIX, of which polar krypton MIX is the fifth model of polar krypton, which is jokingly called "baby bus" by netizens. In addition to the above models, the polar krypton car will also launch a medium and large luxury pure electric SUV and a top luxury pure electric SUV this year.

Retail data show that the cumulative sales of polar krypton cars in 2023 was 118685, up 65% from the same period last year, but still a long way from the 140000 sales target, with a target completion rate of 79.12%. Among the subdivided models, polar krypton 001 sold 76246 vehicles, accounting for 64.24% of the total sales, followed by polar krypton X and polar krypton 009, with 22372 and 19210 respectively.

Relying on Geely, Polar Krypton has received strong support from Geely since its establishment, but even so, as a car manufacturer, car building is a bottomless pit, and listing has become the only way for car companies. Of course, listing is not the end, invest in research and development, create brand personalization, and ensure product quality is the top priority for car companies to survive in the highly competitive market. With the increasingly fierce competition in the electric car market, whether polar krypton can withstand the new challenges of the market or whether it can create surprises in sales needs to be answered by the market. after all, fierce competition will not leave room for any player on the field.

According to the plan, polar krypton will launch no less than two new models every year in the future. Under the layout of multiple models, the sales target of polar krypton will double every year, and the annual delivery target of 650000 vehicles will be achieved by 2025. Become the top three in the global luxury electric car market.

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