Group 1 - A new company, Dalian Great Wall Zhike Automotive R&D Co., Ltd., has been established, focusing on various sectors including new material technology research and development, automotive parts R&D, and sales of new energy vehicles [1] - The company is fully owned by Great Wall Motors, indicating a strategic move by the parent company to expand its capabilities in the automotive sector [1] - The business scope also includes automotive sales and the development of animation and gaming, showcasing a diversified approach to revenue generation [1]

Core Viewpoint - The company Seres is experiencing a complex financial situation, with revenue growth juxtaposed against a decline in net profit, indicating potential challenges in sustaining its growth trajectory [1][3]. Financial Performance - In Q3, Seres reported a revenue increase of 15.75% year-on-year, amounting to approximately 48.13 billion yuan, while net profit decreased by 1.74% [1][3]. - The first quarter saw a significant revenue drop of 27.91% year-on-year, attributed to product replacement cycles and structural adjustments within the AITO product line [3]. - Total profit for the reporting period was approximately 2.97 billion yuan, reflecting a 31.29% increase [5]. Product and Market Dynamics - The AITO product line is undergoing changes, with the M8 becoming a key sales driver, while the M9's high-margin share is being diluted [3]. - Increased competition from brands utilizing Huawei's technology is intensifying market pressures, necessitating a strategic response from Seres [3]. - The company has made a strategic investment of 3.45 billion yuan to acquire a 10% stake in a partner, reinforcing its supply chain relationships [3]. Research and Development - R&D expenditures surged to approximately 51.98 billion yuan in the first half of the year, a 154.9% increase, indicating a strong commitment to innovation [5]. - The company holds 6,826 authorized patents and employs 6,984 R&D personnel, reflecting its focus on technological advancement [5]. Sales and Marketing - Sales expenses reached approximately 159.9 billion yuan in the first three quarters, a nearly 15% increase, highlighting the company's investment in brand building [5]. - The AITO brand achieved the highest confidence index in the first half of the year, with the M9 receiving a net promoter score (NPS) of 85.2 [5]. International Expansion - The company plans to allocate 70% of its IPO proceeds to R&D and 20% to overseas expansion and charging network development [7]. - Seres has established a presence in various international markets, with the SERES5 already delivered in Europe at a retail price exceeding $60,000 [7]. - The company faces challenges in brand recognition abroad, requiring strategic pricing, channel development, and service improvements to build market trust [7]. Operational Achievements - Cumulative deliveries of the AITO series have surpassed 800,000 units, with the M9 achieving 250,000 deliveries in 21 months [8]. - The company is focusing on localizing its offerings for different markets, as evidenced by the multilingual features showcased at the Munich Auto Show [7]. Strategic Outlook - The path ahead for Seres involves balancing technological capabilities with the need to establish brand strength in international markets, indicating a long-term strategic endeavor [10]. - Investors and consumers are advised to monitor upcoming sales trends, overseas channel developments, and potential profit improvements in the fourth quarter for clearer insights into the company's trajectory [10].

Core Insights - Great Wall Motors is recruiting for a unique position titled "Polar All-round Engineer," which has attracted significant attention due to its rare requirements [1] - The role will be based in Antarctica, focusing on automotive technology breakthroughs in extreme cold conditions, including vehicle and component validation [1] - This move suggests that Great Wall Motors may establish a research and development center in polar regions, indicating a forward-looking strategy for global expansion and innovation in various driving scenarios [1] Job Requirements - The position is exclusively open to Chinese nationals with at least a bachelor's degree, teamwork spirit, and resilience [1] - Candidates with international project experience and multilingual abilities are preferred, along with those having experience in low-temperature, high-altitude, or field engineering [1] - There are no age or gender restrictions for applicants [1] Job Responsibilities - The engineer will be responsible for validating vehicles and components under extreme cold conditions and developing new polar products and key functionalities [1] - This role is notable as few automotive companies globally have assigned positions to Antarctica for such validation and development work [1]

Core Viewpoint - Chery Automobile Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, with its shares closing at HKD 31.92, reflecting a 3.80% increase on the first day of trading [1]. Group 1: Share Issuance Details - The total number of shares issued globally by Chery Automobile is 297,397,000 H-shares, subject to the exercise of the over-allotment option [2]. - The number of shares available for public offering in Hong Kong is 29,739,700 H-shares, while the international offering comprises 267,657,300 H-shares [2]. - The number of shares already issued at the time of listing (before the exercise of the over-allotment option) is 5,767,228,633 [2]. Group 2: Pricing and Proceeds - The final offering price for Chery Automobile's shares is HKD 30.75, with a price range during the offering set between HKD 27.75 and HKD 30.75 [5][6]. - The total proceeds from the offering amount to HKD 9,145.0 million, with estimated listing expenses of HKD 265.7 million, resulting in a net proceeds of HKD 8,879.3 million [4][6]. Group 3: Use of Proceeds - Approximately 35.0% of the net proceeds will be allocated to research and development of various passenger car models over the next one to three years [6]. - About 25.0% of the net proceeds is earmarked for the development of next-generation vehicles and advanced technologies to enhance core technical capabilities over the next one to three years [6]. - Approximately 20.0% of the net proceeds will be used to expand overseas markets and execute globalization strategies over the next one to four years [6]. - Around 10.0% of the net proceeds is planned for upgrading production facilities located in Wuhu, Anhui, over the next one to four years [6]. - The remaining 10.0% will be allocated for working capital and general corporate purposes [6]. Group 4: Cornerstone Investors - Key cornerstone investors include JSC International Investment Fund SPC, HHLR Advisors, Ltd., Shanghai Jinglin, and CICC Financial Trading Limited, among others [7]. - HHLR Advisors, Ltd. is a member of Hillhouse Group and acts as the investment manager for several investment funds [7].

Core Viewpoint - Chery Automobile Co., Ltd. is set to launch its IPO with a market capitalization estimated between HKD 160.04 billion and HKD 177.34 billion, marking a significant milestone for the company as it aims to expand its market presence and product offerings [2]. Group 1: IPO Details - Chery plans to issue 297,397,000 H shares, with 29,739,700 shares available for public offering in Hong Kong and 267,657,300 shares for international offering [2]. - The share price is set between HKD 27.75 and HKD 30.75, leading to the aforementioned market capitalization range [2]. - The company has secured cornerstone investors who have collectively subscribed approximately USD 587 million (HKD 4.5725 billion) [2]. Group 2: Company Positioning - Established in 1997, Chery is now the second-largest independent passenger car brand in China and the eleventh largest globally, based on projected 2024 passenger car sales [3]. - In 2024, Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25% growth in sales across electric vehicles, fuel vehicles, and both domestic and international markets compared to 2023 [4]. Group 3: Sales and Market Performance - Chery's global sales are projected to exceed 2.295 million units in 2024, with eight models averaging monthly sales of over 10,000 units [4]. - The company has exported over 13 million passenger vehicles to more than 100 countries and regions since its first export in 2001, maintaining the highest export volume among Chinese independent brands for 22 consecutive years [4]. Group 4: Financial Performance - Chery's revenue for 2022, 2023, and projected 2024 is reported as RMB 92.618 billion, RMB 163.205 billion, and RMB 269.897 billion, respectively, with a year-on-year revenue growth of 24.25% in Q1 of the current year [5]. - The net profit figures for the same years are RMB 5.806 billion, RMB 10.444 billion, and RMB 14.334 billion, with a remarkable 90.87% increase in Q1 net profit to RMB 4.726 billion [5]. - The funds raised from the IPO will primarily be allocated to R&D for new vehicle models, enhancing core technology capabilities, expanding overseas markets, upgrading production facilities, and general corporate purposes [5].

Group 1 - Chery Automobile plans to globally offer 297 million shares, with 29.74 million shares for Hong Kong and 268 million shares for international sale, along with an overallotment option of 44.61 million shares [1] - The subscription period is from September 17 to September 22, with a maximum offer price of HKD 30.75 per share and an entry fee of approximately HKD 3,106 [1] - The total expected fundraising amount is HKD 8.699 billion, with a net amount of HKD 8.441 billion, aimed at R&D for various passenger car models, next-generation vehicles, advanced technologies, overseas market expansion, and enhancing production facilities in Wuhu, Anhui [1] Group 2 - The company has introduced cornerstone investors including JSC International Investment Fund SPC, HHLR Advisors, Shanghai Jinglin Asset Management, CICC Financial Trading, Huangshan Jiantou, and Jinghui Ruiying, with a minimum subscription of approximately 149 million shares at the offer price [2] - Chery Automobile is expected to be listed on the main board by September 25, 2025, with China International Capital Corporation, Huatai Financial Holdings, and GF Securities as joint sponsors [2] - The company reported net profits of CNY 11.953 billion, CNY 14.135 billion, and CNY 4.650 billion for the fiscal years 2023, 2024, and the first quarter of 2025, reflecting year-on-year changes of 90.76%, 18.25%, and 71.46% respectively [2]

Group 1 - Chery Automobile (09973.HK) plans to globally offer 297 million shares, with 29.7397 million shares for Hong Kong and 268 million shares for international sale, along with an overallotment option of 44.6095 million shares [1][2] - The subscription period is from September 17 to September 22, with a maximum offer price of HKD 30.75 per share, and an entry fee of approximately HKD 3106.00 for 100 shares [1][2] - The total expected fundraising amount is HKD 8.699 billion, with a net amount of HKD 8.441 billion, intended for R&D of various passenger car models, next-generation vehicles, advanced technologies, overseas market expansion, working capital, and facility upgrades in Wuhu, Anhui [1][2] Group 2 - The company has introduced cornerstone investors including JSC International Investment Fund SPC, HHLR Advisors, Shanghai Jinglin Asset Management, CICC Financial Trading Limited, Huangshan Jiantou (Hong Kong) International Investment, and Jinghui Ruiying (Hong Kong) Limited, committing to subscribe for approximately 149 million shares at the offer price [2] - Chery Automobile is expected to be listed on the main board by September 25, 2025, with China International Capital Corporation Hong Kong Securities, Huatai Financial Holdings (Hong Kong), and GF Securities (Hong Kong) as joint sponsors [2] - The company reported net profits of CNY 11.953 billion, CNY 14.135 billion, and CNY 4.650 billion for the fiscal years 2023, 2024, and the first quarter of 2025 respectively, with year-on-year changes of 90.76%, 18.25%, and 71.46% [2]

Core Viewpoint - 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, aiming to raise approximately HKD 8.441 billion [1][3] Financial Performance - Revenue increased from RMB 92.618 billion in 2022 to RMB 163.205 billion in 2023, and is projected to reach RMB 269.899 billion in 2024 [2] - Profit for the year rose from RMB 5.806 billion in 2022 to RMB 10.444 billion in 2023, with a further increase to RMB 14.334 billion in 2024 [2] - For the three months ending March 31, 2024, revenue was RMB 54.91 billion, increasing to RMB 68.223 billion for the same period in 2025 [2] Use of Proceeds - Approximately 35% of the net proceeds from the global offering will be allocated to R&D for various vehicle models over the next one to three years [3] - About 25% will be used for R&D of next-generation vehicles and advanced technologies to enhance core technical capabilities [3] - 20% is earmarked for expanding overseas markets and executing globalization strategies over the next one to four years [3] - 10% will be invested in upgrading production facilities in Wuhu, Anhui, and another 10% for working capital and general corporate purposes [3] Strategic Partnerships - The company has entered cornerstone investment agreements with several investors, including JSC International Investment Fund SPC and CICC Financial Trading Limited, committing to subscribe for shares totaling approximately USD 587 million [2]

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]

Core Viewpoint - Chery Automobile Co., Ltd. is expected to list on the Hong Kong Stock Exchange in mid to late September, aiming to raise up to $2 billion [5]. Group 1: Company Overview - Founded in 1997, Chery has become the second-largest independent passenger car brand in China and the eleventh-largest globally, based on projected global passenger car sales for 2024 [6]. - Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25% growth in sales for both new energy vehicles and fuel vehicles, as well as in the Chinese and overseas markets from 2023 to 2024 [7]. Group 2: Sales and Market Position - In 2024, Chery is projected to sell over 2.295 million vehicles globally, with an average monthly sales of over 10,000 units for eight models [8]. - Chery has exported passenger cars to over 100 countries and regions since 2001, with cumulative global sales exceeding 13 million vehicles. It has ranked first in passenger car export volume among Chinese independent brands for 22 consecutive years since 2003 [8]. Group 3: Financial Performance - Chery's revenue for 2022, 2023, and 2024 is projected to be 92.618 billion, 163.205 billion, and 269.897 billion yuan, respectively. In Q1 of this year, revenue grew by 24.25% year-on-year to 68.223 billion yuan [9]. - The net profit for Chery in 2022, 2023, and 2024 is expected to be 5.806 billion, 10.444 billion, and 14.334 billion yuan, respectively. In Q1 of this year, net profit increased by 90.87% year-on-year to 4.726 billion yuan [10]. Group 4: IPO Fund Utilization - The net proceeds from the IPO will primarily be used for research and development of various models and versions of passenger cars, enhancing core technological capabilities, expanding overseas markets, upgrading production facilities in Wuhu, Anhui, and for general corporate purposes [10].