In the first half of the year, it lost more than 800 million yuan, and now it is angry with 1 billion dollars! The Krypton Project is listed on the new york Stock Exchange.

On August 25th, the website of China Securities Regulatory Commission showed that the overseas listing and filing information of Extreme Smart Technology Holdings Limited was approved. According to the filing notice of overseas listing, Krypton plans to be listed on the new york Stock Exchange and issue no more than 926 million ordinary shares. If the IPO is successful, it will be another new domestic car-making force listed in the United States after Wei Xiaoli.

It is reported that Krypton is meeting with investors in London, new york, China, Hong Kong, Singapore, California, Boston and the Middle East, with the aim of conducting a $1 billion IPO in the United States. The move will be made after Krypton received $750 million in a round of private financing in February this year, and may make its valuation exceed $13 billion.

Extreme Krypton is a new energy automobile brand owned by Geely. It was established in March 2021. After more than one year of its establishment, the news of its planned listing came out. In October, 2022, Geely first disclosed the plan of split listing of Krypton. By December, 2022, Geely Automobile announced that Krypton had submitted a draft registration statement for possible initial public offering to the SEC on December 7, new york time.

If Krypton successfully raised $1 billion in this IPO, it will be the largest IPO of China Company in the US securities market after Didi, which was successfully listed in the US in June 2021, and plans to raise about $4.4 billion. However, a reporter asked Extreme Krypton Automobile for the news that it planned to raise $1 billion in the US IPO. Extreme Krypton Automobile declined to comment.

As a young new car-making force, Krypton developed rapidly. In 2022, Krypton delivered a total of 71,900 Krypton 001 vehicles, exceeding the delivery target of 70,000 vehicles in that year. At present, there are three models on sale, namely, medium-sized and large-sized cars, medium-sized and large MPV, and compact SUV. The product system is gradually improving.

In July this year, a total of 12,039 new cars were delivered, up 139.7% year-on-year and 13.4% quarter-on-quarter. From January to July this year, a total of 54,700 new cars were delivered, a year-on-year increase of 127%. Since its listing, Krypton has delivered more than 130,000 new cars. In terms of market system construction, as of June 30 this year, there were 306 direct-operated stores (including offline stores such as Krypton Center, Krypton Space and Delivery Center), covering 75 cities across the country and 750 Krypton charging stations in more than 120 cities across the country.

However, judging from the financial report, the car is still at a loss. According to Geely Automobile’s mid-year report in 2023, the revenue of Extreme Krypton Automobile in the first half of the year was 21.283 billion yuan, with a loss of 810 million yuan. An Conghui, CEO of Extreme Krypton, once said that this year, the three models of Extreme Krypton 001, Extreme Krypton 009 and Extreme Krypton X are expected to deliver 70,000, 30,000 and 40,000 respectively, and the annual sales target is 140,000.