On September 5, Geely Automobile announced in Hong Kong that at a special shareholders’ meeting held that afternoon, independent shareholders voted overwhelmingly—95.14% in favor—to approve the merger with Zeekr. Geely stated that the approval marks a solid step forward in implementing its “One Geely” strategy, following the signing of the formal merger agreement with Zeekr on July 15.
Merger Proposal and Terms
On May 7, Geely filed a notice with the Hong Kong Stock Exchange, submitting a non-binding offer to privatize Zeekr by acquiring all issued and outstanding shares and American Depositary Shares (ADS), excluding those already owned by Geely. The proposed purchase price was USD 2.57 per ordinary share or USD 25.66 per ADS. At that time, Geely already held about 65.7% of Zeekr’s issued share capital. If completed, Zeekr will become a wholly owned subsidiary of Geely and will be delisted from the New York Stock Exchange.
On July 15, Geely Holding Group announced that Geely Automobile Holdings Ltd. and Zeekr Intelligent Technology Co., Ltd. had signed a formal merger agreement. Geely will acquire all remaining Zeekr shares, and Zeekr shareholders may choose cash or Geely shares as payment.
According to Geely’s announcement, Zeekr will cooperate in the customary commercial, legal, financial, and accounting due diligence process. Geely also stated that Zeekr’s board, through its independent and disinterested directors, will independently evaluate the privatization proposal.
At Geely’s 2025 interim results conference, CEO Gui Shengyue said that if both the September 5 Geely shareholders’ meeting and the September 15 Zeekr shareholders’ meeting approve the deal, the transaction would be closed by year-end. With Geely and its affiliates already controlling over two-thirds of Zeekr’s voting rights, passage at Zeekr’s shareholder meeting is virtually assured. The remaining steps include regulatory approvals and shareholder cash/share swap arrangements.
Strategic Rationale
In early May, Geely reaffirmed its “One Geely” strategy, a major restructuring of its “Two Horizontal, Seven Vertical” framework. The merger of Geely and Zeekr represents a significant step:
Geely has already consolidated brands like Geometry and Livan into Geely Galaxy, and integrated Lynk & Co into Zeekr.
The aim is to streamline resources, avoid duplicated investment, reduce costs, and minimize internal competition.
The combined Geely will cover internal combustion, pure EV, and plug-in hybrid powertrains, spanning mainstream, premium, and luxury segments.
Zeekr’s Financial and Sales Performance On August 14, Zeekr Technology released its 2025 interim results:Revenue: 49.45 billion RMB in H1 2025 (flat YoY), with Q2 revenue of 27.431 billion RMB (+36.88% YoY).Net Loss: 1.05 billion RMB in H1 2025, compared with a 4.484 billion RMB loss the prior year (a 76.58% narrowing). Q2 losses fell to 394 million RMB, an 82.01% improvement YoY.
In terms of deliveries:Total: 244,877 vehicles in H1 2025 (+14.5% YoY).Lynk & Co: 154,000 vehicles (+22.2% YoY).Zeekr: 90,700 vehicles (+3.2% YoY).Sales revenue was 21.1 billion RMB for Lynk & Co and 20.9 billion RMB for Zeekr.
