两天400亿，奇瑞IPO让所有空狗闭嘴

Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization increase of over 40 billion HKD within two days, marking it as one of the most stable new stocks in the Hong Kong automotive sector in recent years [2][3]. Summary by Sections IPO Performance - Chery's IPO was priced at the upper limit of 30.75 HKD, opening at 34.20 HKD, a rise of 11.2%, and closing the first day at 31.92 HKD. On the second day, it closed at 32.80 HKD, bringing its market capitalization to 189.1 billion HKD, an increase of over 40 billion HKD compared to the 140 billion HKD valuation in the prospectus [3][6]. Market Reception - The trading volume for Chery's shares was relatively active, with daily turnover of approximately 6.21 billion HKD and 5.8 billion HKD, and a turnover rate of 0.81%, indicating strong market interest [6]. - Chery's current dynamic price-to-earnings (P/E) ratio stands at 9.48, which is considered low compared to peers like Geely (11-13), Great Wall (8-10), and BYD (over 20) [6][7]. Financial Health - Chery's net profit has nearly tripled over three years, increasing from 5.8 billion to 14.3 billion HKD, with operating cash flow exceeding 100 billion HKD, and a projected 44.8 billion HKD for 2024. The gross margin has remained stable between 13-16% [6][9]. R&D Investment - Chery's R&D investment has grown from 4.1 billion to 10.5 billion HKD, maintaining a stable ratio of 3.5%-4.0% of revenue, demonstrating a commitment to product development and innovation [9]. Strategic Significance - Chery's IPO is significant as it represents the first listing of a company with both "state-owned enterprise mixed reform" and "new energy vehicle" attributes in the Hong Kong market, contrasting with private companies like Li Auto and Xpeng [9][11]. - The listing is seen as a validation of Chery's mixed-ownership reform and a model for future enterprises, showcasing real growth and profitability [10][11].