AutoBeta(AutoBeta.net)11/11 Report--

Polar Krypton Motors, a high-end electric car brand owned by Geely Holdings, publicly filed an IPO prospectus with the Securities and Exchange Commission (SEC) on Nov. 10. Polar Krypton plans to list on the New York Stock Exchange under the symbol "ZK", according to the prospectus. This also means that if there is no accident, Polar Krypton will become the fourth new energy car company to be listed in the United States after Wei Xiaoli.

Polar Krypton said in its prospectus that Geely has been the controlling shareholder since its inception and will continue to control polar krypton after the completion of the offering. According to the prospectus, before the offering, Geely Motor held 54.7% of the shares, while Geely International (Hong Kong) Limited held 13.2% of the shares. TGGK Innovation Limited held 9.8%.

In fact, Geely Holdings has been actively promoting polar krypton IPO long before this. In October 2022, Geely disclosed its plans for a spin-off listing of polar krypton for the first time; in December of the same year, Geely issued an announcement on the Hong Kong Stock Exchange. Polar Krypton submitted a draft registration statement for a possible initial public offering to the SEC on a confidential basis on December 7, New York time. In August this year, according to the website of the China Securities Regulatory Commission, the CSRC confirmed the filing information of the overseas listing of Polar Krypton Intelligent Technology Holdings Co., Ltd. According to the overseas listing filing notice, extreme Krypton intends to issue no more than 926 million common shares and be listed on the New York Stock Exchange of the United States.

Data show that polar krypton brand (English name ZEEKR) was established on April 15, 2021, is Geely's new intelligent pure electric car brand, jointly invested by Geely Automobile and Geely Holdings, with a shareholding ratio of 51% and 49% respectively. Li Shufu is the chairman of the company, and an Conghui is CEO.

Judging from the time when Polar Krypton was founded, it was founded less than three years ago, that is, if IPO is successful, Polar Krypton will be the fastest automotive technology company to go to market in less than three years. As a reference, Wei Xiaoli took 4 years, 7 years and 5 years from its founding to listing, while Tesla took 7 years.

According to the prospectus, from 2020 to 2022, the revenue of Polar Krypton was 3.185 billion yuan, 6.528 billion yuan and 31.899 billion yuan respectively, and the net profit was 104 million yuan,-4.514 billion yuan and-7.655 billion yuan respectively.

Revenue in the first half of this year was 21.27 billion yuan, an increase of 136% over the same period last year, of which vehicle sales revenue was 13.175 billion yuan, an increase of 148.75% over the same period last year, but the net loss also widened to 3.871 billion yuan, compared with 3.085 billion yuan in the same period last year. It should be noted that its gross profit margin was 12.3%, an increase of 7.6% over the same period last year. For comparison, Xiaopeng's gross profit margin fell to-5.9% in the first half of this year, while that of NIO was only 1%.

It is obvious from the data that the gross profit margin of polar krypton cars is as high as 12.3%, which is quite eye-catching for a new power car company that has been established less than three years ago. For gross margin performance, extreme krypton intelligent technology CEO an Conghui previously revealed that polar krypton cars are the pure electricity brand with the best gross margin except Tesla, and the gross profit target of polar krypton this year is in double digits.

As an important brand of Geely's transformation to new energy, so far, polar krypton cars have a total of polar krypton 001, polar krypton 009, polar krypton X three models on sale. According to the retail data of the Federation of passengers, from January to October 2023, polar krypton delivered a total of 92105 new cars, of which polar krypton 001 was the main source of sales, with cumulative sales of 61515, accounting for 66.79% of total polar krypton sales, while polar krypton was 15329; and polar krypton 009 was 15261.

According to the annual sales target of 140000 vehicles, the annual sales target rate of polar krypton cars in the first 10 months of this year is 65.79%, but judging from the current sales situation, it is not easy for polar krypton cars to achieve the target of delivering 140000 vehicles. In addition to the above models, Polar Krypton 007, another brand-new model of Polar Krypton, will be unveiled at the 2023 Guangzhou Motor Show and will be put on sale at the same time. The new car is based on the PMA2+ platform under SEA's vast architecture, or is positioned as an all-electric medium-sized sedan, with competitors such as BYD Seal.

According to the plan, polar krypton will launch no less than two new models every year in the future. Under the layout of multiple models, the sales target of polar krypton will double every year, and the annual delivery target of 650000 vehicles will be achieved by 2025. Become the top three in the global luxury electric car market.

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