Core Viewpoint - Chery Automobile (09973.HK) 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 USD 587 million from cornerstone investors [2][3]. Company Overview - Chery Automobile, headquartered in Wuhu, China, designs, develops, manufactures, and sells a diverse range of passenger vehicles, including both fuel and new energy vehicles, to meet the evolving demands of domestic and international markets [3]. - As of 2024, Chery is the second-largest independent passenger vehicle brand in China and the eleventh-largest globally, according to Frost & Sullivan [3]. Sales Performance - In 2024, Chery's passenger vehicle sales are projected to grow by 49.4% compared to 2023, leading the global top twenty passenger vehicle companies [3]. - The company achieved a 56.0% increase in passenger vehicle sales in China and a remarkable 277.3% growth in new energy vehicle sales in 2024 compared to 2023 [4]. Market Position - Chery is the only company among the top twenty global passenger vehicle manufacturers to experience over 25% growth in new energy vehicle sales, fuel vehicle sales, domestic market sales, and overseas market sales in 2024 [3]. - The company has sold over 13 million vehicles globally and has maintained the highest export volume among independent Chinese brands for 22 consecutive years [4]. Brand Strategy - Chery operates five major brands: Chery, Jetour, Exeed, iCAR, and Zhiji, each targeting different customer segments and market niches [7][8]. - The main brand, Chery, focuses on safety and quality for family users, while Jetour targets family travel and outdoor enthusiasts [7]. Financial Performance - Chery's revenue increased from RMB 926.18 billion in 2022 to RMB 1,632.05 billion in 2023, and further to RMB 2,698.97 billion in 2024, primarily driven by the rise in new energy vehicle sales [10]. - The company's gross profit for 2024 was RMB 363.08 billion, with a gross margin of 13.5% [10]. Profitability - Chery's net profit for 2024 was RMB 143.34 billion, with a net profit margin of 5.3% [11]. - The adjusted profit increased from RMB 41.08 billion for the three months ending March 31, 2024, to RMB 48.57 billion for the same period in 2025 [11]. Use of Proceeds - Assuming a share price of HKD 29.25 and no exercise of the over-allotment option, Chery estimates net proceeds of approximately HKD 8.441 billion from the global offering, with allocations for R&D, market expansion, and production facility upgrades [11].
奇瑞汽车今起招股，混改基金、高瓴、地平线为股东，预计9月25日上市