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Chinese automaker Geely Auto scraps STAR Market listing plan

Chinese automaker Geely Auto scraps STAR Market listing plan

The Geely logo is seen on its vehicle during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/Files

BEIJING: China's Geely Automobile Holdings Ltd said on Friday it is dropping plans to list new shares on the mainland's Nasdaq-like STAR Market.

Zhejiang-based Geely Auto, China's highest-profile automaker thanks to parent Zhejiang Geely Holding Group's investments in Daimler AG and Volvo Cars, is listed in Hong Kong with a market capitalisation of HKUS$255 billion (US$32.85 billion).

In September, Geely Auto said in a filing that it planned to raise 20 billion yuan (US$3.10 billion) from the STAR Market listing.

Geely Auto is aiming to sell over 1.5 million vehicles this year. It also said would seek external funding for its newly-launched electric Zeekr brand.

In February, Geely Auto said it abandoned merger plan with sister company Volvo Cars.

(Reporting by Yilei Sun and Tony Munroe; editing by Jason Neely and Kim Coghill)

Source: Reuters

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