暗盘涨超8%！这家汽车巨头，赴港上市！

Core Viewpoint - Chery Automobile has successfully completed its IPO in Hong Kong, entering the dark market phase with a market value approaching HKD 200 billion and a price increase of over 8% during this phase [1][2]. Company Overview - Chery Automobile is the second largest independent passenger car brand in China and the eleventh largest globally, based on projected global passenger car sales for 2024 [2][6]. - The company has made multiple attempts to go public since 2004, finally achieving its IPO in this round [4]. Sales and Growth - In 2024, Chery's passenger car sales are expected to grow by 49.4% compared to 2023, leading the top twenty global passenger car companies [6]. - The company has achieved a 56.0% increase in domestic passenger car sales and a 277.3% increase in new energy vehicle (NEV) sales in China compared to 2023 [6]. - Chery has maintained its position as the top exporter of independent brand passenger cars in China for 22 consecutive years, with cumulative global sales exceeding 13 million vehicles [6][11]. Financial Performance - Chery's revenue has shown significant growth, reaching RMB 926.18 billion in 2022, RMB 1,632.05 billion in 2023, and projected to reach RMB 2,698.97 billion in 2024 [7][8]. - The net profit for 2024 is projected at RMB 143.34 billion, with a net profit margin of 5.3% [8][9]. Research and Development - Chery's R&D expenditure has increased from RMB 3.65 billion in 2022 to RMB 9.24 billion in 2024, indicating a strong commitment to innovation [9][12]. Market Position and Challenges - While Chery's NEV revenue share has grown from 13.2% in 2022 to 27.3% in Q1 2025, it still lags behind other leading NEV manufacturers [11][10]. - The company has launched its smart car brand "ZhiJie," with sales of 38,500 units in 2024 and 33,000 units in Q1 2025 [11]. Shareholding Structure - Wuhu Investment Holding is the largest shareholder, holding approximately 21.17% of the issued share capital, while Luxshare Precision holds 16.83% [15][17]. - Chery has established significant partnerships with Luxshare, with transaction amounts increasing over tenfold in recent years [17].