GEELY AUTO (00175.HK)  0.000 (0.000%)    Short selling $125.70M; Ratio 34.102%   announced that Geely Holding (its parent company) and VCI, Zhejiang ZEEKR (an indirect wholly-owned subsidiary of ZEEKR (ZK.US)      ) and LYNK & CO had entered into the LYNK & CO Equity Transfer Agreement.

According to the agreement, Geely Holding conditionally agreed to sell and Zhejiang ZEEKR conditionally agreed to purchase 20% of the equity interests in LYNK & CO held by Geely Holding for a consideration of RMB3.6 billion, while VCI conditionally agreed to sell and Zhejiang ZEEKR conditionally agreed to purchase 30% of the equity interests in LYNK & CO held by VCI for a consideration of RMB5.4 billion.

Related NewsBOCI Rates GEELY AUTO as Buy; Earnings Release to Accelerate After Strategic Integration
Furthermore, the company also announced that LYNK & CO, Zhejiang ZEEKR and Ningbo Geely had entered into the LYNK & CO Capital Injection Agreement, pursuant to which LYNK & CO conditionally agreed to issue and sell and Zhejiang ZEEKR conditionally agreed to subscribe and purchase from LYNK & CO the LYNK & CO Increased Registered Capital for a consideration of RMB367 million.

Immediately after completion of the LYNK & CO Acquisition and the LYNK & CO Capital Injection, LYNK & CO will be owned as to 49% by Ningbo Geely, an indirect wholly-owned subsidiary of GEELY AUTO, and 51% by Zhejiang ZEEKR.

LYNK & CO will become an indirect non wholly-owned subsidiary of ZEEKR and an indirect non wholly-owned subsidiary of GEELY AUTO, and the financial results of LYNK & CO will be consolidated into the consolidated financial statements of ZEEKR and GEELY AUTO, respectively.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-11-26 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

Related NewsHSBC Global Research Lifts GEELY AUTO TP to $19.3; Restructuring, Strong Product Cycle Back Growth