Geely Automobile Terminator IPO seeks external financing for Polar Krypton

On the evening of June 25, 00175.hk announced that it had decided to withdraw its application for the listing of renminbi shares in Science and Technology Innovation Board.

With regard to the reasons for withdrawing the application, Geely said it was mainly in view of the company's business decisions and strategic adjustments.

According to the announcement of the Shanghai Stock Exchange, Geely Motors withdrew its application for listing or the sponsor withdrew its sponsor because the issuer withdrew its application for listing. The examination and approval of its issuance and listing shall be terminated in accordance with Article 67 (2) of the Audit rules.

Geely said that the group's business is operating well and that the withdrawal of the application will not have any significant adverse impact on the financial position or operation of the group. When the relevant conditions are ripe, the company will actively promote the listing work.

Battery Network noted that on June 17 last year, Geely officially announced its plan to "issue RMB shares and list on Science and Technology Innovation Board."

On Sept. 1, Geely Motor's application for landing Kefang Board was accepted, with a plan to raise 20 billion yuan, of which 8.4 billion was used for new model product research and development projects, 3 billion for forward-looking technology research and development projects, 3 billion for industrial acquisition projects, and 6 billion for supplementary liquidity.

On September 28, the official website of the Shanghai Stock Exchange showed that the listing Committee of the Shanghai Stock Exchange Kechuang Board had agreed to Geely's request for initial public offering and listing.

On March 31 this year, the listing process of Geely Motor was suspended due to the update of its financial results.

The industry speculates that Geely's termination of the IPO, may be related to two core issues: the failure to obtain a registered trademark and the failure to obtain a vehicle manufacturing qualification.

It is worth noting that on the same day that Science and Technology Innovation Board's application was withdrawn, Geely also announced that the board of directors of polar krypton intelligent technology had decided to explore different external financing options for the sustainable development of polar krypton intelligent technology.

It is understood that Polar Krypton was officially established in March this year, jointly invested by Geely Automobile and Geely holding Group (including employee investment platform and user rights platform), in which Geely Motor owns 51% and Geely holding Group holds 49%. Li Shufu, chairman of Geely holding Group, served as chairman of extreme Krypton Intelligent Technology, and an Conghui, President of Geely Automobile Group, served as CEO of extreme Krypton Intelligent Technology.

Polar Krypton 001, the first model of Geely's polar krypton brand, went on sale on April 15, launching a total of three models with a price range of 281000-360000 yuan.

On May 31, Haier Group and Geely Group approached and carried out in-depth cooperation. Polar Krypton 001, the first model of Geely's new smart car brand, Polar Krypton, will appear in Haier's retail stores. The two sides will also have other aspects of cooperation.

An Conghui, president of Geely Holdings and CEO of polar krypton intelligent technology, said on June 15, "due to tight supply of chips and core components, all deliverable orders for polar krypton 001 this year have been sold out. From now on, we have to stop receiving intention payments. " Officials say the polar krypton 001 will be officially delivered in October and part of the configuration in January next year. Polar Krypton has previously said that sales are expected to reach 10,000 vehicles in the fourth quarter of this year, and now the pre-sale performance of Polar Krypton 001 is far higher than expected. Deliverable orders have been sold out in 2021 and will stop receiving payment of intention from June 15, but the user's rights and channels will be retained.

On June 25, Geely Holdings Group signed a strategic cooperation agreement with the Ningbo Municipal people's Government. The two sides will make every effort to build the benchmark of China's automobile industry, promote the application of scientific and technological innovation, speed up the full chain of manufacturing services, and promote the greening of transportation. At the same time, it is announced that the global headquarters of Polar Krypton Intelligent Technology Company is located in Ningbo.