China EV brand Zeekr puts US IPO on hold - sources

Credit: REUTERS/TINGSHU WANG

Adds Zeekr comment in fourth paragraph

HONG KONG/SYDNEY Nov 30 (Reuters) - Zeekr, Chinese automaker Geely's premium electric vehicle (EV) brand, has put its U.S. initial public offering (IPO) on hold due to a mismatch in valuation expectations, according to two sources with direct knowledge of the matter.

The decision was made as global financial markets remain volatile, a third source added.

The sources could not be named because they were discussing confidential information.

"The company has made a public filing to the SEC and is proceeding with the preparatory work," a Zeekr statement said.

It declined to answer Reuters questions about the deal being put on hold due to the company's valuation target not being met and uncertain market conditions.

(Reporting by Julie Zhu in Hong Kong and Scott Murdoch in Sydney; Editing by Jamie Freed and Christopher Cushing)

((Scott.Murdoch@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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