Video | Geely’s Tramway Extreme Krypton Landing on US Stocks, How Traders View Intensified Competition

Add another member to the new force sector in the US stock market for car manufacturing.

On May 10th local time, Geely Holding’s electric vehicle brand, Jike, landed on the New York Stock Exchange, marking the largest initial public offering (IPO) of Chinese concept stocks since Didi Chuxing went public in 2021. It is also the first Chinese new energy vehicle company to be listed in the United States after Xiaopeng and Ideal Automobile went public in 2020, adding another member to the new forces of American car making sector.

Extreme Krypton is priced at the upper limit of its IPO price range of $21, issuing 21 million American Depositary Receipts (ADRs) and raising $440 million. The stock closed up 35% on the full day of listing, with a market value close to 7 billion US dollars. As of the close, the market values of Xiaopeng Automobile, Ideal Automobile, and NIO Automobile were $7.3 billion, $28.3 billion, and $10.6 billion, respectively.

At the time of the launch of Extreme Krypton, the Chinese electric vehicle market is increasingly intensifying, with major players engaging in a series of price wars. Gregory Rowe, a trader at the New York Stock Exchange, said in an interview with First Financial reporters, “The new energy vehicle industry faces challenges in charging facilities, pricing, technology, and other aspects. Against this backdrop, the market saturation rate is too fast, which is why the sales speed of pure electric vehicles has slowed down.”