People walk past a booth of Zeekr, Chinese automaker Geely’s premium electric vehicle (EV) brand, at a shopping mall in Beijing, China November 3, 2023. REUTERS/Tingshu Wang/File Photo
Zeekr, Chinese automaker Geely’s premium electric vehicle (EV) brand, has put its U.S. initial public offering (IPO) on hold due to a mismatch in valuation expectations, according to two sources with direct knowledge of the matter.
The decision was made as global financial markets remain volatile, a third source added.
The sources could not be named because they were discussing confidential information.
“The company has made a public filing to the SEC and is proceeding with the preparatory work,” a Zeekr statement said.
It declined to answer Reuters questions about the deal being put on hold due to the company’s valuation target not being met and uncertain market conditions.
Reporting by Julie Zhu in Hong Kong and Scott Murdoch in Sydney; Editing by Jamie Freed and Christopher Cushing
