Group 1 - Chery Automobile Co., Ltd. officially listed on the Hong Kong Stock Exchange on September 25, marking the culmination of a 21-year journey to achieve this goal [1] - The IPO was priced at HKD 30.75 per share, raising a total of HKD 91.4 billion (approximately RMB 83.76 billion), making it the largest car company IPO in the Hong Kong market for 2025 [1] - The market response to Chery's listing was enthusiastic, with the public offering portion being oversubscribed by over 300 times, and the opening price on the first trading day was HKD 34.2 per share, an increase of 11.22% from the issue price [3] Group 2 - Chery is a leading exporter of Chinese automobiles, having ranked first in the export volume of self-owned brand passenger cars in China for 22 consecutive years, with 546,000 units exported in the first half of 2025 [3] - The company reported projected revenues of RMB 269.9 billion and a net profit of RMB 14.3 billion for 2024, with Q1 2025 revenues of RMB 68.2 billion and a net profit of RMB 4.7 billion, indicating strong and sustainable profitability [3] - The funds raised from the IPO will primarily be allocated to new model development (35%), advanced technology research (25%), and global market expansion (20%) [3]

Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, marking a significant milestone for the company [1] - Horizon Robotics, as a cornerstone investor, emphasizes its long-term strategic partnership with Chery, supporting its goal to become a leader in the global automotive industry [1] - The launch of the Starway ET5, the world's first vehicle equipped with Horizon's HSD system and the Journey 6P flagship chip, is highly anticipated and represents a key outcome of their collaboration [1][2] Group 2 - The strategic collaboration between Chery and Horizon, established in 2021, focuses on the development of next-generation assisted driving products and systems [2] - The Starway ET5 showcases integrated capabilities in perception, decision-making, planning, and control, demonstrating excellent environmental perception and path planning in complex urban traffic scenarios [2] - Horizon's support for Chery's intelligent layout is evident through the successful delivery of the Starway ET5, providing a model for the large-scale application of intelligent driving technology across various vehicle types [2] Group 3 - Chery's listing provides a capital foundation for expanding its global business and accelerates the large-scale implementation of intelligent driving technologies [3] - The partnership aims to achieve lower overall costs, faster development cycles, and higher quality mass production capabilities, promoting the accessibility of intelligent driving technology to the public [3]

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, marking the largest IPO of a car company in Hong Kong this year, with a final offer price of HKD 30.75 and net proceeds of approximately HKD 88.793 billion [1][2]. Group 1: IPO Details - The IPO raised approximately HKD 84.41 billion, with 35% allocated for R&D of various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, and 10% for enhancing production facilities in Wuhu, Anhui [2]. - The stock opened with a gain of over 10%, reaching an opening price of HKD 34.2 and a current price of HKD 34.5, reflecting a 12.2% increase and a total market capitalization of HKD 199.3 billion with a P/E ratio of 11.51 [1]. Group 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 surged 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]. Group 3: Historical Context - Chery's journey to IPO spanned 21 years, marked by multiple attempts and challenges, including ownership disputes and regulatory hurdles, with the first attempt in 2004 and the successful listing in 2025 [4][5]. - The company faced significant obstacles, including the global financial crisis in 2008 and issues related to shareholder structure, which delayed its IPO plans [4][5]. Group 4: 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, achieving significant sales in Europe, South America, and the Middle East [6]. - The company plans to allocate 20% of the IPO proceeds for overseas market expansion and global strategy execution, indicating a focus on increasing its international market share [6]. Group 5: Internal Reorganization and Future Challenges - Chery has undertaken internal restructuring to streamline operations, including the establishment of a unified smart driving brand and the integration of various technology divisions [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 2025, still below the industry average of 45% [7].

Market Overview - On September 25, the A-share market experienced a morning rally, with the ChiNext Index reaching a three-year high. By midday, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index increased by 1.14%, and the ChiNext Index surged by 2.22%. The total trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan [1][2]. Sector Performance - Sectors such as gaming, AI applications, and controllable nuclear fusion saw significant gains, while sectors like port shipping, precious metals, and tourism faced declines [3][4]. Notable Stock Movements - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price exceed 400 yuan, closing with a market capitalization surpassing 1.83 trillion yuan, overtaking Kweichow Moutai and China Construction Bank to rank third in A-shares [5][6][7]. - Chery Automobile successfully listed on the Hong Kong Stock Exchange, with its stock price rising by 8.55% on the first day, bringing its market capitalization close to 200 billion HKD [8]. Technology Sector Developments - The technology sector continued to strengthen, with the STAR 50 Index rising by 1.8%. Notable stocks included Shengwei New Materials, which hit the daily limit, and Stone Technology, which rose over 5% [9]. - A collaboration between Alibaba Cloud and NVIDIA in the Physical AI field was announced, aiming to enhance the development cycle for applications like embodied intelligence and assisted driving [9][10]. Copper Market Impact - A mudslide incident at Freeport McMoRan's Grasberg mine in Indonesia led to a significant increase in copper prices, with LME copper rising by 3.27% to reach 10,320 USD/ton, the highest level since June 2024. The mine's production is expected to drop by 35% by 2026 due to the incident [11][12].

Market Overview - On September 25, the A-share market experienced a morning rally, with the ChiNext Index reaching a three-year high. The Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index increased by 1.14%, and the ChiNext Index surged by 2.22%. The total trading volume exceeded 1.5 trillion yuan [1] Sector Performance - The gaming, AI applications, and controllable nuclear fusion sectors saw significant gains, while the port shipping, precious metals, and tourism sectors faced declines [1] Company Highlights - CATL's stock price surpassed 400 yuan, with a market capitalization exceeding 1.83 trillion yuan, surpassing Kweichow Moutai and China Construction Bank, making it the third-largest in A-shares [4] - Chery Automobile successfully listed on the Hong Kong Stock Exchange, with a market capitalization approaching 200 billion HKD after its stock price rose by 8.55% on the first day of trading [6][7] Technology Sector - The technology sector continued to strengthen, with the STAR Market Index rising by 1.8%. Notable stocks included Pingming Technology and Shangwei New Materials, which hit the daily limit [8] - Alibaba Cloud and NVIDIA announced a collaboration in the Physical AI field, which is expected to enhance the development cycle for applications like embodied intelligence and assisted driving [8] Copper Market - A landslide incident at an Indonesian copper mine led to a significant increase in copper prices, with LME copper rising by 3.27% to reach 10,320 USD/ton, the highest level since June 2024 [10] - The incident at Freeport McMoRan's Grasberg mine is expected to reduce copper production by 35% by 2026, raising concerns about supply chain disruptions [11]

Market Overview - The A-share market experienced a morning rally on September 25, with the ChiNext Index reaching a three-year high, closing with the Shanghai Composite Index up 0.16%, the Shenzhen Component Index up 1.14%, and the ChiNext Index up 2.22% [1][2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan [1] Sector Performance - Sectors such as gaming, AI applications, and controllable nuclear fusion saw significant gains, while port shipping, precious metals, and tourism sectors faced declines [2] - The technology sector continued to strengthen, with the Sci-Tech 50 Index rising by 1.8% [8] Notable Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price exceed 400 yuan, with a total market capitalization surpassing 1.83 trillion yuan, overtaking Kweichow Moutai and China Construction Bank [4][6] - Chery Automobile successfully listed on the Hong Kong Stock Exchange, with a market capitalization approaching 200 billion Hong Kong dollars, and its stock price rose by 8.55% on the first day of trading [5] Commodity Insights - A significant copper price increase was noted due to a landslide incident at Freeport McMoRan's Grasberg mine in Indonesia, which has halted production and raised supply chain concerns [10] - The London Metal Exchange (LME) copper price rose by 3.27%, reaching 10,320 USD per ton, the highest level since June 2024 [10] Robotics and AI Developments - The robotics sector is experiencing a surge in market sentiment, driven by Tesla's announcements regarding its humanoid robot and significant stock purchases by Elon Musk [8][9] - The collaboration between Alibaba Cloud and NVIDIA in the Physical AI domain is expected to enhance the development cycle for applications in embodied intelligence and autonomous driving [8]

Core Viewpoint - Chery Automobile Co., Ltd. officially listed on the Hong Kong Stock Exchange on September 25, 2023, raising HKD 91.4 billion through the issuance of 297 million H-shares at a price of HKD 30.75 per share, marking the largest IPO for an automotive company in the Hong Kong market since 2025 [1][2] Group 1 - On the first day of trading, Chery's stock opened at HKD 34.2 per share, an increase of 11.22% from the issue price, with a market capitalization exceeding HKD 200 billion at one point [1] - As of 10:30 AM on the listing day, the stock price was HKD 33.94 per share, reflecting a 10.37% increase [1] - The IPO attracted 13 cornerstone investors, including prominent firms such as Hillhouse HHLR and Shanghai Jinglin, with total subscriptions amounting to USD 587 million, accounting for 50% of the total offering [1] Group 2 - Chery has shown significant revenue growth, with operating income projected to rise from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, and net profit expected to increase from CNY 5.806 billion to CNY 14.334 billion during the same period [2] - The company has maintained its position as the top exporter of Chinese self-owned brand passenger vehicles for 22 consecutive years, with sales reaching over 13 million units globally across more than 100 countries and regions by August 22, 2025 [2] - The funds raised from the IPO will primarily be used to expand the passenger vehicle product lineup, develop next-generation vehicles and advanced technologies, implement global strategies, upgrade the Wuhu production base, and supplement working capital [2]

Group 1 - The Hang Seng Index rose by 0.43% at midday on September 25, while the Hang Seng Tech Index increased by 1.91% [1] - Semiconductor stocks continued their strong performance, with Hua Hong Semiconductor rising over 6% and SMIC increasing nearly 2% [1] - Technology stocks collectively strengthened, with JD.com up over 6%, Baidu rising over 4%, and Xiaomi Group increasing nearly 4% [1] - Chery Automobile saw an impressive debut, with its stock rising 8.55% on the first day of trading [1]

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]