Chinese EV maker Zeekr's shares open 24% above IPO price
-Shares of Zeekr Intelligent Technology opened nearly 24% above their initial public offering price on Friday, giving the China-based electric vehicle maker a valuation of $6.8 billion.
"The capital markets in New York are very favorable for new energy vehicles. Zeekr is a global brand, and choosing to list in New York further demonstrates its global capabilities," said CEO Conghui An, who is also the president of Zeekr's parent company, Geely Holding Group.) Cars and the UK's Lotus. It was formed in 2021 to tap into growing Chinese demand for premium models, and has delivered nearly 200,000 cars so far, according to its IPO filing, mostly in China.
The discount to last year's valuation could help draw in investors, said Dan Coatsworth, investment analyst at AJ Bell. The number of Chinese companies that have pursued stock market flotations in the United States in the past few years has dropped, after Chinese ride-hailing giant Didi Global was forced to delist its shares following a backlash from Chinese regulators.
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