奇瑞汽车(09973.HK)预计9月25日上市 高瓴及景林等豪华基石阵容加持

Core Viewpoint - Chery Automobile 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 HKD 8.4412 billion in net proceeds from the offering [1][4] Company Overview - Chery Automobile is headquartered in Wuhu, China, and specializes in designing, developing, manufacturing, and selling a diverse range of passenger vehicles, including both fuel and new energy vehicles [1] - The company is the second largest domestic brand passenger car company in China and the eleventh largest globally based on projected sales in 2024 [1][2] Sales Performance - In 2024, Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25% growth in sales across new energy vehicles, fuel vehicles, and both domestic and overseas markets compared to 2023 [2] - The company's passenger vehicle sales are expected to grow by 49.4% in 2024, leading the growth among the top twenty global manufacturers [2] - Chery has eight models with average monthly sales exceeding 10,000 units in 2024, indicating strong market demand [2] Brand Portfolio - Chery's five major brands—Chery, Jetour, Exeed, iCAR, and Zhijie—cater to different customer needs and preferences, covering various high-growth market segments [2] - Revenue contributions from these brands for the years 2022, 2023, and 2024, as well as for the first three months of 2025, were 89.1%, 92.7%, 91.5%, and 90.3% respectively [2] Investment Agreements - Chery has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately USD 587 million (or about HKD 4.5725 billion) [3] - The cornerstone investors include various financial and investment entities, indicating strong institutional interest in the offering [3] Use of Proceeds - Assuming a mid-point offering price of HKD 29.25 per share, the estimated net proceeds of approximately HKD 8.4412 billion will be allocated as follows: 35% for R&D of different vehicle models, 25% for next-generation automotive technologies, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital and general corporate purposes [4]