Core Viewpoint - Chery Automobile has officially launched its global IPO, planning to list on the Hong Kong Stock Exchange on September 25, with a potential fundraising of approximately HKD 8.441 billion, making it one of the largest IPOs for an automotive company in Hong Kong this year [1] Group 1: IPO Details - Chery plans to globally offer 297.4 million shares at a price range of HKD 27.75 to HKD 30.75 per share, with a midpoint price of HKD 29.25 [1] - The cornerstone investor lineup includes 13 institutions, such as Hillhouse Capital and Hong Kong Jinglin, collectively subscribing to approximately USD 587 million worth of shares [1] Group 2: Business Overview - Chery operates across multiple sectors, including automotive, smart technology, and auto parts, with five major brands: Chery, Jetour, Exeed, iCAR, and Zhijie, offering both fuel and new energy vehicles [1] - The company has established a vast dealer network, with 3,663 dealer outlets in mainland China covering over 310 cities and 2,958 outlets overseas as of March 2025 [1] Group 3: Sales Performance - Since its establishment in 2003, Chery has sold over 13 million vehicles globally, with a sales network spanning over 100 countries and regions [2] - In 2024, Chery's total sales are projected to reach 2.6039 million units, a year-on-year increase of 38.4%, with exports accounting for 1.1446 million units, up 21.4% [2] Group 4: Financial Performance - Chery's revenue has shown significant growth, with figures of CNY 92.618 billion, CNY 163.205 billion, and CNY 269.897 billion for the years 2022, 2023, and 2024 respectively, and net profits of CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion [3] - In Q1 2025, Chery reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion, reflecting substantial increases from the previous year [3] - The revenue from new energy vehicles has increased, now accounting for 27.3% of total revenue [3]

智通财经APP获悉，不同集团(06090)、奇瑞汽车(09973)正在招股中。截止9月17日，富途、辉立、华盛 等券商合计为不同集团借出253.2857亿港元，超购逾323倍；合计为奇瑞汽车借出76.4525亿港元，超购 逾7.3倍。 | | | 新股仔展 (9月17日) | | | --- | --- | --- | --- | | 新股 | 券商 | 仔展(亿港元) | 息率% | | 不同集团 | 辉立 | 88.00 | 0.00 | | | 富途 | 48.96 | 0.00 | | | 华盛 | 18.55 | 0.00 | | | 耀才 | 18.00 | 0.00 | | | 信诚 | 3.00 | 0.00 | | | 密立 | 1.697 | 0.00 | | (06090) | 时量 | 0.78 | 0.00 | | | 艾德 | 0.029 | 0.00 | | | 真他呉和 | 74.2697 | | | | 共计 | 253.2857 | | | | | 集资额:0.78亿元 | | | | | 认购:超购逾323倍 | | | 奇瑞汽车 | 富途 | 26.68 | 0.00 ...

Group 1: Financial Data - The Ministry of Finance reported that from January to August, the stamp duty revenue from securities transactions reached 118.7 billion yuan, representing a year-on-year increase of 81.7% [1] - Corporate income tax revenue for the same period was 314.77 billion yuan, with a slight year-on-year growth of 0.3% [1] - Personal income tax revenue amounted to 105.47 billion yuan, reflecting a year-on-year increase of 8.9% [1] - Vehicle purchase tax revenue was 13.34 billion yuan, showing a decline of 17.7% year-on-year [1] - Overall stamp duty revenue reached 28.44 billion yuan, with a year-on-year growth of 27.4% [1] Group 2: Industry Trends - TrendForce forecasts a 2.2% year-on-year increase in laptop shipments for the year, surpassing 180 million units, driven by favorable import conditions in Southeast Asia [2] - The retail sales of passenger cars in China from September 1 to 14 totaled 732,000 units, a year-on-year decline of 4%, but a 6% increase compared to the same period last month [2] - The retail sales of new energy vehicles during the same period reached 438,000 units, marking a year-on-year increase of 6% and a 10% increase from the previous month [2] Group 3: Corporate Developments - Shenzhen Guangdao Digital Technology Co., Ltd. was found to have fabricated sales and procurement activities, resulting in a cumulative inflation of revenue exceeding 1.4 billion yuan and costs exceeding 750 million yuan [4] - The company has been penalized with a fine of 10 million yuan and is facing potential delisting due to significant violations [5] - Peak Sports denied claims of a company-wide salary reduction, stating that the overall reduction is less than 10% and not applicable to all employees [6] - Huina Technology appointed Jiang Zexing as the new chairman, with several key personnel changes [6] - Chery Automobile's IPO in Hong Kong has reportedly received full subscription, aiming to raise up to 9.14 billion HKD [7] Group 4: Product and Project Announcements - Heng Rui Pharmaceutical's HRS-5635 injection has been included in the list of proposed breakthrough treatment varieties, showing potential for improving functional cure rates for chronic hepatitis B [8] - China Ping An completed the purchase of 74.615 million H-shares under its long-term service plan, totaling 3.875 billion yuan [9] - China Merchants Energy received the world's first methanol dual-fuel powered roll-on/roll-off ship, which can switch between traditional fuel and methanol [10] - Pingzhi Information won a bid for an artificial intelligence computing power technology service project worth approximately 170 million yuan [11] - Haixia Environmental Protection plans to invest 60.6059 million yuan in upgrading a sewage treatment project [12] - Changhua Group received a project development notification from a domestic automaker, with an estimated total sales amount of 280 million yuan over five years [13] - Xinhua Insurance reported a cumulative original insurance premium income of 158.086 billion yuan from January to August, reflecting a year-on-year increase of 21% [14]

Group 1 - Chery Automobile Co., Ltd. has commenced its IPO process, which will run from September 17 to September 22, with plans to list on the Hong Kong Stock Exchange on September 25 under the stock code "9973" [1] - The company plans to issue approximately 297 million H-shares in this IPO, with 29.74 million shares available for public offering in Hong Kong and around 268 million shares for international offering [1] - The IPO price range is set between HKD 27.75 and HKD 30.75 per share, which would result in a market capitalization between HKD 160.04 billion and HKD 177.34 billion [1] Group 2 - The total expected fundraising amount from this global offering is HKD 8.699 billion, with a net fundraising amount of HKD 8.441 billion [1] - The funds raised will be utilized for research and development of various models and versions of passenger vehicles over the next one to three years, aimed at expanding the company's product portfolio [1]

Core Viewpoint - Chery Automobile (09973.HK) plans to globally offer approximately 297 million H-shares, with a pricing range of HKD 27.75 to HKD 30.75 per share, aiming to raise around USD 587 million from cornerstone investors [2][3]. Company Overview - Chery Automobile, headquartered in Wuhu, China, designs, develops, manufactures, and sells a diverse range of passenger vehicles, including both fuel and new energy vehicles, to meet the evolving demands of domestic and international markets [3]. - As of 2024, Chery is the second-largest independent passenger vehicle brand in China and the eleventh-largest globally, according to Frost & Sullivan [3]. Sales Performance - In 2024, Chery's passenger vehicle sales are projected to grow by 49.4% compared to 2023, leading the global top twenty passenger vehicle companies [3]. - The company achieved a 56.0% increase in passenger vehicle sales in China and a remarkable 277.3% growth in new energy vehicle sales in 2024 compared to 2023 [4]. Market Position - Chery is the only company among the top twenty global passenger vehicle manufacturers to experience over 25% growth in new energy vehicle sales, fuel vehicle sales, domestic market sales, and overseas market sales in 2024 [3]. - The company has sold over 13 million vehicles globally and has maintained the highest export volume among independent Chinese brands for 22 consecutive years [4]. Brand Strategy - Chery operates five major brands: Chery, Jetour, Exeed, iCAR, and Zhiji, each targeting different customer segments and market niches [7][8]. - The main brand, Chery, focuses on safety and quality for family users, while Jetour targets family travel and outdoor enthusiasts [7]. Financial Performance - Chery's revenue increased from RMB 926.18 billion in 2022 to RMB 1,632.05 billion in 2023, and further to RMB 2,698.97 billion in 2024, primarily driven by the rise in new energy vehicle sales [10]. - The company's gross profit for 2024 was RMB 363.08 billion, with a gross margin of 13.5% [10]. Profitability - Chery's net profit for 2024 was RMB 143.34 billion, with a net profit margin of 5.3% [11]. - The adjusted profit increased from RMB 41.08 billion for the three months ending March 31, 2024, to RMB 48.57 billion for the same period in 2025 [11]. Use of Proceeds - Assuming a share price of HKD 29.25 and no exercise of the over-allotment option, Chery estimates net proceeds of approximately HKD 8.441 billion from the global offering, with allocations for R&D, market expansion, and production facility upgrades [11].

Group 1 - Chery Automobile Co., Ltd. officially launched its IPO on September 17, with the offering period running until September 22, and plans to list on the Hong Kong Stock Exchange on September 25 [1] - The company is offering 297 million H-shares globally, with 10% allocated for Hong Kong and 90% for international investors, along with a 15% over-allotment option [1] - The price range for the shares is set between HKD 27.75 and HKD 30.75, with an estimated fundraising amount between HKD 8.241 billion and HKD 9.132 billion [1] Group 2 - Chery plans to allocate 35% of the net proceeds for research and development of various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, 10% for enhancing production facilities, and 10% for working capital and general corporate purposes [1] - Financial projections indicate that Chery's revenue will 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 [1] - In the first quarter of 2025, Chery reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion [1] Group 3 - The successful listing of Chery marks the completion of the IPO journey for all major traditional Chinese independent automotive brands, after over 20 years of attempts and setbacks [2]

Market Performance - The Hang Seng Index (HSI) closed down 8 points at 26,438, after reaching a four-year high of 26,601 earlier in the day[1] - The Shanghai Composite Index (SSE) rose 1 point, closing at 3,861, with a trading volume of 9,898 billion yuan[1] - The total market turnover in Hong Kong was 294.007 billion HKD[1] U.S. Market Trends - The S&P 500 index fell 8 points to close at 6,606 after hitting a new high of 6,626[1] - The Nasdaq Composite dropped 14 points to 22,333, while the Dow Jones Industrial Average decreased by 125 points or 0.3%, closing at 45,757[1] Economic Indicators - The unemployment rate in Hong Kong for June to August was reported at 3.7%, unchanged from the previous period and below the market expectation of 3.8%[3] - The underemployment rate increased from 1.4% to 1.6% during the same period[3] Corporate Developments - Chery Automobile plans to issue 297 million H shares at a price range of 27.75 to 30.75 HKD, aiming to raise up to 9.145 billion HKD[3] - GAC Group and Huawei have launched a high-end smart electric vehicle brand named "Qijing," integrating both companies' manufacturing and technology strengths[4]

Group 1: Digital Transformation and Industry Upgrades - The Ministry of Industry and Information Technology of China issued guidelines for the digital transformation of key industries, including 14 industry scenario maps for 2025, such as new energy vehicles and lithium batteries [2] - Henan Province's action plan aims to enhance the new energy vehicle industry through AI algorithms, focusing on high-performance batteries and intelligent manufacturing [3] - Suzhou's action plan targets the establishment of over 3,000 AI companies by the end of 2026, with an annual growth rate of over 20% in the smart economy sector [4] Group 2: Automotive Industry Inventory and Trends - As of the end of August 2025, the national passenger car inventory in China was 3.16 million units, a decrease of 130,000 units from the previous month, with a notable reduction in dealer inventory [5] Group 3: International Automotive Developments - The U.S. government announced a reduction in import tariffs on Japanese cars to 15% effective September 16 [6] - Ford plans to lay off 1,000 employees at its Cologne plant in Germany by early 2026 [7] - Hyundai's labor union reached a wage agreement, increasing the basic monthly salary by 100,000 KRW (approximately 513.2 CNY) [8] Group 4: Corporate News and Strategic Moves - Changan Automobile signed a strategic cooperation agreement with China Guoxin to deepen collaboration in investment and technology innovation [12] - Dongfeng Honda announced leadership changes within its management team [13] - Chery Automobile plans to open its subscription for IPO on September 17, targeting a valuation of 140 billion HKD [14] - Huawei and GAC Toyota's collaboration will upgrade to a full-stack solution, with plans to launch three new models within two years [15] - A new pilot factory for solid-state batteries by SK On is established, aiming for commercialization by 2029, one year ahead of the original target [11] - A third-generation semi-solid battery by Funeng Technology is planned for mass production in 2026 [16] - Hesai Technology successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding 36 billion HKD [17]

Economic Data - US retail sales in August increased by 0.6% month-on-month, marking the third consecutive month of better-than-expected growth[4] - US manufacturing output in August rose by 0.2% month-on-month, exceeding market expectations[4] - The US import price index unexpectedly increased by 0.3% month-on-month in August[4] Market Trends - The 2-year US Treasury yield fell by 3.15 basis points to 3.495%[4] - The 5-year US Treasury yield decreased by 1.56 basis points to 3.585%[4] - The 10-year US Treasury yield dropped by 0.58 basis points to 4.028%[4] Stock Market Performance - The Nasdaq index closed at 22,333.96, down 0.07%[6] - The Dow Jones Industrial Average closed at 45,757.90, down 0.27%[6] - The S&P 500 index closed at 6,606.76, down 0.13%[6] Commodity Prices - ICE Brent crude oil rose by 1.56% to $68.49[6] - CME Bitcoin futures increased by 1.43% to $117,230.00[6] - London gold spot price rose by 0.29% to $3,689.59[6]

Market Overview - The Hang Seng Index faces resistance at 26,822 points, with recent agreements between China and the US easing trade tensions and expectations of interest rate cuts in the US due to weakening employment data [1][3] - The Hong Kong stock market remains active with a positive risk appetite, as capital rotates among different sectors [1] Short-term Sector Outlook - Focus on upcoming US Federal Reserve interest rate decisions and Hong Kong's Policy Address [2] Macro Focus - Chinese Premier Li Qiang supports increased R&D investment by enterprises and research institutions, emphasizing the need for core technology capabilities [3][9] - Nine Chinese departments have issued policies to expand service consumption and attract more inbound spending [3][9] - The People's Bank of China conducted a reverse repurchase operation of 287 billion yuan, maintaining a rate of 1.4% [9] - The national passenger car inventory decreased to 3.16 million units by the end of August [9] - The world's largest UHVDC project, the Tibet-Guangdong project, has commenced construction, expected to transmit over 43 billion kWh of clean energy annually [9] Company News - Tencent Holdings issued 9 billion yuan in bonds, with proceeds intended for general corporate purposes [11] - Chery Automobile is launching an IPO to raise up to 9.15 billion yuan, with funds allocated for R&D and market expansion [11] - Alibaba's founder Jack Ma is reportedly returning to the company, focusing on AI and competing in the food delivery market [11] - Alibaba's Lazada has integrated with Tmall, allowing merchants to easily enter Southeast Asian markets [11]