21年IPO，即将七战上岸，奇瑞尹同跃：创新比利润更重要

Core Viewpoint - Chery Automobile is set to go public on the Hong Kong Stock Exchange, marking its seventh attempt at an IPO after a long and challenging journey in the capital market. The focus will be on its performance in the transition to new energy vehicles and improving profitability [2][5][24]. Group 1: IPO Details - Chery plans to issue 297 million H-shares, with 10% allocated for Hong Kong and 90% for international sales, along with a 15% over-allotment option. The price range is set between HKD 27.75 and HKD 30.75 per share, with expected fundraising between HKD 8.241 billion and HKD 9.132 billion [5][18]. - The market capitalization post-IPO is projected to be between HKD 160 billion and HKD 177.3 billion (approximately RMB 146 billion), ranking Chery as the seventh largest among Chinese automakers [5][18]. - Thirteen cornerstone investors have committed approximately USD 587 million, including notable firms like Hillhouse Capital and Ginkgo Asset Management [5][18]. Group 2: Historical Context and Leadership - Chery's chairman, Yin Tongyue, has expressed a long-standing commitment to the IPO, having previously stated that the company would prioritize its listing as a key task [10][11]. - Over the years, Yin has shifted from skepticism about the benefits of an IPO to actively pursuing it, indicating a strategic evolution in Chery's approach to capital markets [7][9][10]. Group 3: Performance and Market Position - Chery has seen significant growth in retail sales, with a projected 2024 global sales volume of 2.6039 million vehicles, a 38.4% increase year-on-year, making it the second largest domestic independent brand [14][18]. - The company has maintained its position as the top exporter of Chinese independent brand passenger vehicles for 22 consecutive years, with overseas sales accounting for 44% of total sales in 2024 [14][20]. - Chery's diverse brand portfolio includes five major brands, catering to various market segments from budget to luxury [14]. Group 4: Challenges and Future Outlook - Despite its achievements, Chery faces challenges such as a high debt ratio of 89% as of Q3 2024, necessitating funds from the IPO to optimize its financial structure and support its transition to new energy vehicles [16][19]. - The company has a relatively low gross margin of 13.5% in 2024, with its new energy vehicle gross margin at only 5.7%, indicating a need for improvement in profitability [17][22]. - Chery's future success will depend on its ability to effectively utilize the raised funds for R&D, particularly in smart driving and high-end new energy vehicles, while enhancing its cost structure [19][23].