独家｜奇瑞汽车计划9月17日开簿招股，目标估值1400亿港元

Core Viewpoint - Chery Automobile is set to launch its IPO on September 17, aiming for a valuation of HKD 140 billion, marking a significant milestone after over 20 years of attempts to enter the capital market [1][3]. Fundraising and Utilization - Chery plans to raise between USD 1.5 billion and USD 2 billion (approximately HKD 11.7 billion to HKD 15.6 billion), potentially becoming the largest IPO for an automotive company on the Hong Kong Stock Exchange this year [3]. - The funds will be allocated to several key areas: expanding the product lineup through R&D of various passenger car models, investing in next-generation vehicles and advanced technologies, enhancing overseas market presence, upgrading production facilities in Wuhu, Anhui, and supporting general corporate purposes [3][6]. Historical Context - Chery's journey to IPO has been lengthy, starting its first listing attempt in 2004, with multiple unsuccessful attempts over the years due to various reasons [3][6]. - The recent IPO process has been relatively smooth, with the company submitting its listing application to the Hong Kong Stock Exchange on February 28, which later became invalid but was successfully resubmitted on August 29 [4][6]. Financial Performance - Chery's revenue figures for the years 2022 to 2025 (Q1) are as follows: CNY 92.618 billion, CNY 163.205 billion, CNY 269.897 billion, and CNY 68.223 billion respectively. Net profits for the same years are CNY 5.806 billion, CNY 10.444 billion, CNY 14.334 billion, and CNY 4.726 billion [6]. - In 2024, Chery's total sales are projected to reach 2.6039 million units, a year-on-year increase of 38.4%, with exports accounting for 1.1446 million units, up 21.4%, maintaining its position as the top exporter of Chinese brand passenger vehicles for 22 consecutive years [6][8]. Market Position - According to Frost & Sullivan, Chery is the second-largest domestic independent passenger car brand in China and the eleventh-largest globally based on 2024 sales figures [8]. - For 2023, Chery has set a sales target of 3 million vehicles, with cumulative sales reaching 1.7273 million units and exports at 798,800 units by the end of August [8].