Geely Automobile falls on parent's major shake-up of EV brands

ZEEKR Intelligent Technology Holding

15/11/2024 04:40

** Shares of Geely Automobile Holdings  0175.HK  fall 10.1%
to HK$12.50, on course for fifth consecutive session of decline
    ** Stock on track for the biggest one-day pct drop since 
Oct. 8
    ** Geely Holding, parent of Geely Automobile, said on
Thursday its premium electric vehicle maker Zeekr  ZK.N  plans
to take control of Lynk & Co, a sister brand - the first big
restructuring move in a planned overhaul
    ** Zeekr will own 51% of Lynk while Geely Automobile will
continue to own the rest, and the move will help avoid product
overlap
    ** U.S.-listed shares of Zeekr dropped 23.7% on Thursday
    ** Hang Seng Commerce & Industry Index  .HSNC  adds 0.5%,
Hang Seng Tech Index  .HSTECH  climbs 0.9% and Hang Seng Index
 .HSI  adds 0.3%
    ** Stock up 62% YTD

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))