Geely Automobile announced on May 7th that it plans to acquire all the issued shares of Jike. Geely Automobile currently holds approximately 65.7% of the shares in Jike, and if the transaction is completed, Jike will fully merge with Geely Automobile.
According to Reuters on May 30th, three sources with direct knowledge of the matter said that Geely's $2.2 billion (current exchange rate of about 15.812 billion yuan) privatization offer for Jike was too low, and five early investors of Jike have written to its board of directors.
The report mentioned that these investors, including CATL, Intel Capital, and Boyu Capital, participated in the first round of financing for Extreme Krypton and have jointly sent two letters to the company and a committee specifically evaluating the offer. Sources told Reuters that these letters stated that the privatization offer was too low and did not reflect the fair value of Jike. The other two investors who wrote the letter are Bilibili and Hongshang Industrial Holdings Group.
