Geely to up stake as Zeekr goes public

Geely Automobile (0175) plans to subscribe up to US$320 million (HK$2.5 billion) of American depositary shares of its electric vehicle brand Zeekr, which has applied for a listing in the United States.

Geely said the subscription will strengthen its controlling stake in Zeekr, which is set to be separated from the company.

Zeekr is seeking to raise up to US$367.5 million in the US initial public offering and will market 17.5 million ADSs for US$18 to US$21 apiece in what will be the biggest US offering by a China-based firm since 2021.

Zeekr is estimated to have a market value of about US$5.1 billion at the top of the range based on its filings with the US Securities and Exchange Commission.

Mobileye Global and Contemporary Amperex Technology have also expressed interest in subscribing the ADS.