二十一年，多次冲击上市，63岁的他终于要圆梦了

Core Viewpoint - Chery Automobile's upcoming IPO is seen as a strategic move to enhance its internationalization and address its high debt levels, marking the beginning of a new phase in its business journey rather than an end goal [2][4][7]. Group 1: IPO Details - Chery officially passed the listing hearing on September 7, 2023, and is set to become the largest car company IPO on the Hong Kong Stock Exchange by 2025 [2]. - The company plans to issue up to 698.9 million shares and aims to raise between $1.5 billion to $2 billion (approximately 11.7 billion to 15.6 billion HKD) [14][18]. - Chery's major shareholders include Wuhu Investment Holding (21.17%), management and employee stock ownership platform Ruichuang (18.25%), and Luxshare (16.83%) [2]. Group 2: Financial Performance - Chery's debt ratios from 2022 to Q1 2025 were reported at 93.1%, 91.9%, 87.9%, and 87.7% respectively, indicating a need for capital infusion [4]. - The company's revenue is projected to grow from 92.6 billion CNY in 2022 to 269.9 billion CNY by 2024, with net profits increasing from 5.8 billion CNY to 14.3 billion CNY in the same period [18]. - In Q1 2025, Chery reported a revenue of 68.2 billion CNY, a 24.2% year-on-year increase, and a net profit of 4.7 billion CNY, reflecting a 90.9% increase [18]. Group 3: Strategic Focus - Chery aims to utilize the funds raised from the IPO for new model development, advanced automotive technology, overseas market expansion, and enhancing production facilities in Wuhu [18]. - The company has committed to investing over 100 billion CNY in R&D over the next five years as part of its "Yaoguang 2025" strategy, focusing on key areas such as electric and intelligent vehicles [22]. - Chery's international market presence has been a significant strength, having sold over 13 million vehicles since its first export in 2001, maintaining its position as the top Chinese brand in passenger car exports for 22 consecutive years [19]. Group 4: Challenges and Opportunities - Despite recent growth, Chery faces challenges in the electric vehicle sector, where its current revenue from traditional fuel vehicles still dominates at 69.6% in 2024, although this is a decrease from 75.9% in 2022 [21]. - The company has set ambitious goals to improve its ranking in the electric vehicle market, aiming to be among the top players by the end of 2024 [22]. - Chery's brand recognition and innovation in the electric vehicle segment are still perceived as weaker compared to competitors like Geely and Changan, posing a challenge for its market positioning [23].