Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, with a stock code of 9973, opening at HKD 34.2 per share, up 11.22%, and achieving a market capitalization of HKD 197.2 billion [2] - The company’s IPO was highly successful, with a subscription rate exceeding 238 times and a total subscription amount of nearly HKD 220 billion [3] - Chery's IPO raised HKD 9.14 billion by offering 297 million H-shares at the upper limit of the price range, marking the largest IPO for an automotive company in the Hong Kong market since 2025 [3] Group 2 - Chery's financial performance has shown steady growth, with projected revenues of CNY 92.618 billion, CNY 163.205 billion, and CNY 269.897 billion for 2022, 2023, and 2024 respectively, alongside net profits of CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion [4] - In Q1 of this year, Chery reported a revenue increase of 24.25% year-on-year to CNY 68.223 billion and a net profit increase of 90.87% to CNY 4.726 billion [4] - The company has five brands under its umbrella, including Chery, Jetour, Exeed, iCAR, and Zhijie, with Zhijie being a high-end brand developed in collaboration with Huawei [4] Group 3 - Chery's gross margins are projected to be 13.8%, 16.0%, and 13.5% for 2022, 2023, and 2024 respectively, with a gross margin of 12.4% reported in Q1 of this year [5] - The company's debt-to-asset ratio decreased from 93% in 2022 to 88% in Q1 of this year, although it remains high compared to industry standards [5] - The funds raised from the IPO will be allocated to expanding the passenger vehicle product line, developing next-generation vehicles and advanced technologies, promoting global strategies, upgrading the Wuhu production base, and supplementing working capital [5]

Group 1 - The core point of the article is the launch of the 2026 Lantu Dreamer, which features two intelligent series, five configuration versions, and two power modes (PHEV and EV), with an official price range of 329,900 to 439,900 yuan [2] - Lantu Automotive has launched three new models in the third quarter of this year, maintaining a rapid release pace of one new car per month, which has increased pressure on its marketing and distribution [2][3] - The sales performance of the Lantu FREE+ and the new Lantu Zhi Yin has shown promising results, with the FREE+ achieving sales of 4,273 units in its first month and 5,239 units in August, ranking fifth in the mid-large SUV sales chart [3] Group 2 - The 2026 Lantu Dreamer is equipped with a 62.5 kWh battery, offering a pure electric range of 350 km, which is twice that of mainstream hybrid MPVs, and features an 800V high-voltage architecture with ultra-fast charging capabilities [4][6] - The new model boasts a maximum power of 490 kW, a 0-100 km/h acceleration time of 5.9 seconds, and a top speed of 203 km/h, with a fuel consumption of 5.26 L/100 km, which is 30% lower than its competitors [4][6] - The intelligent features of the 2026 Lantu Dreamer include Huawei ADS 4 and HarmonyOS 5, enabling full-scene intelligent driving and seamless connectivity between devices [5] Group 3 - The upcoming models, including the Lantu Chasing Light L and the new large six-seat SUV Taishan, are set to be launched in the fourth quarter, aiming for a total of five new models within six months [7]

Group 1 - Lantu Automotive Technology Co., Ltd. has completed a business change, rebranding itself as "Lantu Automotive Technology Co., Ltd." and increasing its registered capital to 3.68 billion yuan [1] - The company is taking a significant step towards listing on the Hong Kong Stock Exchange through an introduction method, coinciding with Dongfeng Motor Group's privatization and delisting [3] - Dongfeng Motor Group currently holds 73.82% of Lantu Automotive's shares, with a subscribed capital contribution of 2.932 billion yuan [3] Group 2 - Since announcing its intention to list on the Hong Kong Stock Exchange, Lantu Automotive has made significant advancements in technology, products, and market performance [3] - In technology, Lantu Automotive launched the Lanhai Smart Hybrid Technology, featuring an 800V system, 5C ultra-fast charging, and large-capacity batteries, enhancing charging efficiency and electric range [3] - On the product front, the new Lantu Zhiyin and the 2026 Lantu Dreamer were launched on August 28 and September 15, respectively, establishing a dual product line of "pure electric + hybrid" [3] - Market performance has been strong, with Lantu Automotive achieving over 10,000 deliveries for six consecutive months, totaling 81,768 vehicles delivered from January to August, a 92% year-on-year increase, and 13,505 vehicles delivered in August alone, marking a 119% year-on-year growth [3]

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]

Core Viewpoint - Lantu Automotive Technology Co., Ltd. has officially changed its name to Lantu Automotive Technology Co., Ltd. and transformed into a joint-stock company (non-listed), marking a significant step in its process to list on the Hong Kong Stock Exchange through an introduction method [1] Group 1: Company Developments - The name change is a key milestone in Lantu's progress towards its Hong Kong listing [1] - Lantu announced its intention to list on the Hong Kong Stock Exchange on August 22, 2023 [1] - The company has made advancements in technology, product offerings, and market performance since announcing its listing plans [1] Group 2: Technological Innovations - On August 22, Lantu launched its Lanhai Smart Hybrid Technology [1] - The company introduced the new Lantu Zhiyin model on August 28, 2023 [1] - The 2026 model of Lantu Dreamer was refreshed and launched on September 15, 2023 [1] Group 3: Product Expansion - Lantu plans to launch the flagship sedan Lantu Zhaiguang L and the flagship SUV Lantu Taishan within the year, further enriching its product matrix [1] Group 4: Market Performance - From January to August 2025, Lantu delivered a total of 81,768 vehicles, representing a year-on-year increase of 92% [1] - In August 2025 alone, the company achieved a monthly delivery of 13,505 vehicles, marking a year-on-year growth of 119% [1]

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]

Core Viewpoint - Chery Automobile 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 HKD 8.4412 billion in net proceeds from the offering [1][4] Company Overview - Chery Automobile is headquartered in Wuhu, China, and specializes in designing, developing, manufacturing, and selling a diverse range of passenger vehicles, including both fuel and new energy vehicles [1] - The company is the second largest domestic brand passenger car company in China and the eleventh largest globally based on projected sales in 2024 [1][2] Sales Performance - In 2024, Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25% growth in sales across new energy vehicles, fuel vehicles, and both domestic and overseas markets compared to 2023 [2] - The company's passenger vehicle sales are expected to grow by 49.4% in 2024, leading the growth among the top twenty global manufacturers [2] - Chery has eight models with average monthly sales exceeding 10,000 units in 2024, indicating strong market demand [2] Brand Portfolio - Chery's five major brands—Chery, Jetour, Exeed, iCAR, and Zhijie—cater to different customer needs and preferences, covering various high-growth market segments [2] - Revenue contributions from these brands for the years 2022, 2023, and 2024, as well as for the first three months of 2025, were 89.1%, 92.7%, 91.5%, and 90.3% respectively [2] Investment Agreements - Chery has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately USD 587 million (or about HKD 4.5725 billion) [3] - The cornerstone investors include various financial and investment entities, indicating strong institutional interest in the offering [3] Use of Proceeds - Assuming a mid-point offering price of HKD 29.25 per share, the estimated net proceeds of approximately HKD 8.4412 billion will be allocated as follows: 35% for R&D of different vehicle models, 25% for next-generation automotive technologies, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - Chery Automobile Co., Ltd. is preparing for an upcoming listing in Hong Kong, with the aim of raising funds for various strategic initiatives [1] Group 1: Company Overview - Chery Automobile is headquartered in Wuhu, China, and specializes in the design, development, manufacturing, and sales of a diverse range of passenger vehicles, including both fuel and new energy vehicles [1] - Since its establishment in 1997, the company has focused on industry innovation and expanding its international market presence, aiming to provide high-quality passenger vehicles to global users [1] Group 2: Fundraising Purpose - The funds raised from the Hong Kong listing are intended for several key purposes: 1. Research and development of different models and versions of passenger vehicles to expand the product portfolio 2. Development of next-generation vehicles and advanced technologies to enhance core technical capabilities 3. Expansion into overseas markets and execution of globalization strategies 4. Upgrading production facilities located in Wuhu, Anhui 5. General corporate purposes and working capital [1]

Group 1 - Chery Automobile has passed the listing hearing, marking a significant step in its capital market journey and global strategic layout [1][4] - The company plans to issue no more than 699 million overseas listed ordinary shares and convert 2.016 billion domestic shares into overseas shares to enhance market liquidity [4] - Chery's product matrix includes both fuel and new energy vehicles, with five major brands contributing approximately 90% of total revenue from 2022 to Q1 2025 [4][5] Group 2 - Chery ranks second among Chinese independent brands and eleventh globally in terms of passenger car sales, with a year-on-year growth of 49.4% [5] - The company's profitability has steadily improved, with net profits of 5.806 billion, 10.444 billion, 14.334 billion, 2.476 billion, and 4.726 billion from 2022 to Q1 2025, maintaining a net profit margin between 4.5% and 6.9% [5]

Core Viewpoint - Xiangfei Automotive has taken over Weima's four companies and is working to resume production of the Weima EX5 and E5 models at the Wenzhou base, following a court-approved restructuring plan [2][3] Group 1: Company Overview - Weima Automotive, established in 2015, was one of the earliest new energy vehicle manufacturers in China, previously ranking second in industry deliveries in 2018 [3][4] - The company faced significant financial difficulties starting in 2021, with a net asset deficit of 20.5 billion yuan by the end of that year [4] - In 2022, Weima's sales dropped to 29,400 units, a year-on-year decline of approximately 30% [4] Group 2: Future Plans - The new Weima plans to launch over 10 new products from 2025 to 2030, covering various vehicle categories including sedans, SUVs, and MPVs [2][3] - Specific production goals include resuming production of the EX5/E5 models by September 2025, targeting annual sales of 10,000 units initially, with aspirations to reach 20,000 units [3] - By 2030, the company aims to achieve an annual production target of 1 million units and revenue of 120 billion yuan [3] Group 3: Market Strategy - New Weima will implement a diversified sales network in China, including stores, delivery/repair stations, community franchise stores, and partnerships with shareholders to ensure 100% sales network coverage [3] - The Wenzhou government is considering providing subsidies for Weima's production resumption, product development, and market promotion, as well as prioritizing the brand for local public procurement [3] Group 4: IPO Aspirations - Following its revival, Weima has set a new IPO target for 2027-2028 [5]