Group 1 - The Hang Seng Index rose by 0.43%, gaining 115 points to reach 26,633 points, while the Hang Seng Tech Index increased by 1.91% with a morning trading volume of HKD 175.8 billion [1] - Contemporary Amperex Technology Co., Limited (CATL) saw its stock price increase by over 5%, reaching a new high since its listing, with Credit Lyonnais raising its target price to HKD 670 [1] - JD Group's stock rose by over 6%, with plans to invest continuously over the next three years to develop a trillion-scale artificial intelligence ecosystem [1] Group 2 - Luoyang Molybdenum Co., Ltd. experienced a 13% increase, reaching a new high, amid supply disruptions in cobalt and copper, and announced a HKD 5 billion equity incentive plan [2] - Zijin Mining Group Co., Ltd. rose by over 6%, benefiting significantly from rising gold and copper prices, with its subsidiary expected to be the second-largest IPO globally this year [2] - Semiconductor stocks continued their upward trend, with Alibaba announcing an expansion in AI capital expenditure, and Goldman Sachs optimistic about long-term demand growth for Chinese AI chips; Hua Hong Semiconductor rose by over 6%, while SMIC increased by nearly 2% [2] Group 3 - China Everbright Holdings Co., Ltd. surged by over 21%, with a cumulative increase of 110% in stock price this year, focusing on key industries including artificial intelligence and semiconductors [3] Group 4 - Jinli Permanent Magnet Co., Ltd. rose by over 6%, with the robotics industry expected to see multiple catalysts, as the company has made early investments in the robotics sector [4] Group 5 - Shanghai Electric Group Co., Ltd. increased by over 6%, with new breakthroughs in the nuclear fusion sector and continued advancements in emerging industries [5] Group 6 - Chery Automobile Co., Ltd. saw its stock price rise by over 8% on its first day of listing [6] Group 7 - Changfei Optical Fiber and Cable Co., Ltd. fell by over 2%, as its former largest shareholder liquidated 23.73% of its shares within six months [7]

Core Points - Chery Automobile Co., Ltd. (stock code: "9973") was listed on the Hong Kong Stock Exchange today, with an issue price of HKD 30.75 and a total fundraising amount of HKD 9.145 billion [1] - The cornerstone investors collectively subscribed for approximately USD 587 million (about HKD 4.573 billion) [1][2] - The opening price of Chery Automobile was HKD 34.2, representing an increase of over 10% from the issue price, with a market capitalization nearing HKD 200 billion [6] Fundraising and Investor Details - Chery Automobile issued approximately 297 million shares, with a net fundraising amount of HKD 8.879 billion after deducting listing expenses of HKD 266 million [1] - Key cornerstone investors include JSC International Investment Fund SPC, Hillhouse HHLRA, Shanghai Jinglin, CICC Financial Trading Limited, and others, with significant subscriptions [1][2] Financial Performance - Chery Automobile's revenue for 2022, 2023, and 2024 is projected to be RMB 92.618 billion, RMB 163.205 billion, and RMB 269.897 billion, respectively [9][10] - The gross profit for the same years is expected to be RMB 12.805 billion, RMB 26.090 billion, and RMB 36.308 billion, respectively [9][10] - The net profit for 2022, 2023, and 2024 is projected to be RMB 5.806 billion, RMB 10.444 billion, and RMB 14.334 billion, respectively [10][12] Market Position and Product Mix - Chery Automobile has diversified its product offerings, including fuel vehicles and new energy vehicles, with five major brands: Chery, Jetour, Exeed, iCAR, and Zhijie [9] - As of the first quarter of 2025, revenue from new energy vehicles accounted for 27.3% of total revenue, indicating a shift from traditional fuel vehicles [14][16] Geographic Revenue Distribution - In the first quarter of 2025, revenue from the Greater China region accounted for 60% of total revenue, while revenue from other regions, including Europe and the Americas, contributed significantly [18][19]

Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, marking the largest IPO in the automotive sector this year, with a market capitalization nearing 200 billion HKD and a share price of 30.75 HKD, reflecting strong investor confidence and growth potential [3][5]. Group 1: Company Position and Growth - Chery is the second largest independent passenger car brand in China and the eleventh largest globally, with significant growth in both new energy and traditional fuel vehicle sales, achieving over 25% growth across all categories [7]. - From 2022 to 2024, Chery's revenue is projected to grow from 92.618 billion RMB to 269.897 billion RMB, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.806 billion RMB to 14.334 billion RMB, with a CAGR of 57.1% [8][9]. Group 2: Sales and Revenue Performance - In Q1 2025, Chery reported revenue of 68.223 billion RMB, a year-on-year increase of 24.2%, with net profit soaring over 90% [8]. - The sales of new energy vehicles (NEVs) have seen remarkable growth, with plug-in hybrid and range-extended electric vehicles generating 1.07 billion RMB in Q1 2025, a 314% increase year-on-year, while pure electric vehicle revenue reached 795.6 million RMB, up 295% [8][10]. Group 3: Research and Development - Chery has invested heavily in R&D, with over 14,400 R&D personnel, accounting for more than 50% of non-production staff. R&D expenditures have increased significantly, reaching 10.544 billion RMB in 2024 [10]. - The company has established a comprehensive R&D system with multiple centers globally, focusing on innovation and technology development, which has led to breakthroughs in hybrid and electric vehicle technologies [10]. Group 4: International Expansion - Chery has been a leader in exporting Chinese passenger vehicles, maintaining the highest export volume among independent brands for 22 consecutive years, with overseas revenue projected to grow significantly from 30.387 billion RMB in 2022 to 100.897 billion RMB in 2024 [21][22]. - The company has established a robust global dealer network and production bases, enhancing its competitive edge and enabling localized production, as seen with its joint venture in Spain [23]. Group 5: Future Outlook - The global automotive market is expected to grow, with a projected CAGR of 3.5% from 2025 to 2030, and Chery aims to capitalize on this by enhancing its presence in international markets, particularly in Europe and South America [20][21]. - Chery's strategic focus on new energy vehicles and technological innovation positions it well for future growth, with ambitious sales targets set for its iCAR and other brands [17][18].

Group 1 - Chery Automobile's stock surged on its first trading day, opening up 11.22% and currently up over 9%, leading the automotive sector in Hong Kong [1] - Other automotive stocks also saw gains, with Leap Motor up 5.8%, Xpeng Motors up 3.4%, and NIO and Geely both rising over 2% [1] - Chery is the second largest domestic passenger car company in China and the 11th largest globally, with a projected 49.4% year-on-year growth in passenger car sales for 2024, the highest growth rate among the top 20 global passenger car companies [1] Group 2 - According to Escalent's research, 47% of buyers are considering purchasing Chinese cars, compared to 44% for American cars; however, this trend is expected to reverse in 2024, with only 31% considering Chinese cars and 51% considering American cars [1]

Core Viewpoint - Chery Automobile Co., Ltd. is set to officially list on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973," raising a total of HKD 9.145 billion, potentially becoming the largest IPO of an automotive company in Hong Kong in 2025 [2] Group 1: Company Overview - Chery has become the second largest independent passenger car brand in China and the eleventh largest globally, based on 2024 global passenger car sales [2] - Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25% growth in sales across electric vehicles, fuel vehicles, domestic market, and overseas market from 2023 to 2024 [2] - The company has exported over 13 million vehicles since its first export in 2001, ranking first in China's independent brand passenger car exports for 22 consecutive years since 2003 [3] Group 2: Growth and Strategy - Chery's electric vehicle sales exceeded 580,000 units in 2024, marking a year-on-year increase of 232.7%, with Q1 2025 sales reaching 163,500 units, up 171.8% [3] - The company has implemented a multi-technology route for its new energy strategy, maintaining core technology advantages in fuel vehicles while actively promoting electrification [3] - Chery has achieved significant sales in various international markets, ranking first among Chinese independent brands in Europe, South America, and the Middle East and North Africa in 2024 [3] Group 3: Investment and Support - IDG Capital has made two significant investments in Chery in 2023 and early 2024, providing ongoing support in international technology cooperation, market expansion, and capital structure optimization [4] - IDG Capital has a long-standing presence in the automotive industry, supporting numerous innovative companies in the smart vehicle and autonomous driving sectors [5] - The firm aims to drive technological iteration, industry integration, and global competition, positioning itself as a key enabler in the evolving smart mobility landscape [6]

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2023, marking the largest IPO of a car company in Hong Kong this year, with a final offering price of HKD 30.75 and net proceeds of HKD 88.793 billion [1][2] Fundraising and Utilization - The net proceeds from the IPO are approximately HKD 84.41 billion, with planned allocations: 35% for R&D of various passenger car models, 25% for next-generation vehicles and advanced technology, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital and general corporate purposes [2] - The IPO received strong market response, with cornerstone investors subscribing a total of USD 587 million (approximately HKD 45.73 billion) [2] Financial Performance - In 2024, Chery's total sales exceeded 2.6 million units, a year-on-year increase of 38.4%, with overseas exports reaching 1.1446 million units, leading the Chinese brand passenger car export rankings [3] - Revenue grew from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with Q1 2025 revenue at CNY 68.223 billion, maintaining a year-on-year growth of 24.25% [3] - Net profit rose from CNY 5.806 billion in 2022 to CNY 14.334 billion in 2024, with Q1 2025 net profit reaching CNY 4.726 billion, a year-on-year increase of 90.87% [3] Historical Context - Chery's journey to IPO has been lengthy, spanning 21 years with multiple attempts hindered by various challenges, including complex equity relationships and macroeconomic changes [4][5] - The company faced numerous setbacks in its IPO attempts, including the 2008 global financial crisis and regulatory issues, which delayed its market entry [5] Global Expansion and Strategy - Chery has been a leader in exports, with over 13 million vehicles sold globally and a presence in over 100 countries [6] - The company plans to allocate about 20% of the IPO proceeds for overseas market expansion and global strategy execution, indicating a focus on increasing its global market share [6] Organizational Changes - Chery has undertaken significant internal restructuring to streamline its operations, including the establishment of a unified smart driving brand and the formation of a centralized intelligent technology center [7] - Despite strong performance, Chery faces challenges in the electric vehicle sector, with its EV revenue share increasing from 13.2% in 2022 to 29.3% in the first eight months of 2025, still below the industry average of 45% [7] Conclusion - The successful IPO marks a significant milestone for Chery, positioning the company for a more standardized and internationalized development path, enhancing its competitiveness in the global automotive industry [8]

Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 200 billion on its first trading day, reflecting strong investor interest and confidence in the company's future growth potential [2][9]. IPO Details - Chery's IPO was priced at HKD 30.75 per share, the highest in the previously set range, raising a total of HKD 9.145 billion [8][11]. - The IPO saw significant demand, with the Hong Kong public offering being oversubscribed by 308.18 times and the international offering by 11.61 times [9][10]. - The total number of shares offered was 297 million, including 29.7397 million for public sale and 268 million for international sale, with an additional 4.469 million shares allocated for overallotment [8]. Historical Context - Chery's journey to IPO has spanned over 20 years, with initial plans for listing dating back to 2004. The recent IPO process took only 7 months, starting from the resubmission of its application in February 2023 [6][22]. Investor Participation - The IPO attracted 13 cornerstone investors, including notable institutions and local government-backed investment entities, with cornerstone subscriptions totaling approximately HKD 4.57 billion [12][18]. - Major shareholders prior to the IPO included Luxshare, CATL, and Guoxuan High-Tech, with significant shareholdings subject to lock-up agreements [18][20]. Future Plans - The net proceeds from the IPO will be allocated towards R&D for various vehicle models over the next 1 to 3 years, with 20% specifically earmarked for the development of new energy vehicles [22]. - Chery aims to enhance its core technological capabilities and expand its international market presence, building on its status as the 11th largest passenger car manufacturer globally [22][23]. Financial Performance - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, representing a compound annual growth rate (CAGR) of 70.7%. Net profit is expected to increase from CNY 5.806 billion to CNY 14.334 billion during the same period, with a CAGR of 57.1% [23].

Core Insights - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2023, marking a significant milestone after over 20 years of preparation, with a market response showing a 10.37% increase in stock price and a total market capitalization of HKD 195.7 billion [2] - The IPO raised a total of HKD 9.145 billion, making it one of the largest IPOs in the Hong Kong market this year, with 297 million shares issued at a price of HKD 30.75 [2] - The company experienced strong demand during the global offering, achieving a subscription rate of 308.18 times for the public offering in Hong Kong and 11.61 times for the international offering [2] Company Performance - Chery's global sales are projected to reach 2.295 million units in 2024, ranking second among Chinese independent brand passenger vehicles, and it has maintained the title of "China's independent brand passenger vehicle export leader" for 22 consecutive years since 2003 [2] - The company is expected to achieve overseas revenue exceeding RMB 100 billion in 2024, representing a significant increase of 232% compared to 2022 [2] - For the fiscal year 2024, Chery is projected to generate operating revenue of RMB 269.897 billion and a net profit of RMB 14.334 billion, with compound annual growth rates of 70.7% for revenue and 57.1% for net profit from 2022 to 2024 [3] - In the first quarter of 2025, Chery continued its high growth trajectory, with revenue and net profit increasing by 24.2% and 90.9% year-on-year, respectively [3]

#奇瑞上市成年内港股最大车企IPO#【#奇瑞汽车登陆港交所# 成年内港股最大车企IPO】9月25日，奇瑞 汽车股份有限公司在港交所正式挂牌上市。此次上市，奇瑞汽车以30.75港元/股的招股价上限定价，募 资规模达91.4亿港元，一举成为年内港股市场规模最大的车企IPO。招股结果显示，奇瑞汽车公开发售 部分获得238倍超额认购，创下今年港股新股认购纪录。（证券日报） ...

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2023, with an initial stock price surge of over 13%, stabilizing at a 10.44% increase, valuing the company at approximately HKD 195.86 billion [1][3]. Group 1: IPO Details - Chery's IPO was priced at HKD 30.75 per share, raising a total of HKD 9.14 billion, marking it as the largest IPO for an automotive company in Hong Kong this year [3]. - The funds raised will primarily be allocated for new model and technology development, expansion into overseas markets, and upgrades to production facilities [3]. Group 2: Company Performance - Chery is one of the last major unlisted automotive manufacturers in China, having attempted to go public multiple times since 2004 without success until now [3]. - In terms of sales, Chery achieved a record high of 2.604 million vehicles sold in 2022, representing a year-on-year growth of 38.4%, with Chery Automobile alone selling 1.61 million vehicles, a 31.1% increase [3][4]. - The company aims to reach a sales target of 2 million vehicles in 2023 [3]. Group 3: Market Position and Growth - Chery was the only company among the top twenty global passenger car manufacturers to see over 25% growth in sales across electric vehicles, fuel vehicles, and both domestic and international markets in 2023 [3]. - The average monthly sales of eight of Chery's models exceeded 10,000 units last year, with electric vehicle sales increasing by over 265% and revenue from electric vehicles rising by 645% [4]. Group 4: Financial Performance - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion by 2024, reflecting a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from CNY 5.806 billion to CNY 14.334 billion, with a CAGR of 57.1% [4]. - The company's debt-to-asset ratio peaked at 93.1% in 2022 but has since decreased to 87.7% by the first quarter of 2025 [4].