© Reuters. FILE PHOTO: People walk past a booth of Zeekr, Chinese automaker Geely’s premium electric vehicle (EV) brand, at a shopping mall in Beijing, China November 3, 2023. REUTERS/Tingshu Wang/File Photo
HONG KONG/SYDNEY (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.