Geely Holdings Announces Merger with Zeekr Technology

On July 15, Geely Holdings Group announced that its subsidiary, Geely Automobile Holdings Limited (stock code: 0175.HK), has officially signed a merger agreement with Zeekr Technology Co., Ltd. (stock code: NYSE:ZK). Geely Automobile will acquire all shares of Zeekr that it does not already own, with Zeekr shareholders having the option to receive cash or exchange for Geely Automobile shares as compensation. This merger agreement marks a significant step in Geely Holdings Group's commitment to the spirit of the 'Taizhou Declaration' and its strategy to return to 'One Geely'. Since the release of the 'Taizhou Declaration', Geely Holdings Group has steadfastly advanced the deep integration and efficient fusion of internal resources, eliminating redundant investments and enhancing the overall competitiveness of the enterprise. After the merger of Geely Automobile and Zeekr, it is expected to further improve the strategic execution efficiency, innovation capability, and profitability of Geely Automobile, creating greater value for all shareholders of the merged entity. The merger aims to strengthen Geely Automobile's global competitiveness and growth in the intelligent new energy vehicle sector. The advantages of Zeekr in the luxury new energy field, combined with Geely Automobile's strong foundation in the mainstream market, will enhance synergies in technology, products, supply chains, manufacturing, marketing and service, and international market expansion, boosting innovation capabilities and triggering scale effects. The merged Geely Automobile will achieve comprehensive coverage of various power forms, including fuel, pure electric, plug-in hybrid, and methanol hydrogen electric vehicles, and will complete a comprehensive layout in the mainstream, mid-to-high-end, and luxury automotive markets, significantly enhancing competitiveness and corporate value. Geely Automobile Holdings Limited CEO and Executive Director Gui Shengyue stated, 'As a responsible company, Geely Automobile always puts the interests of investors and users at the core. The merger will create a win-win situation. We will do our utmost to drive the merged company towards more outstanding development and create sustained long-term value for all shareholders.' Geely Holdings Group Chairman Li Shufu said, 'Since the release of the 'Taizhou Declaration' last year, the 'One Geely Action' has progressed smoothly, and this merger lays a solid foundation for a brighter future for Geely Automobile.'