Shulou(Shulou.com)11/24 Report--

CTOnews.com, December 12 (Reuters)-Geely's high-end electric car brand, extreme Krypton, has applied for an IPO in the United States and plans to raise more than $1 billion, according to Reuters. Polar Krypton is seeking a valuation of more than $10 billion, making it the first large Chinese company to list in the US in more than a year and a half, according to two sources.

CTOnews.com learned that Geely said in an announcement last month that the board had submitted a motion to the Hong Kong Stock Exchange to spin off Polar Krypton and list it independently, which was confirmed by the Stock Exchange. However, the motion has not yet determined the terms of the proposed split, including the location of the listing, the size of the offering, the price range and the guaranteed quota for securities available to shareholders.

Geely Auto reported that in 2021, the revenue of the polar krypton brand was 2.868 billion yuan, with a net loss of 1.01 billion yuan over the same period. In the first half of this year, the revenue of polar krypton was 8.828 billion yuan, and the net loss during the period was 759 million yuan. Since the establishment of the brand, the cumulative net loss of polar krypton has reached nearly 1.8 billion yuan.

In November this year, 11011 polar krypton 001 units were delivered, an increase of 447.3% over the same period last year and 8.8% month-on-month growth. Its cumulative delivery volume has reached 66611 units, and the target of delivering 70,000 units for the whole year is expected to be achieved. The second polar krypton product, the pure electric luxury MPV polar krypton 009, which launched last month, is expected to be officially delivered in January 2023.

According to the plan, six models of polar krypton will be launched in the next three years from 2021, with the goal of occupying the top three in the world's high-end electric car market by 2025, with sales of 650000 vehicles.

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