一度涨超10%！港股再添千亿汽车巨头

Core Viewpoint - Chery Automobile has successfully completed its long-awaited IPO on the Hong Kong Stock Exchange after 21 years of attempts, achieving a market capitalization of HKD 184.1 billion on its first trading day, despite a modest closing increase of 3.80% after an initial rise of over 10% [1][2]. Fundraising and Financials - Chery's IPO raised a total of HKD 9.145 billion, with a net amount of HKD 8.879 billion after deducting estimated listing expenses of HKD 265.7 million [3][4]. - This fundraising amount ranks as the sixth largest among new listings on the Hong Kong Stock Exchange this year, with the top five exceeding HKD 10 billion [5][6]. Subscription and Investor Interest - The public offering saw a subscription rate of 308.18 times, indicating strong interest, although it is considered moderate compared to some highly popular stocks that have seen thousands of times subscription rates [7][8]. - Chery has attracted 13 cornerstone investors, including notable institutions such as Hillhouse Capital and state-owned enterprises, indicating confidence in its market potential [9]. Use of Proceeds - The proceeds from the IPO will be allocated as follows: 35% for research and development of various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, Anhui, and 10% for working capital and general corporate purposes [10]. Market Position and Performance - Chery has maintained its position as the leading Chinese brand in passenger car exports for 22 consecutive years, with a total export of 798,800 vehicles from January to August 2023, reflecting a year-on-year growth of 10.8% [11]. - The company achieved record monthly exports of 129,500 vehicles in August 2023, marking a 32.3% increase year-on-year [11]. Financial Growth and Challenges - Chery's revenue has shown significant growth, reaching CNY 92.618 billion in 2022, CNY 163.205 billion in 2023, and projected to reach CNY 269.897 billion in 2024, driven by increased sales of both fuel and electric vehicles [12]. - However, the company faces challenges in the rapidly evolving electric vehicle market, with its share of revenue from electric vehicles increasing from 13.2% in 2022 to 27.3% in Q1 2025, still lagging behind other leading electric vehicle manufacturers [12]. Debt and Financial Ratios - Chery's debt-to-asset ratio remains high, peaking at 93.1% in 2022 and gradually decreasing to 87.7% by Q1 2025 [12][13].