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Early Zeekr Investors Write to GEELY AUTO, Calling USD2.2B Privatization Offer Too Low: Report
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In early May, GEELY AUTO (00175.HK) proposed privatizing its premium electric vehicle (EV) brand Zeekr (ZK.US). Reuters cited three sources as saying that five early investors in Zeekr recently sent a letter to GEELY AUTO's board, arguing that the USD2.2 billion privatization offer significantly undervalued Zeekr and did not reflect its fair value. According to the report, these investors included CATL (03750.HK), Intel Capital, and Boyu Capital, all of whom participated in Zeekr's initial funding round. The other two co-signing investors were BILIBILI-W (09626.HK) and Cathay Fortune Corp. These investors jointly sent two letters to GEELY AUTO and a special committee established to evaluate the offer, stating that the privatization price failed to reflect Zeekr's fair value. Sources also revealed that the five investors pointed out in the first letter that the privatization price valued Zeekr at only USD6.5 billion, which was far below its industry peers such as LI AUTO-W (02015.HK), NIO-SW (09866.HK), and XPENG-W (09868.HK). AAStocks Financial News |
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