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GEELY AUTO: Lynk & Co Not to be Spun off for Listing in Future
GEELY AUTO (00175.HK) held its first quarterly results exchange meeting today (2nd). The management attributed the sudden release of quarterly results this year to the earlier list...
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GEELY AUTO: Lynk & Co Not to be Spun off for Listing in Future
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GEELY AUTO (00175.HK)  +0.080 (+0.928%)    Short selling $38.78M; Ratio 15.312%   held its first quarterly results exchange meeting today (2nd). The management attributed the sudden release of quarterly results this year to the earlier listing of its electric vehicle (EV) brand ZEEKR (ZK.US)      on the US stock market. The company is required to publish quarterly reports in accordance with US listing rules, promoting greater transparency of the company's operating data and more open management.

The management said that GEELY AUTO arose from a relatively depressed operating environment, and its new energy and traditional automobile businesses made positive progress at the same time. It believed that the above-mentioned improvements can sustain in the future, and the company will also maintain its high-quality development goals.

The management revealed that GEELY AUTO already achieved half of its original sales target of 1.9 million units for FY2024. Therefore, the company decided to raise its sales target to 2 million units or more based on the current sales trend. The management said that the sales target will be met in future through marketing strategies, supply chain management, and the launch of new products. It expected that 2-3 new models will be launched in the second half of this year, while being confident that the sales target of 2 million vehicles will be achieved.

Asked about the EU's additional tariffs on Chinese EVs, the management replied that the EU's additional tariffs will undermine Europe and consumers' interests. GEELY AUTO advocates fair competition, and since the proportion of the company's cars exported to the EU is limited, the relevant restrictions will have a limited impact on the company's sales and profit performance.

The management also revealed that GEELY AUTO had subscribed for a large number of shares when ZEEKR went public in the US, fully demonstrating the company's confidence in and support for ZEEKR. The management described the initial spin-off plan of ZEEKR as being in line with the trend at the time, and reiterated that GEELY AUTO will continue to have control of ZEEKR in the future.

The management also made it clear that the Lynk & Co brand will not be spun off for listing in the future and will develop in accordance with GEELY AUTO’s overall development strategy in the future.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-04 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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