Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>ZEEKR, a fast-growing premium BEV maker, filed its F-1 last week. The company is going public through an IPO and offering ADSs of a Cayman Islands holding company.</li>
<li>In 2022, Geely agreed to spin off ZEEKR and list its EV maker in Asia/the U.S. The company has raised ~$1.6B and was backed by Geely and top-tier investors.</li>
<li>Geely Auto will hold 50%+ of the voting power upon completing an IPO. ZEEKR’s last round was a $750M Series A in February 2023 at a $13B post-money valuation. </li>
</ul>


ZEEKR, a fast-growing premium BEV maker, filed its F-1 last week. The company is going public through an IPO and offering ADSs of a Cayman Islands holding company.
In 2022, Geely agreed to spin off ZEEKR and list its EV maker in Asia/the U.S. The company has raised ~$1.6B and was backed by Geely and top-tier investors.
Geely Auto will hold 50%+ of the voting power upon completing an IPO. ZEEKR’s last round was a $750M Series A in February 2023 at a $13B post-money valuation. 


ZEEKR IPO Preview: A Geely-Backed Fast-Growing Decacorn in China’s EV Revolution

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR</a>, a premium EV brand by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, aims to raise around US$500m in its US listing.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



ZEEKR, a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we talk about the not-so-positive aspects of the deal.


Zeekr Pre-IPO - The Negatives - Remains Highly Dependent on Geely

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese BEV manufacturer and a subsidiary of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, has filed for a US$500 million IPO to list on the NYSE.</li>
<li>ZEEKR has launched three models - the luxury shooting brake coupe ZEEKR 001, the luxury pure electric MPV – ZEEKR 009 and the new luxury versatile SUV – ZEEKR X.</li>
<li>The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash conversion cycle.</li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has filed for a US$500 million IPO to list on the NYSE.
ZEEKR has launched three models - the luxury shooting brake coupe ZEEKR 001, the luxury pure electric MPV – ZEEKR 009 and the new luxury versatile SUV – ZEEKR X.
The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash conversion cycle.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr</a>, a premium EV brand by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> , aims to raise around US$500m in its US listing.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we talk about the positive aspects of the deal.


Zeekr Pre-IPO - The Positives - Has Been Growing Very Fast While Meeting Its Targets

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>CPNG/BABA/PDD : Coupang sacrifices profitability for growth in 3Q23 (-/+/+)</li>
<li>LI/XPEV/NIO/TLSA1211.HK: Tesla raises prices for Model 3 + Model Y on November 9th (+)</li>
<li>ZLAB: ZLAB's Q3 revenue slightly lower than our estimates, R&amp;D compressed profits</li>
</ul>


CPNG/BABA/PDD : Coupang sacrifices profitability for growth in 3Q23 (-/+/+)
LI/XPEV/NIO/TLSA1211.HK: Tesla raises prices for Model 3 + Model Y on November 9th (+)
ZLAB: ZLAB's Q3 revenue slightly lower than our estimates, R&amp;D compressed profits


[Blue Lotus Daily]: LI/XPEV/NIO/TSLA/ATAT/HTHT/ZLAB/ACMR/CPNG/BABA/PDD/BEKE

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

ZEEKR IPO Preview: A Geely-Backed Fast-Growing Decacorn in China’s EV Revolution

A Geely-backed premium EV maker, ZEEKR, plans to go public in the United States and raise up to $1B, with Goldman Sachs and Morgan Stanley leading...

Andrei Zakharov

Zeekr Pre-IPO - The Negatives - Remains Highly Dependent on Geely

ZEEKR, a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing. In this note, we talk about the not-so-positive...

Sumeet Singh

ZEEKR IPO: The Bull Case

The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash...

Arun George

Zeekr Pre-IPO - The Positives - Has Been Growing Very Fast While Meeting Its Targets

Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing. In this note we talk about the positive aspects...

Sumeet Singh

[Blue Lotus Daily]: LI/XPEV/NIO/TSLA/ATAT/HTHT/ZLAB/ACMR/CPNG/BABA/PDD/BEKE

Coupang prioritizes growth over profitability, Tesla increases prices for Model 3 and Model Y, ZLAB's Q3 revenue falls short of estimates.

Blue Lotus Research Institute

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ZEEKR IPO Preview: A Geely-Backed Fast-Growing Decacorn in China’s EV Revolution

A Geely-backed premium EV maker, ZEEKR, plans to go public in the United States and raise up to $1B, with Goldman Sachs and Morgan Stanley leading...

Andrei Zakharov

Zeekr Pre-IPO - The Negatives - Remains Highly Dependent on Geely

ZEEKR, a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing. In this note, we talk about the not-so-positive...

Sumeet Singh

ZEEKR IPO: The Bull Case

The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash...

Arun George

Zeekr Pre-IPO - The Positives - Has Been Growing Very Fast While Meeting Its Targets

Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing. In this note we talk about the positive aspects...

Sumeet Singh

[Blue Lotus Daily]: LI/XPEV/NIO/TSLA/ATAT/HTHT/ZLAB/ACMR/CPNG/BABA/PDD/BEKE

​Coupang prioritizes growth over profitability, Tesla increases prices for Model 3 and Model Y, ZLAB's Q3 revenue falls short of estimates.

Blue Lotus Research Institute

Coupang prioritizes growth over profitability, Tesla increases prices for Model 3 and Model Y, ZLAB's Q3 revenue falls short of estimates.