Company Overview - Chery Automobile's shares surged 11.2% upon its debut on the Hong Kong Stock Exchange following a $1.2 billion initial public offering (IPO) [1] - The company is recognized for its brands including Chery, Jetour, and iCAR, and is focusing on expanding in the electric and smart vehicle market [1] IPO Details - Chery sold 297.4 million shares at HK$30.75 each, marking the second-largest IPO in Hong Kong this year, with a valuation of nearly $23 billion [2] - The shares were priced at the top of the indicated range of HK$27.75 to HK$30.75, with the institutional tranche oversubscribed by 11.6 times and the retail portion covered 308 times [2] - Cornerstone investors contributed $587 million, accounting for almost half of the total IPO amount [2] Use of Proceeds - Chery plans to allocate 35% of the IPO proceeds towards research and development for various passenger vehicle models and to expand its product portfolio [3] - An additional 25% of the funds will be directed towards the development of next-generation vehicles over the next three years [3]