Geely: polar Krypton submits a draft registration statement for possible IPO to the SEC on a confidential basis

CTOnews.com December 13 news, Geely announced on the Hong Kong Stock Exchange this afternoon that Polar Krypton submitted a draft registration statement for a possible initial public offering to the SEC on a confidential basis on December 7, 2022 (New York time).

The announcement pointed out that the Polar Krypton Group is mainly engaged in the research and development and sale of pure electric passenger cars, new energy passenger vehicle batteries and other components (including motors) and related services under the "polar krypton" brand.

Geely believes that the proposed spin-off is in the overall interests of shareholders. The proposed spin-off will, among other things, enable investors to better evaluate the group and focus on retaining business, while providing polar krypton with continuous, direct and independent access to equity and debt capital markets as needed. In view of the industry trend and based on the evaluation of the Group and polar krypton business and operation, the proposed spin-off will enhance the value of polar krypton, enable polar krypton to develop independently and fully unleash its potential, thereby benefiting shareholders.

CTOnews.com learned that Geely said it expected Polar Krypton to remain a non-wholly owned subsidiary of the company after the proposed spin-off was completed.