Core Viewpoint - Chery Automobile is set to go public on the Hong Kong Stock Exchange on September 25, 2023, with an IPO price range of HKD 27.75 to HKD 30.75 per share, aiming to raise approximately HKD 84.41 billion in net proceeds [2][4]. Group 1: IPO Details - Chery plans to issue approximately 297 million shares, with a median price of HKD 29.25 per share, potentially raising a net amount of HKD 84.41 billion if the over-allotment option is not exercised [2]. - The public offering application will close on September 22, 2023, with the final offer price and subscription details to be announced on September 24, 2023 [2]. Group 2: Cornerstone Investors - Chery has secured cornerstone investment agreements with 13 investors, totaling approximately USD 587 million (around HKD 45.73 billion) [3]. - Notable cornerstone investors include JSC International Investment Fund SPC and HHLRA, among others [3]. Group 3: Financial Performance - Chery's revenue is projected to grow significantly, with expected revenues of CNY 926.18 billion, CNY 1,632.05 billion, and CNY 2,698.97 billion for the years 2022, 2023, and 2024, respectively [4]. - The net profit for the same years is expected to be CNY 58.06 billion, CNY 104.44 billion, and CNY 143.34 billion [4]. - In Q1 2023, Chery reported a revenue of CNY 682.23 billion, a year-on-year increase of 24.25%, and a profit of CNY 47.26 billion, up approximately 90.87% [4]. Group 4: Overseas Market Performance - Chery's overseas revenue is expected to reach CNY 303.87 billion, CNY 770.6 billion, and CNY 1,008.97 billion from 2022 to 2024, accounting for 32.8%, 47.2%, and 37.4% of total revenue, respectively [5]. - In Q1 2023, overseas revenue was CNY 262.89 billion, a year-on-year increase of 29.02%, with its share of total revenue rising from 37.1% to 38.5% [5]. Group 5: R&D Investment - Chery's R&D investment is projected to be CNY 41.28 billion, CNY 68.49 billion, and CNY 105.44 billion from 2022 to 2024, with Q1 2023 investment at CNY 27.61 billion [6]. - The company employs over 14,500 R&D staff, making up 25.8% of its workforce, second only to production staff [6]. Group 6: Use of IPO Proceeds - Chery plans to allocate 35% (HKD 29.54 billion) of the IPO proceeds for passenger vehicle R&D, including 20% (HKD 16.88 billion) for new energy vehicle development [7]. - 25% (HKD 21.10 billion) will be used for next-generation vehicle and advanced technology R&D, with 10% (HKD 8.44 billion) for electric technology upgrades [7]. - 20% (HKD 16.88 billion) will be directed towards expanding overseas markets and global strategies, including establishing production bases in countries like Vietnam and Malaysia [7]. - 10% (HKD 8.44 billion) will enhance production facilities at the Wuhu base, focusing on automation and digital integration [8]. - The remaining 10% (HKD 8.44 billion) will be allocated for working capital and general corporate purposes [8]. Group 7: Future Outlook - Chery aims to become a trusted global participant in the smart mobility ecosystem, focusing on product diversification, brand enhancement, and significant investment in new technology R&D [10]. - The upcoming IPO marks a new development phase for Chery, highlighting its technological foundation, rapid sales growth, and strong financial performance [10].
奇瑞汽车：9月25日，港股挂牌上市