奇瑞汽车21年上市长跑即将“撞线”

Core Viewpoint - Chery Automobile is set to go public on the Hong Kong Stock Exchange after multiple attempts since 2004, aiming to raise between $1.5 billion and $2 billion, potentially becoming the largest IPO in the automotive sector since 2025 [1][2][3]. Company Overview - Founded in 1997 and headquartered in Wuhu, Anhui, Chery is the second-largest domestic passenger car brand in China and the eleventh largest globally by sales [2]. - Chery has shown significant growth, with sales in both domestic and overseas markets, including a more than 25% increase in sales across various categories compared to the same period in 2023 [2]. IPO Details - The IPO is expected to be the largest automotive IPO in Hong Kong, with joint sponsors including CICC, Huatai Securities, and GF Securities [1]. - The funds raised will primarily be allocated to R&D for new passenger car models, next-generation vehicles, advanced technologies, and expanding overseas markets [1][4]. Historical Context - Chery has faced numerous challenges in its IPO journey, including complex shareholding structures and failed attempts in 2004, 2007, 2009, 2016, 2019, and 2022 [3]. - The recent approval from the China Securities Regulatory Commission allows Chery to issue up to 699 million H-shares, enhancing liquidity and attractiveness for investors [3]. Market Position and Strategy - The decision to list on the Hong Kong Stock Exchange aligns with a trend among Chinese automakers seeking capital to support the transition to electric vehicles and advanced technologies [4]. - The competitive landscape in the global automotive industry is intensifying, with established players like Tesla and BYD gaining advantages in the electric vehicle market [4].