评论丨21年数度“折戟”，奇瑞为何此时敲开港交所大门？

Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, raising approximately HKD 9.145 billion, marking the largest IPO for a car company in the Hong Kong market in 2025, with an initial price increase of over 13% on the first day [1][6] Group 1: IPO Journey - Chery's IPO journey began in 2004 but faced multiple setbacks, including complex equity relationships with SAIC Motor Corporation that delayed its plans [3][4] - In 2009, Chery sold 20% of its shares for CNY 2.9 billion, signaling a potential preparation for an IPO, but the plan was postponed in 2011 due to "related party transaction issues" [4] - Attempts to list Chery New Energy through a backdoor listing in 2016 failed due to the complexity of the proposal and unclear policies regarding new energy vehicles [4][5] Group 2: Recent Developments - The successful IPO in 2025 was facilitated by Chery's improved financial performance, with revenues exceeding CNY 269.9 billion and net profits reaching CNY 14.3 billion in 2024 [6] - Chery restructured its equity and organizational framework, introducing diverse investors and establishing a domestic business unit to enhance strategic focus and resource integration [6][7] - The company launched the "Yaoguang 2025" strategy to strengthen its position in the new energy sector and partnered with Huawei to enhance its smart vehicle offerings [6][7] Group 3: Market Reception and Future Challenges - The IPO attracted 13 cornerstone investors who collectively subscribed for USD 587 million, indicating strong market confidence in Chery's dual strategy of technology and international expansion [7] - Despite the successful listing, challenges remain, including the fact that new energy revenue accounts for less than 30% of total income and reliance on external partnerships for smart technology [7][8] - The company plans to allocate 35% of the raised funds for developing various passenger vehicles, 25% for next-generation automotive technologies, and 20% for global expansion, aiming to leverage capital for a "smart breakthrough" and "global upgrade" [7][8]