On the morning of September 25th, Chery Automobile Co., Ltd. (stock code: 9973.HK ) officially listed on the Main Board of the Hong Kong Stock Exchange. As the largest automaker IPO on the Hong Kong stock market to date in 2025, Chery Automobile's listing marks a new stage in its entry into the international capital market.
Ringing the gong to celebrate Chery Automobile's listing
Chery Automobile's Hong Kong IPO offered 297 million H shares (before the greenshoe) at a price of HK$30.75 per share, raising approximately HK$9.145 billion. Thirteen cornerstone investors were involved, including prominent institutions such as Hillhouse Capital's HHLR, Greenwoods Asset Management, Dajia Life Insurance, and Guoxuan Hong Kong, as well as state-owned enterprises and upstream and downstream industry chain companies, demonstrating confidence in the company's future development. On its first day of trading, Chery Automobile opened higher at HK$34.2 per share, an 11.22% increase from its IPO price.
Chery Automobile's listing celebration event
At the listing celebration held that day, Yin Tongyue, Chairman of Chery Automobile Co., Ltd., delivered a speech titled "Join Hands with Chery, Striving for a Better Future." He expressed his gratitude to the governments of Anhui Province and Wuhu City, shareholders, investors, global partners, customers, and both new and existing employees. He said it was their trust, expectations, and support that infused Chery with the innovative gene of "making the impossible possible," enabling Chery to progress from its humble beginnings to listing on the Hong Kong Stock Exchange.
Yin Tongyue, Chairman of Chery Automobile, delivered a speech entitled "Join Hands with Chery to Create a Better Future"
" This Hong Kong listing is a significant step for Chery to enter the international capital market and a new starting point for us to shoulder greater responsibilities and embrace a greater mission. " Yin Tongyue stated that in the future, Chery will pursue not only commercial success but also social contributions. Chery will leverage the power of capital to accelerate technological innovation, deepen its global presence, and continuously strengthen its core automotive business. At the same time, it will actively cultivate more outstanding companies, helping them to mature and subsequently go public, injecting continuous vitality into the industry ecosystem. Chery aspires to become an "innovation-driven, globally trusted leader in the smart mobility ecosystem," contributing further to the high-quality development of China's automotive industry.
Since its founding in 1997, Chery Automobile has been committed to leading industry innovation and deepening its presence in the international market. According to Frost & Sullivan, Chery's passenger car sales are expected to increase by 49.4% year-on-year in 2024, ranking first among the top 20 global passenger car companies . Chery is the only company among the top 20 global passenger car companies to see sales of new energy vehicles, gasoline-powered vehicles, and vehicles in China and overseas all increase by more than 25% compared to 2023. The company's sales growth in both gasoline-powered and new energy vehicles in China ranks first among the top 10 Chinese passenger car companies . Chery's most significant global advantage is that it has ranked first in exports among Chinese independent brand passenger car companies for 22 consecutive years since 2003. By 2024, Chery will rank first among Chinese independent brand passenger car companies in terms of sales in Europe, South America, and the Middle East and North Africa, and second in North America and Asia (excluding China).
Some Chery Automobile models
According to the prospectus, Chery's IPO funds will be mainly used in the following five areas:
35% will be used to research and develop different models and versions of passenger cars to further expand the product portfolio;
25% will be used for the research and development of next-generation vehicles and advanced technologies to enhance core technological capabilities;
20% will be used to expand overseas markets and implement globalization strategies;
10% will be used to upgrade the company's production facilities in Wuhu, Anhui;
10% will be used for working capital and general corporate purposes.
This fundraising plan also reflects Chery's future strategic focus: on the one hand, increasing investment in research and development, especially in the fields of new energy and intelligence; on the other hand, accelerating its global layout and consolidating its position as the export champion of China's independent brands .
Chery Automobile Intelligent Manufacturing Workshop
Chery Automobile's IPO comes at a time of rapid growth for the company. From 2022 to 2024, the company's operating revenue is projected to increase from 92.618 billion yuan to 269.897 billion yuan, and its net profit is projected to rise from 5.806 billion yuan to 14.334 billion yuan. In the first quarter of 2025, the company achieved operating revenue of 68.223 billion yuan and net profit of 4.726 billion yuan, a significant year-on-year increase of 90.9%.
Chery Automobile's overseas vehicles are ready to go
At a celebration for Chery's listing in Wuhu on the day of its listing, leaders from Anhui Province, Wuhu, Kaifeng, Qingdao, and Dalian, as well as representatives from shareholders, investors, partners, employees, and Chery executives attended to witness this milestone. This successful listing on the Hong Kong Stock Exchange provides Chery with a channel for long-term capital replenishment, enabling it to seize opportunities amidst the global automotive industry's transformation and accelerate its development, aiming to become a world-class brand.
