Core Viewpoint - Chery Automobile is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise between HKD 82.53 billion and HKD 91.45 billion, marking the largest IPO for an automotive company in Hong Kong since 2025, reflecting its strong market position and growth potential [1][11]. Financial Performance - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) exceeding 70% [2]. - 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%, significantly outpacing industry averages [2]. - Total vehicle sales for 2024 are forecasted at 2.295 million units, representing a year-on-year growth of 49.4%, the highest among the top twenty global passenger car companies [2]. Brand and Product Strategy - Chery operates a diversified brand matrix including Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different market segments [3]. - The company has eight models projected to sell over 10,000 units monthly in 2024, indicating strong product demand [4]. - Average sales prices for domestic and international passenger vehicles have increased by 37% and 19.4% respectively from 2022 to 2024, with Chery and Jetour brands seeing average price increases of 30.9% and 39.5% [4]. International Expansion - Chery has maintained its position as the top exporter of Chinese passenger vehicles for 22 consecutive years, with cumulative global sales exceeding 13 million units [5]. - Revenue from overseas markets is expected to grow from CNY 30.387 billion in 2022 to CNY 100.897 billion in 2024, accounting for 37.4% of total revenue [5]. - The company has established a localized production model, integrating local partnerships and adapting products to meet regional demands [6]. Technological Innovation - Chery plans to allocate 25% of its IPO proceeds to research and development of next-generation vehicles and advanced technologies, with 10% focused on electrification and 15% on intelligent driving solutions [8]. - The company has achieved a 49.6% adoption rate of advanced driver-assistance systems in its vehicles by 2024, surpassing the global average of 35.6% [9]. - R&D investment has increased from CNY 4.128 billion in 2022 to CNY 10.54 billion in 2024, with a CAGR of nearly 60% [10]. Market Reception - The IPO has received strong interest from global investors, with cornerstone investors committing approximately HKD 45.725 billion, indicating positive market sentiment towards Chery's growth prospects [11]. - The listing is expected to enhance market confidence, attract international capital, and contribute to valuation recovery in the electric vehicle sector [11].