Chinese automaker Geely Automobile has offered $2.2 billion to privatize Zeekr, its premium electric vehicle (EV) brand, just a year after its U.S. IPO. The move values Zeekr at $6.52 billion and offers $25.

HONG KONG (Reuters) -Shares of Chinese automaker Geely Automobile jumped nearly 7% on Thursday after it offered to pay $2.2 billion to privatise its unit Zeekr, just a year after it took the electric vehicle brand public in the United States.

Geely Automobile Holdings Ltd., the Hong Kong listed arm of billionaire Li Shufu’s car empire, is ramping up its push to streamline its sprawling business with a non-binding bid to take premium electric vehicle brand Zeekr private.