On December 13, Geely Automobile announced on the Hong Kong Stock Exchange that Ji Krypton will submit a draft registration statement for a possible initial public offering to the SEC on December 7, 2022 on a confidential basis. As of the date of this announcement, Ji Krypton is a non-wholly owned subsidiary of the Company. Upon completion of the proposed spin-off, JiKr is expected to continue to be a non-wholly owned subsidiary of the Company.
Ji Krypton is a limited liability company incorporated in the Cayman Islands. Jikrypton Group is mainly engaged in the research and development and sales of pure electric passenger vehicles, new energy passenger vehicle batteries and other components (including electric motors) under the Jikrypton brand and the provision of related services.
The company believes that the proposed spin-off is in the overall interests of shareholders. The proposed demerger will allow investors to better evaluate the Group and focus on retaining the business, while providing Ji Krypton with continued direct and independent access to equity and debt capital markets should the need arise. In view of industry trends and based on the assessment of the business and operations of the Group and Jikrypton, the proposed spin-off will enhance the value of Jikrypton, enable Jikrypton to develop independently and fully unleash its potential, thereby benefiting shareholders.
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Editor: Qin Qingbao