ZEEKR Intelligent Technology Holding Limited completed its merger with Keystone Mergersub Limited, an indirect wholly‑owned subsidiary of Geely Automobile Holdings, on December 22 2025. The transaction makes ZEEKR a 100 % owned subsidiary of Geely and ends its status as a publicly traded company on the New York Stock Exchange.
Under the terms of the deal, each outstanding ZEEKR ordinary share was cancelled and shareholders received either $2.687 in cash or 1.23 newly issued Geely shares, depending on their election. The same exchange ratio applied to American Depositary Shares (ADSs), with holders receiving either $26.87 in cash or 12.3 Geely shares per ADS. The total consideration for ordinary shares and ADSs was approximately $2.398 billion, and the merger required the cancellation of all ZEEKR shares and ADSs. Following the completion, ZEEKR filed a Form 15 to terminate its reporting obligations under the Securities Exchange Act of 1934 and requested the suspension of trading of its ADSs on the NYSE.
ZEEKR’s financial performance in the months leading up to the merger underscored the strategic rationale for the deal. In the third quarter of 2025, the company posted a net loss of RMB803 million (US$113 million), a decline from the prior year but an increase from the previous quarter. The company’s net margin stood at –1.7 %, while its gross margin was 19.62 %. Revenue growth was offset by a decline in average selling prices and intensified competition from domestic rivals such as Nio, Li Auto, Xpeng, and BYD. These profitability pressures, coupled with the need to scale production and reduce duplicated investment, prompted Geely to pursue a consolidation strategy under its “One Geely” framework.
The merger aligns with Geely’s broader “One Geely” strategy, which seeks to eliminate brand cannibalization, streamline operations, and harness shared technology and manufacturing capabilities across its premium electric‑vehicle portfolio. By bringing ZEEKR fully under Geely’s umbrella, the company can leverage shared R&D, procurement, and production networks, potentially realizing cost synergies and accelerating product development. The integration also follows the earlier 2024 transaction that made Lynk & Co a subsidiary of ZEEKR, further tightening Geely’s premium‑EV ecosystem.
Geely’s executive team highlighted the strategic benefits of the merger. “The consolidation will unlock significant synergies in technology, manufacturing, and supply‑chain management, allowing us to accelerate the rollout of premium EVs and strengthen our competitive position in China’s crowded high‑end market,” said Geely’s CEO. “By integrating ZEEKR’s advanced battery and charging technology with our global production network, we expect to improve cost efficiency and enhance product differentiation.”
The delisting of ZEEKR from the NYSE and the termination of its U.S. reporting obligations signal a shift toward a more focused, privately held structure. While the merger does not immediately alter the company’s revenue trajectory, it positions ZEEKR to benefit from Geely’s scale and resources, potentially improving profitability in the medium term. Investors will now monitor how the combined entity balances cost control with continued investment in premium EV technology.
The merger represents a significant realignment of Geely’s premium‑EV strategy, consolidating its brands and resources to better compete against global and domestic rivals. Although ZEEKR’s recent financials show ongoing losses, the integration is expected to create a more resilient and efficient organization capable of sustaining long‑term growth in China’s competitive EV market.
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