Latest news with #GeelyAutomobile
South China Morning Post
09-05-2025
- Business
- South China Morning Post
Hong Kong stocks extend longest winning streak in over a year on hopes of tariff cuts
Hong Kong stocks rose for the seventh straight trading day on Friday, their longest winning streak in more than a year, after US President Donald Trump said that the trade talks with China on the weekend could lead to 'substantive' tariff cuts. Advertisement The Hang Seng Index edged up 0.4 per cent to 22,859.46 at 10am. The Hang Seng Tech Index was down about 0.8 per cent. On the mainland, the CSI 300 Index fell marginally, while the Shanghai Composite Index eased 0.1 per cent. Chow Tai Fook Jewellery rose 4 per cent to HK$23.55 and Geely Automobile gained 2.7 per cent to HK$18.00. Chipmaker Semiconductor Manufacturing International, which reported a 28 per cent year on year increase in revenue for the first quarter, fell 4.8 per cent to HK$43.00. Developer Longfor Group fell 1 per cent to HK$17.40. Chinese Vice-Premier He Lifeng will meet US Treasury Secretary Scott Bessent this weekend in Switzerland. Trump said on Thursday that he believed the negotiations would result in tangible progress. 'I think it's going to be substantive,' Trump said, while announcing a framework trade agreement with the UK, the first such deal since he imposed sweeping tariffs on April 2 on all trading partners. The agreement, which is seen by many as limited, still maintains 10 per cent duties on UK exports. Advertisement The Hang Seng Index's rally is the longest since April last year, when Beijing announced a series of measures to boost the city's financial market amid an exodus of foreign investments and a period of low capital market activity.
Business Recorder
08-05-2025
- Automotive
- Business Recorder
China carmaker Geely shares rise nearly 7% after Zeekr unit offer
HONG KONG: Shares of Chinese automaker Geely Automobile jumped nearly 7% on Thursday after it offered to pay $2.2 billion to privatise its unit Zeekr, just a year after it took the electric vehicle brand public in the United States. Geely's shares rose as much as 6.7% in early trade to HK$17.90 ($2.30). Geely offered to pay $25.66 in case or 12.3 in newly issued shares per Zeekr's American Depositary Share, a premium of 13.6% to the stock's closing price on Tuesday. 'This appears an opportunistic proposal,' said David Blennerhassett, content strategist at financial services firm Ballingal Investment Advisors who publishes on SmartKarma, adding that Geely had almost sufficient votes to take Zeekr private given its 65.7% stake in the firm. 'Geely already controls and consolidates Zeekr, so the impact, if any, will come from the cost outlayed for shares not held - which could be largely mitigated under the scrip option.' Geely said it wanted to consolidate its business to fend off fierce competition in China's largest auto market. The company, which owns multiple brands including Volvo, has been pivoting away from its history of aggressive acquisitions to streamlining operations and cutting costs. Zeekr, which was founded in 2021 as a premium electric vehicle brand of Geely, went public in the US in May last year at a valuation of $6.8 billion, the first major listing by a Chinese company in the country since 2021. But investor concerns over whether Chinese companies could be forced to delist US exchanges have reemerged since the tit-for-tat trade war between the world's two largest economies. Zeekr was named in a letter by two Republican lawmakers to the US Securities and Exchange Commission that called for 25 Chinese companies to be delisted from US exchanges, saying they had military links that put US national security at risk. Zeekr did not respond to a request for comment on the letter. Li Yanwei, analyst at the China Auto Dealers Association, said that privatising Zeekr was the best choice for both companies at the moment given multiple headwinds, such as slower than expected sales for Zeekr's new products such as the 7X and US-China tensions. China's Geely Holding targets over 5 million units of annual sales by 2027 The Trump administration has also imposed tariffs on imports of Chinese EVs, blocking in essence Zeekr from selling in the US 'The capital market is less enthusiastic about Chinese new energy vehicle companies, and the possibility of refinancing in the US capital market is much lower,' he said.
Reuters
08-05-2025
- Automotive
- Reuters
China carmaker Geely shares rise nearly 7% after Zeekr unit offer
Geely Auto logo is seen in this illustration taken January 16, 2024. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights , opens new tab HONG KONG, May 8 (Reuters) - Shares of Chinese automaker Geely Automobile ( , opens new tab jumped nearly 7% on Thursday after it offered to pay $2.2 billion to privatise its unit Zeekr, just a year after it took the electric vehicle brand public in the United States. Geely's shares rose as much as 6.7% in early trade to HK$17.90 ($2.30). The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. ($1 = 7.7662 Hong Kong dollars) Reporting By Anne Marie Roantree; Editing by Christian Schmollinger Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
South China Morning Post
08-05-2025
- Business
- South China Morning Post
Hong Kong stocks rise after Beijing unveils support plan; US-China trade talks loom
Hong Kong stocks rose for a sixth straight trading day after Beijing unveiled a number of measures to support the economy and stabilise its markets ahead of US-China tariff talks this weekend. Advertisement Overnight, the US Federal Reserve kept its interest rate unchanged, reiterating that it was not in a rush to make cuts. Also, the Trump administration said it was prepared to end chip-export restrictions, which led to a Nvidia rally. The Hang Seng Index rose 0.6 per cent to 22,816.65 at 10am, while the Hang Seng Tech Index was up 0.8 per cent. On the mainland, the CSI 300 Index was up about 0.5 per cent and the Shanghai Composite Index rose 0.3 per cent. Carmaker Geely Automobile rose 5 per cent to HK$17.68, Li Auto increased by more than 4 per cent to HK$104.10 and food delivery platform Meituan rose 3 per cent to HK$142.90. Chipmaker Semiconductor Manufacturing International Corporation fell 3 per cent to HK$44.80 and tech giant Baidu declined by more than 2.5 per cent to HK$85.15. The Hong Kong Monetary Authority (HKMA) kept its base rate unchanged at 4.75 per cent on Thursday , in lockstep with the US Federal Reserve, which left its target range at 4.25 to 4.5 per cent after the year's third Federal Open Market Committee meeting, as policymakers assessed the potential inflationary impact of President Donald Trump's tariffs. Advertisement On Wednesday, the Trump administration said it would rescind and replace Biden-era curbs on global artificial intelligence chip exports.
Wall Street Journal
07-05-2025
- Automotive
- Wall Street Journal
Geely Proposes to Take Zeekr Private
Zeekr aims to become a leading player in the luxury electric-vehicle sector within the next two years. Photo: hector retamal/Agence France-Presse/Getty Images Chinese automaker Geely Automobile 175 0.24%increase; green up pointing triangle said it plans to privatize its Zeekr ZK 2.36%increase; green up pointing triangle brand, just shy of a year after its U.S. initial public offering. The Hangzhou-based automaker said Wednesday that it proposed to privatize Zeekr by acquiring all of its issued and outstanding shares and its American depositary shares. The move will help 'drive deep integration and efficient collaboration of internal resources, eliminate redundant investments, reduce costs, enhance corporate competitiveness and create long-term value,' Geely said in a statement.
