- In the first three quarters of 2024, Chery realized a net income of RMB 11.3 billion, up 58.5 percent year-on-year.
- Chery sold 2.6 million vehicles in the year 2024, up 38 percent year-on-year.
Chinese auto giant Chery filed an application for an IPO (Initial Public Offering) in Hong Kong to finance its further growth.
CICC, Huatai Securities, and GF Securities are the joint sponsors of Chery's planned IPO, and the amount of money planned to be raised is not yet available, according to the listing document made public today on the Hong Kong Stock Exchange.
Chery is one of the last few unlisted automakers in China and one of the country's largest auto exporters.
In the first three quarters of 2024, Chery achieved a net income of RMB 11.3 billion ($1.55 billion), up 58.5 percent year-on-year, according to the filing.
The carmaker's global sales exceeded 1.54 million units in the first three quarters of last year, up 51.8 percent year-on-year, and its growth rate ranked first among the top 20 passenger car groups in the world, Chery said.
Since 2003, Chery has held the No. 1 spot in exports of Chinese-brand passenger cars for 22 consecutive years, the document reads.
Chery plans to use the funds raised for vehicle research and development to further expand its product portfolio.
It plans to develop next-generation vehicles and advanced technologies to enhance its core technological capabilities, expand overseas markets and execute its globalization strategy.
The financing will also be used to upgrade production facilities and for working capital replenishment.
Previously announced figures showed that Chery sold 2.6 million vehicles in 2024, up 38 percent year-on-year.
It exported 1,144,588 vehicles in 2024, up 21.4 percent year-on-year. A total of 583,569 Chery new energy vehicles (NEVs) were sold in 2024, up 232.7 percent year-on-year.
Chery's revenue for the full year 2024 reached RMB 480 billion for the first time, up more than 50 percent year-on-year, according to figures it announced on January 1.
($1 = RMB 7.2890)
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