Core Viewpoint - Chery Automobile Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the largest IPO for an automotive company in Hong Kong since 2025, and indicating its entry into the international capital market [2][4]. Summary by Sections IPO Details - Chery's IPO involved a global offering of 297 million H-shares at an issue price of HKD 30.75 per share, raising approximately HKD 9.145 billion [4]. - The listing attracted 13 cornerstone investors, including notable institutions such as Hillhouse Capital and Jinglin Asset, reflecting strong confidence in the company's future [4]. - On the first trading day, Chery's shares opened at HKD 34.2, representing an increase of 11.22% from the issue price [4]. Leadership Statements - Chairman Yin Tongyue expressed gratitude to various stakeholders during the listing celebration, emphasizing the collective support that has driven Chery's growth from humble beginnings to a publicly listed company [6][9]. - He highlighted that the IPO represents a new starting point for Chery, aiming not only for commercial success but also for social value contributions [9]. Future Strategy and Growth - Chery plans to leverage capital to accelerate technological innovation and enhance its global presence, with a commitment to becoming a leader in the intelligent mobility ecosystem [9]. - The company aims to foster the growth of other enterprises, contributing to the vitality of the industry ecosystem [9]. Performance Metrics - Since its establishment in 1997, Chery has focused on industry innovation and international market penetration. It is projected that Chery's passenger vehicle sales will grow by 49.4% year-on-year in 2024, leading among the top twenty global passenger car companies [9][10]. - Chery has maintained its position as the top exporter of passenger vehicles among Chinese brands for 22 consecutive years, with strong sales in Europe, South America, and the Middle East [10]. Fund Utilization - The funds raised from the IPO will be allocated as follows: 35% for developing various passenger vehicle models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital [11]. - This funding strategy reflects Chery's focus on increasing R&D investment, particularly in new energy and smart technologies, while solidifying its status as a leading exporter [11]. Financial Growth - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with net profit increasing from CNY 5.806 billion to CNY 14.334 billion during the same period [11]. - In Q1 2025, Chery reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion, reflecting a substantial year-on-year growth of 90.9% [11]. Market Positioning - The successful listing on the Hong Kong Stock Exchange provides Chery with a long-term capital channel, enabling it to seize opportunities in the global automotive industry transformation and strive to enter the ranks of world-class brands [12].
奇瑞汽车登陆港交所 港股迎今年以来规模最大车企IPO