Amesha Research Institute,Geely Automobile (2005. As one of China's leading car companies, HK) landed on the Hong Kong stock market through backdoor "Guorun Holdings" as early as 0 years, becoming the first private car company to enter the capital market. Due to the backdoor listing, the IPO price is difficult to measure directly, but after the listing, Geely has expanded rapidly through a series of capital operations, and gradually built a global automotive industry covering fuel vehicles, new energy, high-end brands and intelligent technology. However, in recent years, the share prices of a number of Geely's listed companies that have been spun off or acquired have been sluggish, and most of them have fallen below the issue price, reflecting the cautious attitude of the capital market towards its expansion strategy.

Domestic capital operation: battery swapping, intelligent driving and new energy brands performed poorly

近年來，吉利在國內資本市場動作頻頻。2020年，吉利參與力帆科技（601777.SH）破產重整，並成為其重要股東，隨後整合為睿藍汽車，專注於換電業務。該公司發行價為14.5元，但截至最新收盤價僅10.06元，較發行價下跌31%。2022年，吉利與李書福聯合創立的智能汽車科技公司億咖通（ECX.US）通過SPAC方式登陸美股，發行價10美元，如今股價僅1.24美元，跌幅高達88%。2024年10月，吉利分拆旗下高端電動車品牌極氪（ZK.US）赴美上市，發行價21美元，儘管最新股價23.89美元勉強維持在發行價上方，但市場表現仍顯疲軟，險些破發。

Overseas mergers and acquisitions and listings: Volvo, Polestar, and Lotus have shrunk significantly in market value

吉利在海外市場的資本運作同樣頻繁，但股價表現更為慘澹。2010年，吉利收購沃爾沃汽車100%股權，2021年沃爾沃在瑞典斯德哥爾摩獨立上市，發行價58瑞典克朗，如今股價僅18.5瑞典克朗，跌幅達68%，市值蒸發近1400億瑞典克朗，而吉利仍持有其超75%股權。2022年，沃爾沃旗下高端電動品牌極星（PSNY.US）通過SPAC方式在納斯達克上市，發行價10美元，最新股價僅1.05美元，跌幅高達89.5%。此外，吉利2017年收購的英國跑車品牌路特斯（LOT.US）於2024年同樣以SPAC方式登陸美股，發行價10美元，目前股價1.59美元，跌幅84.1%。

Capital Expansion and Market Reaction: Can High Growth Reverse Valuation Woes?

Geely has always paid attention to compliance and maintained the independence of its various companies in its business operations, but now it has increased investment in R&D in intelligence and electrification, resulting in generally poor profitability. In recent years, through mergers and acquisitions, spin-offs and capital operations, it has built a huge system covering fuel vehicles, new energy, intelligent driving, battery swap business and high-end brands. However, except for ZEEKR, which barely held the issue price, the stock prices of the rest of the listed companies broke sharply, reflecting the capital market's doubts about its expansion strategy. Although Geely's 92-year financial report shows that its revenue exceeded 0 billion yuan and its new energy sales increased by 0% year-on-year, investors seem to be more concerned about its profitability and integration results. In the future, it remains to be seen whether Geely will be able to regain the favor of capital through technological upgrades (such as the "Thousands of Miles" intelligent driving system) and market expansion (such as global layout).