Core Viewpoint - Chery Automobile Co., Ltd. is set to launch an IPO, offering 297 million shares globally, with a pricing range of HKD 27.75 to HKD 30.75, aiming to enhance its capital structure and support its transition to electric vehicles [1][2][5]. Summary by Relevant Sections IPO Details - Chery plans to issue 297,397,000 shares, with 29,739,700 shares available for Hong Kong and 267,657,300 shares for international distribution, plus an over-allotment option of 44,609,500 shares [4]. - The IPO subscription period is from September 17 to September 22, with pricing expected to be finalized on September 23 and trading commencing on September 25 [1]. Financial Performance - Chery's projected revenue for 2024 is CNY 269.9 billion, representing a 65.4% year-on-year increase, while net profit is expected to reach CNY 14.3 billion, up 37.2% [5][9]. - Historical revenue figures show growth from CNY 92.6 billion in 2022 to CNY 163.2 billion in 2023, with a first-quarter revenue of CNY 68.2 billion in 2025 [9][10]. Market Position and Strategy - Chery's revenue from traditional fuel vehicles remains significant, accounting for 85.1% in 2022, 94.8% in 2023, and 76.1% in 2024, while electric vehicle revenue is increasing, reaching 30.3% in Q1 2025 [12]. - The company has a high debt-to-asset ratio, recorded at 93.1% in 2022, but is showing a gradual decline, indicating improvements in financial structure [15][16]. Organizational Changes - Chery has undergone structural adjustments, establishing a domestic business unit with four divisions to enhance operational efficiency [17]. - The company’s major shareholders include Chery Holding, Anhui Credit Financing Guarantee Group, and others, reflecting a complex ownership structure that has been a barrier to its IPO [17]. Industry Context - The rapid evolution of the electric vehicle sector necessitates significant capital investment, making the IPO a crucial step for Chery to secure funding for R&D and market expansion [19]. - Chery's delayed IPO process contrasts with competitors like BYD and Geely, which have already accessed capital markets, highlighting the competitive landscape [21][22].

Group 1 - Chery Automobile launched its IPO on the Hong Kong Stock Exchange on September 17, with a share price range of HKD 27.75 to HKD 30.75, aiming to raise up to HKD 91.45 billion, potentially reaching HKD 105.17 billion if the over-allotment option is fully exercised [1] - The IPO plans to issue 297 million H-shares, representing 5.16% of the total shares post-issue, with 90% allocated for international offering and 10% for public offering, along with a 15% over-allotment option [1] - Thirteen cornerstone investors have committed to the IPO, with total subscriptions amounting to approximately HKD 45.73 billion, including significant investments from various funds and companies [1] Group 2 - The net proceeds from the IPO will primarily be used for R&D of various passenger car models, enhancing core technology capabilities, expanding overseas markets, upgrading production facilities in Wuhu, Anhui, and for general corporate purposes [2] - Chery Automobile is the second-largest independent passenger car brand in China and the eleventh largest globally, with a projected growth of over 25% in both electric and fuel vehicle sales in 2024 compared to 2023 [2] - The company has five brands, including Chery, Jetour, Exeed, iCAR, and Zhijie, each catering to different customer needs and preferences [2] Group 3 - Since 2003, Chery Automobile has been the top exporter of passenger cars among independent brands in China, with over 13 million vehicles sold globally across more than 100 countries and regions by August 2025 [3] - In 2024, Chery is expected to lead in sales among Chinese independent brands in Europe, South America, and the Middle East and North Africa, and rank second in North America and Asia (excluding China) [3] - The company's revenue for 2022, 2023, and 2024 is projected to be CNY 92.62 billion, CNY 163.20 billion, and CNY 269.90 billion, respectively, with net profits of CNY 5.81 billion, CNY 10.44 billion, and CNY 14.33 billion [3]

Group 1 - Chery Automobile launched its IPO on September 17, seeking to raise up to HKD 91.45 billion, with a potential maximum of HKD 105.17 billion if the over-allotment option is fully exercised [1] - The IPO involves a global offering of 297 million H-shares, representing 5.16% of the total shares post-issue, with 90% allocated for international sale and 10% for public offering [1] - Thirteen cornerstone investors have committed to the IPO, collectively subscribing to approximately HKD 45.73 billion worth of shares, including significant investments from state-owned funds and various companies [1] Group 2 - The net proceeds from the IPO will primarily be used for R&D of various passenger car models, enhancing core technology capabilities, expanding overseas markets, upgrading production facilities in Wuhu, Anhui, and general corporate purposes [2] - Chery Automobile is the second largest independent passenger car brand in China and the eleventh largest globally, with a projected growth of over 25% in both electric and fuel vehicle sales in 2024 compared to 2023 [2] - The company has five brands, including Chery, Jetour, Exeed, iCAR, and Zhijie, each catering to different customer needs and preferences [2] Group 3 - Since 2003, Chery has been the top exporter of passenger cars among Chinese independent brands, with over 13 million vehicles sold globally across more than 100 countries and regions by August 2025 [3] - In 2024, Chery is expected to rank first among Chinese independent brands in Europe, South America, and the Middle East and North Africa, and second in North America and Asia (excluding China) [3] - The company's revenue for 2022, 2023, and 2024 is projected to be approximately CNY 92.62 billion, CNY 163.20 billion, and CNY 269.90 billion, respectively, with net profits of CNY 5.81 billion, CNY 10.44 billion, and CNY 14.33 billion [3]

Group 1 - Chery Automobile (09973) plans to globally offer 297 million shares from September 17 to September 22 [1] - Heng Rui Medicine (01276) has its HRS-5635 injection included in the list of proposed breakthrough treatment varieties [1] - Dongfeng Group (00489) intends to establish a joint venture to develop and sell smart vehicles [1] Group 2 - First Journey Holdings (00697) has Beijing Shouda Xingye Fund investing in Micro Differentiation Technology [1] - Brilliant Tomorrow (01351) has a change in controlling interest, receiving a discount of approximately 41.18% for the full acquisition offer, and will resume trading on September 18 [1] - Tencent Holdings (00700) plans to issue 9 billion yuan in notes [1] Group 3 - New China Life Insurance (01336) reported a cumulative original insurance premium income of 158.086 billion yuan for the first eight months, representing a year-on-year increase of 21% [1]

Group 1 - Chery Automobile launched its IPO in Hong Kong from September 17 to September 22, with a share price range of HKD 27.75 to HKD 30.75, and received full subscription on the first day [1] - The company aims to raise up to HKD 91.45 billion, potentially reaching HKD 105.17 billion if the over-allotment option is fully exercised, with shares expected to be listed on September 25 [1] - Chery's IPO includes the issuance of 297.397 million H-shares, representing 5.16% of total shares post-issue, with 90% allocated for international offering and 10% for public offering [1] Group 2 - The net proceeds from the IPO will primarily be used for R&D of various passenger car models, enhancing core technology capabilities, expanding overseas markets, upgrading production facilities in Wuhu, Anhui, and for general corporate purposes [2] - Chery is the second largest domestic passenger car brand in China and the eleventh largest globally, with a projected growth of over 25% in both new energy and fuel vehicle sales in 2024 compared to 2023 [2] - The company has five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different customer needs and market segments [2] Group 3 - Since 2003, Chery has been the top exporter of passenger cars among Chinese brands, with sales in over 100 countries and regions, totaling over 13 million vehicles by August 22, 2025 [3] - In 2024, Chery is projected to lead in sales among Chinese brands in Europe, South America, and the Middle East and North Africa, and rank second in North America and Asia (excluding China) [3] - Chery's revenue for 2022, 2023, and 2024 is projected to be CNY 92.618 billion, CNY 163.205 billion, and CNY 269.897 billion, respectively, with net profits of CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion [3]

Group 1: Company Developments - Han Yi Co., Ltd. plans to reduce its shareholding by up to 2,940,000 shares, accounting for 3% of the total share capital, due to the shareholder's personal financial needs [1] - Novo Nordisk aims to launch the oral version of its weight loss drug, Semaglutide (Wegovy), in the U.S. early next year, highlighting its competitive advantages over rivals [2] - Chery Automobile's IPO in Hong Kong has reportedly received full subscription, seeking to raise up to HKD 9.14 billion [4] - Qingtian Technology has completed a Pre-A round financing of several hundred million yuan, led by Shenzhen Qianhai Ark [5] - MaiMai Technology has also completed a Pre-A round financing exceeding 100 million yuan, with a post-investment valuation exceeding 1 billion yuan [5] Group 2: Industry Insights - Meta's CEO Mark Zuckerberg believes AI glasses will be a primary means of integrating superintelligence into daily life, indicating a significant growth potential in the AI eyewear market [1] - The global smart eyewear market is projected to reach 2.555 million units shipped in Q2 2025, a 54.9% year-on-year increase, with China's market expected to see a 145.5% growth [8] - The Chinese government is confident in completing the core tasks of state-owned enterprise reform by the end of the year, which may impact the overall business environment [9]

Core Viewpoint - Chery Automobile has successfully completed its long-awaited IPO, with subscription dates from September 17 to 22 on the Hong Kong Stock Exchange, marking a significant milestone for the company after 21 years of efforts [3][10]. Group 1: Company Overview - Chery Automobile Co., Ltd. was founded in 1997 and is headquartered in Wuhu, China, producing both fuel and new energy vehicles, with a market presence in over 100 countries and regions [3]. - In 2024, Chery is projected to sell 2.6039 million vehicles, with exports exceeding 1.1445 million units, maintaining its position as the top Chinese brand in passenger car exports for 22 consecutive years [5]. Group 2: Financial Performance - Chery's revenue for 2022, 2023, and 2024 is expected to be RMB 92.618 billion, RMB 163.205 billion, and RMB 269.897 billion, respectively, with net profits of RMB 5.806 billion, RMB 10.444 billion, and RMB 14.334 billion for the same years [6][7]. - The first quarter of 2025 shows a revenue of RMB 68.223 billion, representing a year-on-year growth of 24.25%, and a net profit of RMB 4.726 billion, reflecting a significant increase of 90.87% [6]. Group 3: Market Position and Valuation - Chery is ranked first among the top twenty global passenger car companies, with a notable year-on-year growth of 49.4% in revenue for 2024 [5]. - The company has a low valuation, with a maximum expected price-to-earnings ratio of no more than 10 times, indicating a significant discount compared to industry peers [10].

智通财经APP获悉，不同集团(06090)、奇瑞汽车(09973)正在招股中。截止9月17日，富途、辉立、华盛 等券商合计为不同集团借出253.2857亿港元，超购逾323倍；合计为奇瑞汽车借出76.4525亿港元，超购 逾7.3倍。 | | | 新股仔展 (9月17日) | | | --- | --- | --- | --- | | 新股 | 券商 | 仔展(亿港元) | 息率% | | 不同集团 | 辉立 | 88.00 | 0.00 | | | 富途 | 48.96 | 0.00 | | | 华盛 | 18.55 | 0.00 | | | 耀才 | 18.00 | 0.00 | | | 信诚 | 3.00 | 0.00 | | | 密立 | 1.697 | 0.00 | | (06090) | 时量 | 0.78 | 0.00 | | | 艾德 | 0.029 | 0.00 | | | 真他呉和 | 74.2697 | | | | 共计 | 253.2857 | | | | | 集资额:0.78亿元 | | | | | 认购:超购逾323倍 | | | 奇瑞汽车 | 富途 | 26.68 | 0.00 ...

Group 1 - Chery Automobile Co., Ltd. has commenced its IPO process, which will run from September 17 to September 22, with plans to list on the Hong Kong Stock Exchange on September 25 under the stock code "9973" [1] - The company plans to issue approximately 297 million H-shares in this IPO, with 29.74 million shares available for public offering in Hong Kong and around 268 million shares for international offering [1] - The IPO price range is set between HKD 27.75 and HKD 30.75 per share, which would result in a market capitalization between HKD 160.04 billion and HKD 177.34 billion [1] Group 2 - The total expected fundraising amount from this global offering is HKD 8.699 billion, with a net fundraising amount of HKD 8.441 billion [1] - The funds raised will be utilized for research and development of various models and versions of passenger vehicles over the next one to three years, aimed at expanding the company's product portfolio [1]

Core Viewpoint - Chery Automobile (09973.HK) plans to globally offer approximately 297 million H-shares, with a pricing range of HKD 27.75 to HKD 30.75 per share, aiming to raise around USD 587 million from cornerstone investors [2][3]. Company Overview - Chery Automobile, headquartered in Wuhu, China, designs, develops, manufactures, and sells a diverse range of passenger vehicles, including both fuel and new energy vehicles, to meet the evolving demands of domestic and international markets [3]. - As of 2024, Chery is the second-largest independent passenger vehicle brand in China and the eleventh-largest globally, according to Frost & Sullivan [3]. Sales Performance - In 2024, Chery's passenger vehicle sales are projected to grow by 49.4% compared to 2023, leading the global top twenty passenger vehicle companies [3]. - The company achieved a 56.0% increase in passenger vehicle sales in China and a remarkable 277.3% growth in new energy vehicle sales in 2024 compared to 2023 [4]. Market Position - Chery is the only company among the top twenty global passenger vehicle manufacturers to experience over 25% growth in new energy vehicle sales, fuel vehicle sales, domestic market sales, and overseas market sales in 2024 [3]. - The company has sold over 13 million vehicles globally and has maintained the highest export volume among independent Chinese brands for 22 consecutive years [4]. Brand Strategy - Chery operates five major brands: Chery, Jetour, Exeed, iCAR, and Zhiji, each targeting different customer segments and market niches [7][8]. - The main brand, Chery, focuses on safety and quality for family users, while Jetour targets family travel and outdoor enthusiasts [7]. Financial Performance - Chery's revenue increased from RMB 926.18 billion in 2022 to RMB 1,632.05 billion in 2023, and further to RMB 2,698.97 billion in 2024, primarily driven by the rise in new energy vehicle sales [10]. - The company's gross profit for 2024 was RMB 363.08 billion, with a gross margin of 13.5% [10]. Profitability - Chery's net profit for 2024 was RMB 143.34 billion, with a net profit margin of 5.3% [11]. - The adjusted profit increased from RMB 41.08 billion for the three months ending March 31, 2024, to RMB 48.57 billion for the same period in 2025 [11]. Use of Proceeds - Assuming a share price of HKD 29.25 and no exercise of the over-allotment option, Chery estimates net proceeds of approximately HKD 8.441 billion from the global offering, with allocations for R&D, market expansion, and production facility upgrades [11].