Another new force in Chinese car manufacturing is impacting the IPO of US stocks, and on the 10th, Jikru submitted a prospectus to the US Securities and Exchange Commission. The prospectus shows that Jikron plans to list on the New York Stock Exchange under the stock code "ZK". The prospectus shows that despite continuous growth in revenue for the past three years, the company's net profit is still in a loss state, with a cumulative loss of 12 billion yuan over the past three years.
Polar Krypton was established in March 2021 and has been in existence for less than three years. The company is the fourth Chinese intelligent car company to go public in the United States after "Wei Xiaoli", and may become the "fastest IPO" new force in car manufacturing history. Previously, "Wei Xiaoli" took 4 years, 7 years, and 5 years respectively from its establishment to its listing. Once it is successfully listed, it will break the silence of Chinese concept car companies in recent years.
As the controlling shareholder of Geely, Geely has been actively promoting Geely's IPO. In October last year, Geely first disclosed its plan to spin off and list Geely Krypton.
On August 25th of this year, the China Securities Regulatory Commission announced the confirmation of the registration information for the overseas listing of Extreme Krypton. According to the overseas issuance and listing filing notice, Geely Krypton plans to issue no more than 926 million ordinary shares and list them on the New York Stock Exchange.
At present, the market values of NIO, Xiaopeng, and Ideal are 12.61 billion US dollars, 13.76 billion US dollars, and 37.7 billion US dollars, respectively. There are reports that Jikrypton plans to raise $1 billion and hopes to obtain a valuation of $18 billion.
On February 13th of this year, Jikron completed a round A financing of $750 million, with a post investment valuation of approximately $13 billion.
According to the prospectus, in the first half of this year, the revenue of Geely Krypton reached 21.27 billion yuan, a year-on-year increase of 136%; The net loss was 3.871 billion yuan, and the gross profit margin of the entire vehicle was 12.3%, a year-on-year increase of 7.6 percentage points. Overall, the net profit of Jikron has remained in a loss state in recent years.