Geely Automobile (HKG:0175) is proposing to acquire all of the issued shares it does not yet own in its NYSE-listed electric vehicle brand ZEEKR Intelligent Technology.

In the non-binding proposal, the Chinese carmaker proposed to value Zeekr at $2.566 per share or $25.66 per American depositary share, according to a Wednesday disclosure with the Hong Kong Exchange.

Geely currently owns approximately 65.7% of Zeekr's total issued and outstanding share capital.

If the privatization materializes, Zeekr will become a unit of Geely and be delisted from the NYSE.

The parties will engage in further negotiations before entering into a formal agreement.