Summary by Futu AI
GEELY AUTO ANNOUNCED THAT ITS NON-WHOLLY OWNED SUBSIDIARY WILL SUBMIT A PRELIMINARY PROSPECTUS TO THE U.S. SECURITIES EXCHANGE ON MAY 3, 2024, AND PLANS TO PUBLICLY OFFER UP TO 20,125,000 SHARES OF U.S. DEPOSITORY SHARES, EQUIVALENT TO 201,250,000 SHARES OF COMMON STOCK, ON THE NEW YORK STOCK EXCHANGE. The initial sale price is expected to be between $18 and $21. Gilly Motor also said it intends to subscribe for up to $320 million in US custody shares. In addition, Gilly Cars will hold a Board meeting on May 16, 2024 to review the guarantee quota. After the IPO is completed, Geely Automobiles' shareholding in Qibi will be reduced from 51.3% to 47.4%. The proposed demerger and subscription are designed to enhance the value of the company, to develop independently and to benefit Gili's shareholders.