Chinese electric vehicle brand Jike Intelligent Technology Co., Ltd. issued American Depositary Receipts in the United States through a Variable Interest Entity (VIE) structure, and the related stocks were listed for trading on the New York Stock Exchange on the 10th.
According to reports, Krypton Intelligent Technology has issued 21 million American Depositary Receipts in the US market at a price of $21 per share, with an expected financing of $441 million.
On that day, Krypton Intelligent Technology's stock opened high at $26 per share and closed at $28.06 per share, an increase of 33.62%.
Krypton Intelligent Technology Co., Ltd. has registered a variable interest entity, Krypton Intelligent Technology Holdings, in the Cayman Islands. The latter's prospectus submitted to the US Securities and Exchange Commission on the 3rd showed that the company initially planned to issue 17.5 million American Depositary Receipts, equivalent to the same amount of common stock, with a pricing range of $18 to $21 per share.
Krypton Intelligent Technology plans to use the funds raised from its listing to develop more advanced pure electric vehicle technology, and will also be used for business expenses such as sales and marketing.
Data shows that Krypton Intelligent Technology achieved a revenue of 7.277 billion US dollars in 2023 and a net loss of 1.163 billion US dollars that year. As of the end of 2023, the total asset size of the company was 3.819 billion US dollars. From the delivery of the first car in October 2021 to the end of December 2023, Krypton Intelligent Technology delivered a total of 196600 vehicles, with a domestic delivery volume of 192400 vehicles in China.
According to the prospectus, after this public offering, Geely Automobile Holding Company will still hold more than 50% of the company's equity and voting rights.