Zeekr Goes Private After Merger With Geely’s Keystone Unit

Zeekr Intelligent Technology has completed its merger with Keystone Mergersub, an indirect wholly owned subsidiary of Geely, resulting in Zeekr becoming a wholly owned subsidiary of Geely and ceasing to operate as a publicly traded company.

The transaction follows an Agreement and Plan of Merger dated July 15, 2025,  among Zeekr, Geely, and Merger Sub. The merger was approved by Zeekr shareholders at an extraordinary general meeting held on Sept. 15, 2025. At the effective time of the merger, all Zeekr ordinary shares and American depositary shares (ADSs) were canceled and ceased to exist in exchange for cash, Geely shares, or a combination of both, depending on shareholder elections and eligibility.

Under the terms of the merger agreement, each Zeekr ordinary share outstanding immediately before the effective time was canceled in exchange for the right to receive either US$2.687 in cash or 1.23 newly issued Geely ordinary shares, at the shareholder’s election. Each Geely ordinary share issued in the transaction carries a nominal value of HK$0.02. Zeekr ADSs, each representing 10 Zeekr ordinary shares, were canceled in exchange for either US$26.87 in cash or 12.3 newly issued Geely ordinary shares, delivered in the form of Geely American depositary shares, each representing 20 Geely ordinary shares.

The company said these elections were subject to specific exclusions. Shares classified as excluded shares, dissenting shares, or purported dissenting shares, as defined in the merger agreement, were not entitled to the same consideration. In addition, Zeekr ordinary shares and ADSs held by Hong Kong non-professional investors were canceled solely in exchange for cash. These investors received US$2.687 per Zeekr ordinary share or US$26.87 per Zeekr ADS and were not eligible to receive Geely shares.

Following the completion of the merger, Zeekr said it requested the suspension of trading of its ADSs on the New York Stock Exchange, effective Dec. 22, 2025, New York time. The company also requested that the NYSE file a Form 25 with the US Securities and Exchange Commission (SEC) to notify regulators of the delisting of Zeekr’s ADSs and the deregistration of its registered securities.

Zeekr further stated that it intends to suspend its reporting obligations under the US Securities Exchange Act of 1934 by filing a Form 15 with the SEC. Upon filing, the company’s obligation to submit certain regulatory filings, including its annual report on Form 20-F and current reports on Form 6-K, will be suspended immediately and will terminate once deregistration becomes effective.

As a wholly owned subsidiary, Zeekr will now operate within Geely’s corporate structure without separate public reporting or US trading obligations. The company did not disclose additional details regarding operational changes, governance adjustments, or integration timelines following the transaction.