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Another new car-making force is about to go public in the United States.

On August 25, the China Securities Regulatory Commission website disclosed the filing notice for Jikrypton’s overseas issuance and listing. This also means that the company is one step closer to being listed on the New York Stock Exchange.

As early as December 2022, Jikrypton submitted a draft registration statement for a possible IPO to the U.S. Securities and Exchange Commission on a confidential basis. Not long ago, there was news that Jikrypton will meet with global investors at the end of August and plans to raise about US$1 billion in a future IPO.

If it successfully IPOs in 2023 with a scale of US$1 billion, Jikrypton is expected to become the largest Chinese company listed in the United States since Didi. At the same time, the company will also become the fourth new car-making force to be listed in the United States after "Wei Xiaoli" and the fastest.

More than 130,000 vehicles were sold, with half-year revenue exceeding 21 billion yuan

As a luxury smart pure electric vehicle brand, Jikrypton has launched three models: Jikrypton 001, a luxury hunting coupe, Jikrypton 009, a luxury pure electric MPV, and Jikrypton X, a new luxury multifunctional SUV.

Among these models, the lowest starting price is the Ji Krypton X ME version, reaching 189,800 yuan. As for the Jikrypton 009ME version, the starting price alone reaches 588,000 yuan. In August 2023, Jikrypton announced that the Jikrypton 001 model will receive an immediate discount of 30,000 to 37,000 yuan, and the starting price will be reduced to 269,000 yuan for a limited time.

“The price war in the industry will continue, and Jikrypton is fully prepared to meet the diverse needs of users through different rights and interests plans.” According to An Conghui, president of Geely Holding Group, chairman of Geely Automobile Group, and CEO of Jikrypton, the gross profit margin of the company’s first car, Jikrypton 001, was positive when it was launched. By 2022, it was 5%, and it reached double digits in the first half of 2023.

From a sales perspective, Jikrypton’s performance is also good. In the first half of 2023, Ji Krypton delivered a total of 42,633 vehicles.

In July of the same year, the company delivered 12,039 vehicles, setting a new high for single-month delivery. Starting in 2021, the company has delivered more than 130,000 pure electric vehicles in the 28 months since its establishment.

Let’s take another look at the sales volume of “Wei Xiaoli” in the first seven months of 2023. Among them, NIO has delivered a total of 75,000 vehicles, Xpeng has delivered a total of 52,400 vehicles, and Lili’s cumulative delivery volume has exceeded 170,000 vehicles. This also means that Jikrypton’s sales in the first seven months of 2023 have surpassed Xpeng, a senior car manufacturer.

According to Jikrypton, in the first half of 2023, the company held a 27.4% market share in the pure electric vehicle market worth more than 300,000 yuan. Among them, Jikrypton 001 is the world's first luxury car to have delivered more than 100,000 units, with an average order amount of more than 336,000 yuan, and once again maintains its status as "the sales champion of Chinese brand pure electric models with more than 300,000 units."

The rapid increase in car sales has also caused Jikrypton’s revenue to continue to rise. From March 2021 to June 2023, the company's revenue was 2.868 billion yuan, 31.787 billion yuan and 21.283 billion yuan respectively. Compared with Ideal and Xpeng, the company's revenue in the first half of 2023 is almost 0.45 Ideal and 2.34 Xpeng.

Under the influence of continued R&D investment and changes in distribution and sales expenses, Ji Krypton is still in a state of long-term losses. From March 2021 to June 2023, the company's net losses reached 1.01 billion yuan, 2 billion yuan and 810 million yuan respectively.

The expenditure of a large amount of funds has enabled Ji Krypton’s direct sales channels to achieve rapid expansion. Data shows that as of June 2023, Jikrypton has 306 directly-operated stores, covering 75 cities across the country, and delivery services are available in more than 330 cities across the country. At the same time, there are nearly 750 Krypton Energy charging stations in more than 120 cities across the country, ranking among the top three pure electric vehicle brands in China, equivalent to an average of 1.2 charging stations built every day.

Cumulative financing of US$1.25 billion, valuation reached US$13 billion

The birth of Ji Krypton can be traced back to the cooperation between Geely and Volvo.

In 2010, Geely acquired Volvo Cars. In the subsequent cooperation, both parties believe that the next generation product in the future will be "smart electric vehicles." In order to develop an intelligent electrification architecture, Geely spent 18 billion yuan and took 4 years to create a vast SEA architecture covering A-class to E-class models.

Jikrypton was established in March 2021, six months after the official launch of the structure. As the company's first model, the Ji Krypton 001, released the month after its establishment, is based on SEA's vast architecture.

Jikrypton’s global headquarters will be located in Ningbo in June 2021.

At the beginning of its establishment, Jikrypton has shouldered the important task of Geely's entry into the luxury pure electric market. It is jointly invested by Geely Automobile and Geely Holding Group (including employee follow-up investment platform and user rights platform). Geely Automobile holds 51% of the shares and Geely Holding Group holds 49%. The company's chairman and CEO are also served by Li Shufu, chairman of Geely Holding Group, and An Conghui, chairman of Geely Automobile.

Behind it is Geely, a big backer. Jikrypton has abundant resources such as technology and capital right from the beginning. Although it has attracted a lot of capital attention, An Conghui once said bluntly that Jikrypton is not short of money. The key is how to truly establish its own industrial chain and ecosystem through the capital market.

Currently, Jikrypton has completed 2 rounds of financing, with a total financing amount of US$1.25 billion. The company's valuation also rose from about $8.9 billion after the first round of financing to about $13 billion in about 18 months.

Specifically, in August 2021, the company received US$500 million in Pre-A round financing, with investors including Intel Capital, CATL, Bilibili, Hongshang Group and Boyu Investment. By February 2023, the company received another US$750 million from Mobileye founder and CEO Amnon Shashua, CATL, Yuexiu Industrial Fund, Commerce Fund and Quzhou Xinan Intelligent Manufacturing Fund.

These investors are naturally the result of Jikrypton’s careful selection in order to build a good ecosystem. For Jikrypton, these nine investors are considered to have rich industrial resources in their respective fields.

The investors in the Pre-A round have super strength and unique advantages in intelligent innovative technology, new energy ecological technology, young user insights, vertical integration of raw materials, and new consumption fields, while the investors in the A round have core competitiveness in intelligent driving, power batteries, innovative materials, and high-end equipment manufacturing.

It is worth mentioning that many investors have reached in-depth cooperation with Jikrypton. Among them, Mobileye provides smart driving chips for Ji Krypton’s current three models, and the two parties plan to jointly launch the world’s first device in 2024.Consumer-grade smart driving electric vehicles equipped with L4-level smart driving capabilities; CATL and Jikrypton signed a five-year long-term strategic cooperation agreement in August 2022. Currently, CATL Kirin batteries have been mass-produced and installed on Jikrypton 009 and Jikrypton 001 models.

In terms of shareholding, after Ji Krypton completed its Series A financing, Geely Automobile held approximately 51.33% of the company's equity on a fully diluted and converted basis.

According to Jikrypton’s plan, a new smart pure electric car will be launched in the second half of 2023, with a full-year sales target of 140,000 units, and it will also delve into overseas markets. According to An Conghui, the company plans to achieve a sales target of 650,000 in 2025 and launch two new models on the market every year from now on.

Li Shufu’s 8th IPO is here

As the China Securities Regulatory Commission website disclosed the filing notice for Ji Krypton’s overseas issuance and listing, the company is getting closer and closer to being listed on the New York Stock Exchange.

As early as October 2022, Geely Automobile announced that the group had submitted a proposal to the Hong Kong Stock Exchange, proposing to spin off Ji Krypton and list it independently, and it was confirmed by the Hong Kong Stock Exchange. Two months later, Jikrypton submitted a draft registration statement for a possible IPO to the U.S. Securities and Exchange Commission on a confidential basis.

Not long ago, there was news that Jikrypton will meet with global investors at the end of August to understand their interest in its IPO in the United States, and plans to raise about US$1 billion in future listings. By then, the company will be valued at well over $13 billion.

According to media reports, Jikrypton responded with An Conghui’s statement at Geely Automobile’s 2023 interim financial report meeting, “We will continue to closely track the dynamics of the capital market and choose an appropriate window period for listing.”

If the IPO is successful in 2023 with a scale of US$1 billion, Jikrypton is expected to become the largest Chinese company listed in the United States since Didi raised US$4.4 billion in 2021. At the same time, the company will also become the fourth new car-making force to be listed in the United States after "Wei Xiaoli" and the fastest.

In addition, judging from the operation of "Weixiaoli" first listed in the United States and then returned to Hong Kong, it is not ruled out that Jikrypton will have the same arrangement.

Previously, there was a lot of news on the market about Jikrypton and Cao Cao Travel being listed on the market. Among them, Caocao Travel, a subsidiary of Geely Holding, is also rumored to be launching an IPO in Hong Kong in 2023, but Caocao Travel declined to comment.

According to data, Caocao Travel has completed two rounds of financing before, raising 4.8 billion yuan. Its shareholders include Geely Holding, ABC International, Zheshang Venture Capital, etc. Its valuation in January 2018 exceeded 10 billion yuan.