BRIEF: Zeekr shareholders accept privatization offer

Shareholders of electric vehicle (EV) maker Zeekr Intelligent Technology Holding Ltd. (ZK.US) voted overwhelmingly to accept an offer to privatize the company, with 96.8% of ordinary shares cast in favor of the deal, the company said on Monday.

Zeekr first announced plans to privatize in May, with a group led by Hong Kong-listed Geely Auto (0175.HK) offering $25.66 for each of the company’s American depositary shares (ADS). But some shareholders protested the price was too low, leading the Geely-led group to raise its offer to $26.87 per ADS in July.

The delisting comes less than two years after Zeekr raised $440 million in a New York IPO in May 2023. Both Zeekr and Geely Auto are part of Geely Group, one of China’s largest private automakers, whose other listed assets include car makers Volvo (VOLCAR-B.ST) and Lotus Technology (LOT.US), and car technology company Ecarx (ECX.US).

Zeekr shares rose 2% on Monday after the announcement, and gained another 0.7% on Tuesday to close at $29.88.

By Doug Young

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