Group 1 - The company, Chery Automobile, plans to conduct a global offering of 297 million shares from September 17 to September 22, 2025, with a share price range of HKD 27.75 to HKD 30.75 [1] - The company is headquartered in Wuhu, China, and has been a significant player in the passenger vehicle market since its establishment in 1997, being the second largest independent passenger vehicle brand in China and the eleventh largest globally based on 2024 sales [1] - The company reported a revenue increase from RMB 926.18 billion in 2022 to RMB 1,632.05 billion in 2023, with a projected revenue of RMB 2,698.97 billion in 2024 [2] Group 2 - The company's net profit rose from RMB 58.06 billion in 2022 to RMB 104.44 billion in 2023, with an expected increase to RMB 143.34 billion in 2024 [2] - The company has entered cornerstone investment agreements with several investors, agreeing to raise approximately USD 587 million under certain conditions [2] - The estimated net proceeds from the global offering, assuming a share price of HKD 29.25 and no exercise of the over-allotment option, is approximately HKD 8.441 billion, with allocations for R&D, advanced technology, market expansion, production facility upgrades, and working capital [3]

格隆汇9月17日丨奇瑞汽车(09973.HK)发布公告，公司拟全球发售约2.97亿股H股(视乎超额配股权行使 与否而定)，中国香港发售股份2973.97万股，国际发售股份约2.68亿股；2025年9月17日至9月22日招 股，预期定价日为9月23日；发售价将为每股发售股份27.75-30.75港元，每手买卖单位为100股，中金公 司、华泰国际及广发证券为联席保荐人；预期股份将于2025年9月25日开始在联交所买卖。 ...

（於中華人民共和國註冊成立的股份有限公司） 全球發售 股份代號 :9973 聯席保薦人、保薦人兼整體協調人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：如 閣下對本招股章程的任何內容有任何疑問， 閣下應尋求獨立專業意見。 Chery Automobile Co., Ltd. 香港交易及結算所有限公司、香港聯合交易所有限公司以及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 本招股章程副本連同本招股章程附錄七「送呈公司註冊處處長及展示文件」一節所指定文件，已根據香港法例第32章公司（清盤 及雜項條文）條例第342C條的規定送呈香港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本 招股章程或上述任何其他文件的內容概不負責。 預期發售價將由整體協調人（代表包銷商）與我們於定價日通過協議釐定。定價日預期為2025年9月23日（星 ...

市场资讯：中金公司、华泰证券和中银国际等银行担任奇瑞汽车IPO顾问。 ...

香港發售股份將根據招股章程所載條款及條件於香港向公眾人士提呈發售。香港發售股份將不 會向香港境外及╱或並非香港居民的任何人士提呈發售。發售股份的潛在投資者務請注意，倘 於上市日期上午八時正（香港時間）之前任何時間發生招股章程「包銷－包銷安排及開支－香港 公開發售 － 終止理由」一節所載任何事件，聯席保薦人及整體協調人（為其本身及代表香港包 銷商）有權立即終止其根據香港包銷協議須承擔的責任。 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示 概不會就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並不亦無意構成或組成在美國境內或於任何其他司法管轄區購買或認購 證券任何要約或招攬的一部分。發售股份並無亦不會根據《1933年美國證券法》（經不時修訂） （「美國證券法」）或美國任何州或其他司法管轄區的證券法登記，且不得於美國境內提呈發售、 出售、質押或以其他方 ...

Core Viewpoint - Huawei's HarmonyOS Smart Mobility has officially launched its first travel vehicle, the Xiangjie S9T, expanding its product range to include SUVs, sedans, and travel cars [2] Group 1: Product Launch Details - The Xiangjie S9T is a collaboration between Huawei and BAIC Group, unveiled at a launch event on September 16 [2] - The pricing for the Xiangjie S9T is set at 329,800 RMB for the pure electric Max version and 369,800 RMB for the Ultra version; the range-extended Max version is priced at 309,800 RMB and the Ultra version at 349,800 RMB [2] Group 2: Specifications and Features - The pure electric version of the Xiangjie S9T features a 100 kWh battery with a maximum range of 801 km, while the range-extended version can achieve a total range of 1,305 km using 92-octane gasoline [8] - The vehicle offers spacious interior dimensions, with a passenger space height of 1962 mm and rear space of 1000 mm, along with a trunk capacity of 729 liters [6] - The Xiangjie S9T includes advanced features such as gesture control for door operation, which was previously introduced in the Zun Jie S800 [9] Group 3: Market Performance and Future Plans - HarmonyOS Smart Mobility has delivered over 930,000 vehicles to date, with expectations to surpass 1 million by October [11] - The company has established a collaborative ecosystem with various automakers, including partnerships with Seres, BAIC, JAC, Chery, and SAIC, indicating a mature model for future collaborations [11] - A new model, the Shangjie H5, is set to be launched on September 23, with a starting price of 169,800 RMB, marking the brand's entry into the sub-200,000 RMB market segment [11]

Core Insights - Chery Automobile has introduced a humanoid robot named "Moyin" at the Jakarta International Auto Show, with plans for public release and potential sales to individual users in October [1][2] - The humanoid robot market is becoming a competitive arena for automakers, with companies like Tesla, Xpeng, and BYD also entering the field [3][4] Company Developments - Chery established a dedicated robotics company, "Mojia Zhichuang," in January 2023, with an initial investment of 100 million yuan [2] - The first batch of 220 "Moyin" robots was delivered in April 2023, and they are currently being used in Chery's dealerships in Malaysia for customer interaction [2] - Chery's strategy involves a phased approach: starting with 4S stores, expanding to shopping malls and public areas, and eventually targeting home use [2] Industry Trends - The humanoid robot market is projected to reach 8.239 billion yuan by 2025, representing about 50% of the global market [6] - The Chinese embodied intelligence market is expected to grow to 5.295 billion yuan, accounting for approximately 27% of the global market [6] Cost and Technology Challenges - Current costs for humanoid robots are high, with Chery's "Moyin" expected to drop to around 200,000 yuan per unit as key components become domestically sourced and production scales up [7][8] - The high costs are attributed to expensive core components such as high-precision servo joints and specialized AI chips, as well as significant R&D expenses [7][8] - Industry experts note that while automakers have advantages in manufacturing and supply chains, challenges remain in AI decision-making and adaptability to complex environments [7][8]

Core Insights - The domestic narrow passenger car market in China continues to show steady growth, with retail sales reaching 2.019 million units in August, a year-on-year increase of 5.9% and a month-on-month increase of 9.5% [1] - Cumulatively, from January to August, retail sales reached 14.765 million units, reflecting a year-on-year growth of 9.7% [1] Market Performance - In August, both new energy vehicles (NEVs) and SUVs surpassed one million units in sales, with NEVs at 1.115 million units (up 8.8% year-on-year) and SUVs at 1.026 million units (up 10.2% year-on-year) [3] - Sedan sales saw a slight increase of 2.3% year-on-year, totaling 904,000 units, while the MPV market experienced a decline, with sales of 89,000 units, down 2.7% year-on-year [3] Brand Performance - Domestic brands continued to show strong growth, with retail sales of 1.32 million units in August, up 9% year-on-year, capturing a market share of 65.7%, an increase of 2.3 percentage points [4] - In contrast, mainstream joint venture brands saw retail sales of 470,000 units, down 2% year-on-year, while luxury car sales were 210,000 units, down 5% year-on-year [4] Leading Manufacturers - BYD led the market with retail sales of 310,200 units in August, despite a year-on-year decline of 18.3%, maintaining a market share of 15.4% [5][6] - Geely Automotive showed significant growth with sales of 214,090 units, marking a year-on-year increase of 57.2%, making it the "growth king" of the month [6] - Changan Automobile ranked third with retail sales of 121,944 units, up 24.4% year-on-year, supported by plans to launch multiple new models in the second half of the year [8] Cumulative Sales Data - From January to August, BYD maintained its lead with cumulative sales of 2.199 million units, a year-on-year increase of 5.5%, capturing a market share of 14.9% [11] - Geely's cumulative sales reached 1.643 million units, reflecting a substantial year-on-year growth of 62.1% [11] - Changan and Chery also maintained good momentum, with Changan focusing on a multi-brand strategy and Chery accelerating its overseas expansion [12] New Energy Vehicle Market - The new energy vehicle market is dominated by domestic brands, with BYD leading at 310,200 units sold in August, holding a market share of 27.8% [15] - Geely followed with sales of 134,405 units, a year-on-year increase of 81.4%, while Changan sold 72,338 units, up 38.2% [15][17] - Tesla China sold 57,152 units in August, down 9.9% year-on-year, while new entrants like Leap Motor saw significant growth, with sales of 51,162 units, up 82.7% [17][19] Future Outlook - The market is expected to continue its growth trend into September, driven by new energy vehicles and domestic brands, with an increase in new car launches and promotional activities anticipated [20]

Group 1 - Chery Automobile plans to launch its IPO on September 17, targeting a valuation of HKD 140 billion [1] - The company aims to raise between USD 1.5 billion and USD 2 billion, approximately HKD 11.7 billion to HKD 15.6 billion, potentially making it the largest IPO of a car company on the Hong Kong Stock Exchange this year [3] - The funds raised will be allocated to various areas including R&D for new vehicle models, advanced technology development, international market expansion, production facility upgrades, and general corporate purposes [3] Group 2 - Chery's IPO journey has been lengthy, starting its first listing attempt in 2004, and it has faced multiple challenges over the years [3] - The company submitted its listing application to the Hong Kong Stock Exchange on February 28, which became invalid after six months without hearing, and re-applied on August 29 [5] - Financial projections indicate that Chery's revenue for 2022, 2023, 2024, and Q1 2025 are expected to be CNY 92.618 billion, CNY 163.205 billion, CNY 269.899 billion, and CNY 68.223 billion respectively, with net profits of CNY 5.806 billion, CNY 10.444 billion, CNY 14.334 billion, and CNY 4.726 billion [5] Group 3 - In 2024, Chery's sales volume is projected to reach 2.6039 million units, a year-on-year increase of 38.4%, with exports accounting for 1.1446 million units, a 21.4% increase [5] - Chery ranks as the second largest domestic independent brand passenger car company and the eleventh largest globally based on 2024 global passenger car sales [7] - The company has set a sales target of 3 million units for this year, having sold 1.7273 million vehicles and exported 798,800 vehicles by the end of August [7]

Group 1 - The A-share market has shown strong momentum in August, driven by three main factors: global liquidity, resolution of systemic risks, and emotional catalysts at key moments [1][2] - The current market environment suggests a transition to a "slow train" led by fundamental revaluation, indicating potential investment opportunities [2][10] - Domestic funds have significant potential for reallocation, with household deposits amounting to 160-170 trillion yuan, compared to A-share market capitalization of just over 100 trillion yuan, indicating a high deposit-to-market ratio [3][4] Group 2 - External funds are influenced by U.S. dollar liquidity, with expectations of multiple interest rate cuts by the Federal Reserve, which could lead to increased global liquidity and support for A-shares [4][10] - Regulatory signals indicate a desire for long-term, value-oriented investment strategies, which may provide a supportive environment for the market [9][10] - The real estate market is undergoing adjustments, with signs of stabilization in lower-tier cities and potential recovery in consumer sentiment, which could positively impact overall economic conditions [19][26] Group 3 - Investment strategies should focus on high-dividend assets, physical assets, and technology sectors to navigate the current economic landscape characterized by stagflation [34][35] - The technology sector is seen as a key driver for overcoming economic stagnation, with a focus on companies that can lead future innovations [35][36] - Opportunities arising from China's economic transformation include overseas expansion, industrial upgrades, and consumption in lower-tier markets, which could yield significant returns for investors [36][37]