Zeekr delists from NYSE as Geely completes full acquisition

Geely Automobile Holdings Ltd. (HKEX 0175) said it has formally concluded the privatization of its premium electric unit Zeekr Intelligent Technology, ending the latter’s listing on the New York Stock Exchange.

Under the merger agreement signed in July, Geely paid US$2.687 in cash plus 1.23 new Geely shares for every Zeekr share it did not already own, valuing the transaction at roughly US$2.4 billion. Zeekr’s American depositary shares stopped trading on July 15; the company will be deregistered with the SEC.

The deal lifts Geely’s stake from 65.7 % to 100 % and folds Zeekr’s balance sheet into the Hong-Kong-listed parent. Geely said the move will “eliminate duplicate R&D, unify architecture strategy and accelerate cost synergies,” citing early savings of 10–20 % on development and 5–8 % on procurement after Zeekr’s earlier absorption of sibling brand Lynk & Co.

The privatization is the final plank of Geely’s “Taizhou Declaration,” a September 2024 manifesto that ordered the group to exit “brand-sprawl” and funnel resources into a two-pillar passenger-car structure:

• Geely Auto Group Geely, Geely Galaxy and Geely Radar
• Zeekr Tech Group Zeekr and Lynk & Co

Geely chairman Eric Li said in an internal memo that integration “removes capital-market noise” and lets Zeekr “double-down on long-term tech bets such as the SEA architecture, 800-V fast-charging and full-stack AD.”

Zeekr’s NYSE exit is the quickest among Chinese EV makers. The brand listed in May 2024 at 9 USD ADS, peaked near 13 USD, then slid below 7 USD as price wars and repeated model-year facelifts eroded investor confidence. Geely argued the take-private price represented an 18.9 % premium to the last unaffected close and a 25.6 % premium to the 30-day VWAP.

Geely will fold Zeekr’s 300 retail stores into a unified NEV sales network in China and pair Zeekr’s European homologation know-how with Volvo’s local after-sales backbone to reach 50 export markets by 2026.