BUZZ-HK-listed Geely rises most in over 4 weeks on EV brand Zeekr fundraising cheer

Reuters2021-08-30

** Shares of Geely Automobile Holdings Ltd rise 6% to HK$27.35, the biggest daily percentage gain since July 29

** Stock hits the highest since Aug. 19; the second biggest percentage gainer on both the Hang Seng China Enterprises Index

and the Hang Seng Index

** Zeekr, the electric vehicle brand by Geely, said on Friday it raised $500 million in its first external funding from investors including Intel Capital , battery maker CATL

and online entertainment firm Bilibili

** Zeekr is jointly owned by Geely Automobile and its parent Zhejiang Geely Holding Group

** Brokerage Daiwa says the deal implies a 58 bln yuan valuation at the pre-A financing round and it sees the high valuation as positive for investor sentiment on Geely

** Zeekr will likely introduce other investors and attract an even higher valuation in the future - Daiwa

** The Hong Kong Hang Seng Commerce & Industry Index rises 1.1%, and the Hang Seng Composite Index climbs 0.4%

** The Hang Seng China Enterprises Index and the benchmark index both gain 0.2%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
1