On October 29, 2021, Volvo Cars announced its listing on the Stockholm Stock Exchange (part of the NASDAQ Group). Volvo Cars issued B-class common shares at a price of SEK 53 per share (approximately RMB 39.7), with the trading code “VOLCAR B”.
News of Volvo Cars’ IPO emerged at the end of last month, and just one month later, the opening bell officially rang. Volvo Cars stated that this marks the achievement of its expected goals for a decade-long transformation journey and the opening of a new chapter in development.
In fact, as early as February of last year, Volvo and Geely announced the news of business restructuring, and Volvo would be included in Geely Auto’s Hong Kong listed company. Until February of this year, the two sides introduced a new restructuring plan and abandoned the plan for a merger and listing. Independent listing can help improve the brand’s P/E ratio and better play out its own strategy in the transformation of new energy, just like the Geely-Volvo Polestar, which announced last month that it will be listed on the NASDAQ stock market through SPAC.
As Li Donghui, CEO of Geely Holding Group and director of Volvo Cars, said: “Today’s listing is not the end of development, but a brand-new starting point for Volvo Cars to develop better.” This is another attempt by Geely since its acquisition of Volvo in 2010, and we should look forward to it in terms of both industry and capital.
🔗Source: Geely Holding Group
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.