每股定价30.75港元，奇瑞终圆上市梦！开盘股价涨超10%，成年内港股最大规模车企IPO

Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD 9.14 billion, marking the largest IPO for a car company in the Hong Kong market this year [1][5]. Company Overview - Chery issued approximately 297 million H-shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, including a 15% over-allotment option [5]. - The company plans to allocate 35% of the net proceeds for research and development of various passenger car models, 25% for next-generation vehicles and advanced technology, 20% for expanding overseas markets, and 10% each for enhancing production facilities and general corporate purposes [5]. Financial Performance - Chery's projected global sales for 2024 are over 2.295 million units, representing a year-on-year growth of 49.4% [6]. - The average selling price of Chery's passenger cars is expected to increase by 33.5% in 2024 compared to 2022, with domestic and international price growth rates of 37.0% and 19.4%, respectively [6]. - Chery's revenue and net profit have shown consistent growth, with revenues of CNY 926.18 billion, CNY 1,632.05 billion, CNY 2,698.97 billion, and CNY 682.23 billion for the years 2022, 2023, 2024, and Q1 2025, respectively [6]. Market Position and Strategy - Chery is focusing on enhancing its capabilities in the fields of new energy and intelligent vehicles, which require significant funding for development [8]. - The revenue share from Chery's new energy vehicles is gradually increasing, with projections showing a rise from 4.9% in 2023 to 21.9% in 2024 [8]. - The company has undergone structural adjustments, including the introduction of a new organizational framework to better align with strategic goals [11]. Investment and Partnerships - Chery has attracted 13 cornerstone investors, raising approximately USD 587 million (around HKD 4.573 billion), which includes various types of investment entities [10]. - The partnership with Huawei aims to invest over CNY 10 billion to establish a dedicated R&D team, enhancing Chery's technological capabilities [13]. Historical Context - Chery's journey to IPO has spanned 21 years, with various attempts and strategic shifts, including a significant restructuring in 2019 to facilitate its public offering [14][16]. - The current market conditions for electric vehicles are favorable, providing a timely opportunity for Chery to secure funding and enhance its market position [16].