Geely-Backed Chinese EV Startup Zeekr's Stock Looks To Extend Gains After Strong New York Market Debut

ZEEKR Intelligent Technology Holding Limited ZK shares rose in premarket trading on Monday, signaling that the Chinese electric vehicle manufacturer could add to gains from Friday’s splendid market debut.

Geely Automobile Holdings Limited GELYF-backed Zeekr, a manufacturer of premium EVs, had a strong debut on NYSE on Friday. Through an initial public offering, the company offered 21,000,000 ADRs, each representing 10 ordinary shares, at $21 per ADS, the higher end of the estimated range.

As of Friday’s close, the company’s valuation was at $64.03 billion.

After opening the debut session at $26 per ADS, the stock moved in a range of $25.52-$29.36 before ending up 34.57% at $28.26, according to Benzinga Pro data.

In premarket, the stock rose an incremental 3.86% to $29.35.

 Incorporated in March 2021, Zeekr now sells

• ZEEKR 001, a five-seater, cross-over hatchback
• ZEEKR 001 FR, the latest cross-over hatchback
• ZEEKR 009, a luxury six-seater MPV,
• ZEEKR X, a compact SUV
• upscale sedan model

In the Form F-1 filing, Zeekr said it intends to use the net proceeds to develop more advanced BEV technologies, expand selling and marketing, as well as its service and charging network, and meet general corporate purposes.

Zeekr’s U.S. stock market debut comes at a time when the Biden administration is planning to increase tariffs on Chinese EV imports.

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See Also: Best EV Stocks

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