- Chery passed the Hong Kong Stock Exchange's listing hearing on September 7 and is expected to begin trading in Hong Kong later this month.
- Chery plans to raise between $1.5 billion and $2 billion, potentially making it the largest auto IPO on the Hong Kong Stock Exchange this year.
Chery Auto plans to open books for its Hong Kong IPO (initial public offering) on September 17, targeting a valuation of HK$140 billion ($18 billion), local media outlet FNNews reported today.
The Chinese auto giant passed the Hong Kong Stock Exchange's listing hearing on September 7 and is expected to begin trading in Hong Kong later this month, the report said.
Chery aims to raise between $1.5 billion and $2 billion, potentially making it the largest auto IPO on the Hong Kong exchange this year, the report noted.
Opening books refers to underwriters beginning to collect subscription intentions from potential investors for the new share offering, including the quantity to be subscribed and the price they are willing to pay. Subsequent processes include pricing, placement, and listing.
Chery submitted its Hong Kong listing application in February this year, but it lapsed after failing to secure a hearing within six months. The automaker resubmitted its listing documents to the Hong Kong Stock Exchange in late August.
The company previously said it planned to use the raised funds for vehicle R&D to further expand its product portfolio.
It also intended to develop next-generation vehicles and advanced technologies to enhance core technical capabilities, expand overseas markets, and execute its globalization strategy.
Chery ranks among China's largest automakers, selling 2.6 million vehicles in 2024 -- a 38 percent year-on-year increase.
It exported 1,144,588 vehicles in 2024, up 21.4 percent year-on-year. Its new energy vehicle (NEV) sales reached 583,569 units in 2024, surging 232.7 percent year-on-year.
Chery's full-year revenue for 2024 reached RMB 480 billion ($67 billion) for the first time, marking over 50 percent year-on-year growth, according to data released on January 1.
In the first quarter of 2025, Chery reported revenue of RMB 68.2 billion and net income of RMB 4.73 billion.
As of the end of August, Chery Group sold 1.73 million vehicles this year and exported 798,800 units. Its annual sales target is 3 million vehicles for this year.
($1 = HKD 7.7802 $1 = RMB 7.1148)
