Core Viewpoint - Chery Automobile Co., Ltd. has successfully completed its IPO on the Hong Kong Stock Exchange, marking a significant milestone after 21 years of attempts, raising HKD 91.4 billion, making it the largest IPO for a car company in Hong Kong this year [1][3] Fundraising and Utilization - Chery issued approximately 297 million H-shares, with 10% allocated for public sale and 90% for international sale, including a 15% over-allotment option [3] - The net proceeds from the IPO will be allocated as follows: 35% for R&D 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, and 10% for working capital and general corporate purposes [3] Sales and Revenue Growth - Chery's global cumulative sales are projected to exceed 2.295 million units in 2024, representing a year-on-year growth of 49.4% [4] - 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 average selling price growth rates of 37.0% and 19.4%, respectively [4] - 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 [5] Shift to New Energy Vehicles - The revenue share from Chery's new energy vehicles is gradually increasing, with fuel vehicle revenue shares of 75.9%, 87.8%, and 69.6% from 2022 to 2024, while new energy vehicle revenue shares are 13.2%, 4.9%, and 21.9% for the same years [7] - In the first three months of 2025, revenue from fuel vehicles was CNY 429.74 billion (63% share), while revenue from new energy vehicles was CNY 186.65 billion (27.3% share) [7] Strategic Adjustments and Partnerships - Chery has made significant adjustments to its equity and organizational structure, introducing 13 cornerstone investors, which include various investment funds and asset management companies, collectively subscribing to approximately HKD 45.73 billion [8] - The company has restructured its organization into four major business units focusing on different product lines, including a partnership with Huawei to develop smart vehicles, with a planned investment of over CNY 10 billion [9] Market Context and Future Outlook - The global penetration rate of new energy vehicles is expected to rise from 23.0% in 2024 to 47.0% by 2030, indicating a strong market growth potential [6] - Chery's IPO is seen as a timely opportunity to secure funding for future development, enhancing its market position amid the rapid growth of the new energy vehicle sector [10][12]
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