The latest announcement is out from Geely Automobile Holdings ( (HK:0175) ).
Geely Automobile Holdings Limited announced a change in its accounting policy for business combinations involving entities under common control, effective from January 1, 2025. This change, which involves shifting from the acquisition method to the pooling of interests method, will be applied retrospectively and aligns with the company’s strategic integration efforts, such as the merger of its subsidiaries ZEEKR and LYNK & CO. The new method reflects the continuity of control within the group and impacts the company’s financial statements by eliminating the recognition of goodwill or gains from such transactions, thereby aligning with U.S. GAAP standards for its NYSE-listed subsidiary.
More about Geely Automobile Holdings
Geely Automobile Holdings Limited is a prominent player in the automotive industry, primarily engaged in the design, development, manufacturing, and sale of automobiles. The company focuses on expanding its market presence through strategic integrations and innovations in automotive technology.
YTD Price Performance: 0.55%
Average Trading Volume: 68,891
Technical Sentiment Signal: Sell
Current Market Cap: $18.6B
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