21年数度“折戟”，奇瑞为何此时敲开港交所大门？

Core Insights - Chery Automobile successfully completed its IPO on September 25, 2025, raising approximately HKD 9.145 billion at an issue price of HKD 30.75, marking the largest IPO for a car company in the Hong Kong market in 2025 [1][5] - The journey to this IPO has been lengthy and complex, spanning 21 years with multiple setbacks and attempts [3][4] Historical Context - Chery's IPO ambitions began in 2004 but were hindered by complicated equity relationships with SAIC Motor Corporation, leading to delays [3] - In 2009, Chery sold a 20% stake for CNY 2.9 billion, signaling preparations for an IPO, but plans were again postponed in 2011 due to concerns over related party transactions [3][4] - A failed attempt to list its subsidiary Chery New Energy in 2016 further complicated its path to going public [4] Recent Developments - By 2025, Chery's financial performance had significantly improved, with projected revenues exceeding CNY 269.9 billion and net profits reaching CNY 14.3 billion, maintaining its position as the top exporter among Chinese independent passenger car brands for 22 consecutive years [5] - The company restructured its equity and organizational framework, introducing diverse investors and establishing a domestic business unit to enhance strategic focus and resource integration [5] Market Position and Future Outlook - The IPO attracted 13 cornerstone investors, raising USD 588 million, indicating strong market confidence in Chery's dual strategy of technology and international expansion [6] - Despite the successful listing, challenges remain, including a less than 30% revenue contribution from new energy vehicles and reliance on external partnerships for smart technology [6] - The company plans to allocate 35% of the raised funds for developing various passenger car models, 25% for next-generation vehicles and advanced technologies, and 20% for global expansion, aiming to leverage capital for a strategic push in smart and global markets [6][7]