Core Viewpoint - Chery Automobile Co., Ltd. is set to launch an IPO, offering 297 million shares globally, with a pricing range of HKD 27.75 to HKD 30.75, aiming to enhance its capital structure and support its transition to electric vehicles [1][2][5]. Summary by Relevant Sections IPO Details - Chery plans to issue 297,397,000 shares, with 29,739,700 shares available for Hong Kong and 267,657,300 shares for international distribution, plus an over-allotment option of 44,609,500 shares [4]. - The IPO subscription period is from September 17 to September 22, with pricing expected to be finalized on September 23 and trading commencing on September 25 [1]. Financial Performance - Chery's projected revenue for 2024 is CNY 269.9 billion, representing a 65.4% year-on-year increase, while net profit is expected to reach CNY 14.3 billion, up 37.2% [5][9]. - Historical revenue figures show growth from CNY 92.6 billion in 2022 to CNY 163.2 billion in 2023, with a first-quarter revenue of CNY 68.2 billion in 2025 [9][10]. Market Position and Strategy - Chery's revenue from traditional fuel vehicles remains significant, accounting for 85.1% in 2022, 94.8% in 2023, and 76.1% in 2024, while electric vehicle revenue is increasing, reaching 30.3% in Q1 2025 [12]. - The company has a high debt-to-asset ratio, recorded at 93.1% in 2022, but is showing a gradual decline, indicating improvements in financial structure [15][16]. Organizational Changes - Chery has undergone structural adjustments, establishing a domestic business unit with four divisions to enhance operational efficiency [17]. - The company’s major shareholders include Chery Holding, Anhui Credit Financing Guarantee Group, and others, reflecting a complex ownership structure that has been a barrier to its IPO [17]. Industry Context - The rapid evolution of the electric vehicle sector necessitates significant capital investment, making the IPO a crucial step for Chery to secure funding for R&D and market expansion [19]. - Chery's delayed IPO process contrasts with competitors like BYD and Geely, which have already accessed capital markets, highlighting the competitive landscape [21][22].
奇瑞汽车拟全球发售2.97亿股 股票将于9月25日在港交所开始交易