Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange on September 25, 2023, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market this year [1][3]. Company Performance - Chery's public offering was oversubscribed by 238 times, setting a new record for IPO subscriptions in Hong Kong this year, indicating strong market confidence in its growth prospects [3]. - In 2024, Chery is projected to achieve revenue of CNY 269.9 billion and a net profit of CNY 14.3 billion, significantly outpacing the average growth rates of the global passenger car industry [3]. - Chery's global sales reached 2.295 million vehicles last year, making it the second-largest Chinese independent brand in passenger car sales and the eleventh globally [3]. - Chery is the only company among the top twenty global passenger car manufacturers in 2024 to report over 25% year-on-year growth in four key metrics: new energy vehicles, fuel vehicles, domestic sales, and overseas sales [3]. Market Expansion - Chery has established a global sales network covering over 100 countries and regions, with cumulative global sales exceeding 13 million vehicles since its first export in 2001 [3]. - As of March 31, 2025, Chery will have nearly 3,000 overseas dealership outlets, laying a solid foundation for future international market expansion [5]. Technological Innovation - Chery has developed a comprehensive technology system covering powertrains, platforms, intelligent cockpits, and driver assistance systems [6]. - The "Kunpeng Power" system includes core technologies such as engines, transmissions, electric drives, and battery safety [6]. - The company plans to allocate approximately 35% of the net proceeds from its IPO to research and development of various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, and 10% for enhancing production facilities in Wuhu [6]. Local Economic Impact - Chery's listing is a significant milestone for Wuhu City, reflecting the city's efforts in nurturing listed companies and enhancing its capital market environment [7][12]. - Wuhu currently has 31 listed companies and aims to add at least four more by 2025, with a focus on fostering a multi-tiered capital market system [8][11]. - The successful IPO of Chery is expected to attract more quality enterprises and projects to Wuhu, promoting industrial clustering and innovation [13].