By Michael Elkins
China's Geely Automobile Holdings (OTC:GELYF) (OTC:GELYY) announced Tuesday that the company’s electric car brand, Zeekr, has confidentially filed for a U.S. initial public offering, in what would be the first major Chinese listing in the country in nearly two years.
Reuters on Monday exclusively reported that Zeekr was aiming to raise more than $1 billion in its U.S. IPO and seeking a valuation of more than $10B.
The plan comes as the automaker sets its sights on marketing its 001 crossover - its first and only model - in Europe next year.
The filing also comes after Beijing and Washington struck a landmark auditing deal in August that sharply lowered the likelihood of delisting for more than 200 New York-listed Chinese companies.