从“小草房”走向港交所 上市只是奇瑞全球征程的新起点

Core Viewpoint - Chery Automobile Co., Ltd. has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its long journey towards capital market entry, with expectations for accelerated global expansion and dual-platform development in A+H shares [3][5][8] Group 1: Listing Significance - The listing on September 25, 2023, is the largest IPO of an automotive company in Hong Kong since 2025, reflecting strong market enthusiasm with an opening price of HKD 34.98 per share and a peak increase of 11.22% on the first trading day [3][5] - Chery's journey to listing has been challenging, spanning over 20 years with multiple failed attempts, but the current favorable market conditions and strong performance have created a timely opportunity for its IPO [5][6][8] Group 2: Market Conditions - The listing benefits from a robust performance in the Hong Kong stock market, with major indices showing resilience and attractiveness, alongside regulatory improvements that facilitate the entry of large enterprises like Chery [6][8] - Chery's governance improvements, including restructuring its shareholding and resolving historical tax issues, have enhanced its financial transparency and investor confidence [6][8] Group 3: Strategic Use of Capital - 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 technology, 20% for expanding overseas markets, 10% for enhancing production facilities, and 10% for working capital [11] - Chery's strategy emphasizes a dual focus on technology and global expansion, with over 60% of the raised funds directed towards product and technology development, particularly in the fields of new energy and intelligence [11][13] Group 4: Future Outlook - Investors are keenly observing Chery's potential to achieve a "H first, A later" dual-platform strategy, which could provide a unique advantage in navigating the complexities of capital markets and regulatory environments [13] - Successfully establishing a dual capital platform could enhance Chery's ability to leverage resources across markets, improve global collaboration, and strengthen its competitive position in the evolving automotive industry [13]