Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 200 billion on its first trading day, reflecting strong investor interest and confidence in the company's future growth potential [2][9]. IPO Details - Chery's IPO was priced at HKD 30.75 per share, the highest in the previously set range, raising a total of HKD 9.145 billion [8][11]. - The IPO saw significant demand, with the Hong Kong public offering being oversubscribed by 308.18 times and the international offering by 11.61 times [9][10]. - The total number of shares offered was 297 million, including 29.7397 million for public sale and 268 million for international sale, with an additional 4.469 million shares allocated for overallotment [8]. Historical Context - Chery's journey to IPO has spanned over 20 years, with initial plans for listing dating back to 2004. The recent IPO process took only 7 months, starting from the resubmission of its application in February 2023 [6][22]. Investor Participation - The IPO attracted 13 cornerstone investors, including notable institutions and local government-backed investment entities, with cornerstone subscriptions totaling approximately HKD 4.57 billion [12][18]. - Major shareholders prior to the IPO included Luxshare, CATL, and Guoxuan High-Tech, with significant shareholdings subject to lock-up agreements [18][20]. Future Plans - The net proceeds from the IPO will be allocated towards R&D for various vehicle models over the next 1 to 3 years, with 20% specifically earmarked for the development of new energy vehicles [22]. - Chery aims to enhance its core technological capabilities and expand its international market presence, building on its status as the 11th largest passenger car manufacturer globally [22][23]. Financial Performance - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, representing a compound annual growth rate (CAGR) of 70.7%. Net profit is expected to increase from CNY 5.806 billion to CNY 14.334 billion during the same period, with a CAGR of 57.1% [23].
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