Chinese Automaker Geely Auto Scraps STAR Market Listing Plan
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China’s Geely Automobile Holdings Ltd said on Friday it is dropping plans to list new shares on the mainland’s Nasdaq-like STAR Market.
Zhejiang-based Geely Auto, China’s highest-profile automaker thanks to parent Zhejiang Geely Holding Group’s investments in Daimler AG and Volvo Cars, is listed in Hong Kong with a market capitalization of HK$255 billion ($32.85 billion).
In September, Geely Auto said in a filing that it planned to raise 20 billion yuan ($3.10 billion) from the STAR Market listing.
Geely Auto is aiming to sell over 1.5 million vehicles this year. It also said would seek external funding for its newly-launched electric Zeekr brand.
In February, Geely Auto said it abandoned the merger plan with sister company Volvo Cars.
Questions & Answers
Q.What is Geely Auto's current market capitalisation?
What is Geely Auto's current market capitalisation?
Geely Automobile Holdings Ltd, listed in Hong Kong, currently has a market capitalisation of HK$255 billion. This equates to approximately $32.85 billion US dollars.
Q.What was the planned amount Geely Auto aimed to raise from the STAR Market listing?
What was the planned amount Geely Auto aimed to raise from the STAR Market listing?
Geely Auto had previously stated in a September filing that it intended to raise 20 billion yuan from its STAR Market listing. This amount is equivalent to $3.10 billion US dollars.
Q.What are Geely Auto's sales targets for the current year?
What are Geely Auto's sales targets for the current year?
Geely Auto has set a target to sell over 1.5 million vehicles during the current year. This is an ambitious goal for the Chinese automaker.
Q.Which other significant plans has Geely Auto abandoned recently?
Which other significant plans has Geely Auto abandoned recently?
Besides scrapping the STAR Market listing, Geely Auto also abandoned its merger plan with sister company Volvo Cars earlier this year in February. The company is now seeking external funding for its Zeekr brand.
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