Cash pooling structure facilitates global expansion for ZEEKR
Published: Feb 2026
Best Cash Pooling Solution
Highly Commended Winner
Zhejiang ZEEKR Intelligent Technology
Photo of Dennis Yin, Zhejiang ZEEKR Intelligent Technology.
Dennis Yin
Treasury Manager
Founded in 2021 and publicly listed on the New York Stock Exchange, ZEEKR Intelligent Technology Holding Limited (ZEEKR) is a Chinese automobile company and subsidiary of Hong Kong-listed Geely Automobile Holdings, that specialises in luxury electric cars. Its first model, the ZEEKR 001 was officially launched in April 2021.
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The challenge
Following its successful entry into Europe, ZEEKR set its sights on expanding into Asia Pacific. ZEEKR launched its line of electric vehicles (EV) in Hong Kong SAR and Australia in 2024, and is eyeing further expansion into Thailand, South Korea, Malaysia, Australia and New Zealand.
Operating as an independent entity from its parent company, ZEEKR managed its treasury out of its headquarters in China but needed to establish an offshore treasury infrastructure to fund and support its overseas expansion. This led to the need for a global liquidity and cash management provider to power its growth journey.
The solution
Working with new banking partner, HSBC, ZEEKR is in the process of implementing a three-tier liquidity and multi‑currency pooling structure to connect the firm’s overseas entities across markets and facilitate seamless mobilisation of cash across regions, while mitigating currency exposures.
With a header entity established in Hong Kong and serving as ZEEKR’s offshore treasury hub, a physical cash concentration was setup to connect with ZEEKR’s Australia entity to centralise Australian dollar (AUD) balances obtained from local sales activities. A notional pooling structure is further established to connect ZEEKR’s entities in Hong Kong and the Netherlands. The setup allows the pooled USD and AUD funds in Hong Kong to be notionally converted into euros (EUR) to meet funding needs in Europe, without exposing the firm to currency risks.
The unique structure enables ZEEKR to manage short-term liquidity and FX centralisation from its treasury arm in Hong Kong with enhanced account visibility and control and mobilise cash to fund expansions plans and research and development activities in Europe.
The Australia-Hong Kong-Netherlands-Sweden connectivity forms the first phase of ZEEKR’s overseas treasury buildout, with new markets (Germany, France, Japan, Malaysia and the US) and entities to be added to the structure in the second phase, as the business continues to expand geographically.
ZEEKR is also in the process of establishing connectivity between its entities in China, Thailand, Australia and Mexico, with the bank via host-to-host to enable efficient liquidity management and facilitate ease of daily operations across markets.
“The worldwide business expansion of ZEEKR provided me with a centre stage to realise my aspiration in managing cross region liquidity and multi-currency risk. Winning an Adam Smith Award has corroborated what I have been exploring: solutions rising to the global treasury management challenge is worthy!”
Dennis Yin, Treasury Manager
Best practice and innovation
As a relatively young but budding EV automaker that operates independently from the larger Geely umbrella, ZEEKR embraced treasury best practices and sought to establish an efficient, scalable liquidity structure early on, that would allow the company to seamlessly mobilise cash across the globe to support its ambitious expansions plans.
ZEEKR aims to achieve its goal of becoming a leading premium EV brand in Europe by 2030 through strategic investments, product development and market expansion. These capital-intensive activities call for an efficient liquidity structure that will allow ZEEKR to seamlessly mobilise funds from cash-rich markets in Asia Pacific to fund its design and R&D operations in Europe, without exposing the firm to currency risks.
Tapping into centralisation best practices, ZEEKR established its pool header in Hong Kong which will serve as the company’s offshore treasury hub to manage short-term liquidity and FX centralisation.
Key benefits
Cost savings:
US$600,000 in estimated cost savings per annum derived from improved FX margins and lower credit interest by reducing reliance on external borrowing.
Optimised internal funding across markets and regions, with interest cost savings of approximately 3-5% by leveraging internal liquidity.
Notional conversion of currencies reduces FX risk and associated costs and time that would otherwise have been used to manage physical currency conversions, eg identifying the optimal FX rate.
Number of banking partners/bank accounts reduced.
Process efficiencies.
Increased automation.
Risk mitigated.
Improved visibility.
Errors reduced.
Manual intervention reduced.
Increased system connectivity.
Future-proof solution.
Samantha Gong
Head of Commercial Banking Sales, Global Payments Solutions, HSBC Hong Kong
It’s great to see nascent Chinese companies like ZEEKR embrace treasury best practices and implementing scalable solutions that emphasise connectivity, visibility and controls to effectively manage the risks associated with internationally expansion. With its new centralised treasury centre (CTC) in Hong Kong and advanced pooling solutions, ZEEKR can effectively centralise, optimise and mobilise its cash all around the world, while ensuring strong controls and visibility over its liquidity. At HSBC, we continue to help realise our clients’ ambitions by equipping them with insights, innovation and international capabilities to power their growth.
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The Adam Smith Awards Asia are the industry benchmark for best practice and innovation in corporate treasury. To find out more please visit treasurytoday.com/adam-smith-awards-asia
