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% from its initial price [1][3]. Fundraising and Financials - The IPO raised a total of HKD 9.145 billion, with net proceeds amounting to HKD 8.879 billion after deducting estimated listing expenses of HKD 265.7 million [4][5][6]. - This fundraising ranks as the sixth largest among new listings on the Hong Kong Stock Exchange this year, with the top five exceeding HKD 10 billion [6]. - The public offering saw a subscription rate of 308.18 times, indicating strong interest, although it is considered moderate compared to other high-demand stocks [8]. Use of Proceeds - The funds raised will be allocated as follows: 35% for research and development of various passenger car models, 25% for next-generation vehicles and advanced technology, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, Anhui, and 10% for working capital and general corporate purposes [8]. Market Position and Performance - Chery has been the top exporter of Chinese self-owned brand passenger vehicles 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]. - In August 2023 alone, Chery exported 129,500 vehicles, marking a significant year-on-year increase of 32.3% [11]. - The company is facing increasing competition, particularly from BYD, which has seen substantial growth in overseas sales [11]. Revenue and Profitability - 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 [13]. - Profit figures for the same years are CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion, with net profit margins of 6.3%, 6.4%, and 5.3% respectively [13]. - The company's debt levels remain high, with a debt-to-asset ratio of 93.1% in 2022, gradually decreasing to 87.7% by the first quarter of 2025 [13][14]. Strategic Vision - Chery's chairman emphasized the company's commitment to not only achieving commercial success but also contributing to social value, aiming to leverage capital for technological innovation and global expansion [9].