On June 25, Geely Automobile (00175.HK) issued an announcement stating that it has applied for withdrawal of the A-share sci-tech innovation board IPO and will actively promote the issuance and listing of RMB shares after the relevant conditions are ripe.

　　Picture source: Screenshot of the announcement of Geely Automobile Holdings Co., Ltd. on the withdrawal of the application for listing on the Science and Technology Innovation Board

　　In the same period, the company also issued an announcement stating that it would seek different external financing solutions for its smart car brand Jikr Smart Technology.

　　Picture source: Screenshot of Geely Automobile Holdings Co., Ltd.'s announcement on seeking external financing for JiKr Intelligent Technology

　　In fact, in fact, on September 1, 2020, Geely Automobile’s application for listing on the Science and Technology Innovation Board was accepted, and it planned to raise 20 billion yuan. It was approved by the listing committee meeting on September 28 of that year. Before this status update , IPO review status shows that the process of financial report update has been suspended.

　　Regarding the application for revocation of the sci-tech innovation board listing, Geely Automobile stated that in view of the company’s business decisions and strategic adjustments, after careful research and discussion with relevant intermediary agencies, it decided to cancel the matter. The Group’s business is currently operating well, and the withdrawal of the application for listing on the Science and Technology Innovation Board will not have any material adverse impact on the Group’s financial status or operations. Regarding the follow-up plan, Geely Automobile said that when the relevant conditions are mature, it will actively promote the issuance and listing of RMB shares.

　　According to the plan disclosed by Geely Automobile, with 2020 as a new starting point, the company will enter a critical year for its brand and technology leadership. In the next three years, the company will gradually complete the transition from fuel to pure electricity based on the modular series platform architecture. , Comprehensive product layout from compact to medium and large models, and maintain high standards for future product quality. At the same time, it will further promote the application and deployment of new technologies such as intelligent network connection and automatic driving, and maintain its technological leadership and forward-looking.

　　In March of this year, there were media reports that the listing of Geely Auto's Science and Technology Innovation Board was blocked, because the Science and Technology Innovation Board Listing Committee questioned whether Geely Automobile has a sufficiently high technology content. At that time, Yang Xueliang, vice president of Zhejiang Geely Holding Group, the parent company of Geely Automobile, said that there was no further information to provide. According to the information disclosure norms of the listing process, all regulatory approvals shall prevail.

　　On the morning of the announcement of the cancellation of the sci-tech innovation board listing, Geely Holding Group and the Ningbo Municipal People’s Government signed a strategic cooperation agreement. Both parties will make every effort to build a benchmark for the Chinese automotive industry, promote the application of technological innovation, and accelerate the full chain of manufacturing services and improve Strategic coordination has been formed in the greening of transportation and travel.

　　Picture source: Geely Holding Group

　　At the same time, Geely Automobile announced that the global headquarters of Krypton Smart Technology will be located in Ningbo. It will focus on the construction of a trillion-level automobile industry cluster, focusing on the development of smart cars, new energy vehicles, and key automotive parts. It will jointly invest in the construction of electric vehicles with Ningbo. High-end parts industrial park for automobiles and smart cars.

       This article is reproduced from Gasgoo