Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange on September 25, raising approximately HKD 9.145 billion, marking the largest IPO for a car company in Hong Kong in 2025 [1][4] Group 1: Company Background and Development - Chery Automobile was founded by Yin Tongyue in 1995, starting from a small team in Wuhu, and has grown into a global automotive group [2][3] - The company has been the top exporter of Chinese passenger cars for 22 consecutive years, showcasing its leadership in the international market [1][5] Group 2: IPO Journey - The IPO journey faced multiple challenges, including complex equity relationships and external economic factors, delaying previous attempts in 2004, 2008, and 2016 [3][4] - The successful IPO in 2025 is seen as a significant milestone for Chery, providing necessary capital for its transformation and growth [1][4] Group 3: Financial Performance - Chery's revenue has shown significant growth, with figures of CNY 926.18 billion in 2022, CNY 1,632.05 billion in 2023, and CNY 2,698.97 billion in 2024, alongside net profits of CNY 58.06 billion, CNY 104.44 billion, and CNY 143.34 billion respectively [7] - The company’s overseas revenue reached CNY 1,008.97 billion in 2024, accounting for 37.4% of total revenue, with total sales reaching 2.6039 million units, a year-on-year increase of 38.4% [6][7] Group 4: Strategic Focus and Challenges - Chery is focusing on innovation and technology, with R&D investments projected to increase from CNY 4.128 billion in 2022 to CNY 10.544 billion in 2024 [5][6] - Despite strong sales growth, Chery faces challenges in the new energy vehicle sector, with a significant portion of revenue still coming from traditional fuel vehicles [7][8] - The company aims to enhance its high-end market presence, but struggles with the performance of its core brand, Exeed, and its collaboration with Huawei [8][9]

Group 1 - Chery Automobile launched its IPO in Hong Kong from September 17 to September 22, with a share price range of HKD 27.75 to HKD 30.75, and received full subscription on the first day [1] - The company aims to raise up to HKD 91.45 billion, potentially reaching HKD 105.17 billion if the over-allotment option is fully exercised, with shares expected to be listed on September 25 [1] - Chery's IPO includes the issuance of 297.397 million H-shares, representing 5.16% of total shares post-issue, with 90% allocated for international offering and 10% for public offering [1] Group 2 - The net proceeds from the IPO will primarily be used for R&D of various passenger car models, enhancing core technology capabilities, expanding overseas markets, upgrading production facilities in Wuhu, Anhui, and for general corporate purposes [2] - Chery is the second largest domestic passenger car brand in China and the eleventh largest globally, with a projected growth of over 25% in both new energy and fuel vehicle sales in 2024 compared to 2023 [2] - The company has five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different customer needs and market segments [2] Group 3 - Since 2003, Chery has been the top exporter of passenger cars among Chinese brands, with sales in over 100 countries and regions, totaling over 13 million vehicles by August 22, 2025 [3] - In 2024, Chery is projected to lead in sales among Chinese brands in Europe, South America, and the Middle East and North Africa, and rank second in North America and Asia (excluding China) [3] - Chery's revenue for 2022, 2023, and 2024 is projected to be CNY 92.618 billion, CNY 163.205 billion, and CNY 269.897 billion, respectively, with net profits of CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion [3]

Macro Economic Overview - The Shanghai Composite Index rose by 1.23% this week, with the CSI 300 futures increasing by 1.38% [1][12] - The futures for coking coal surged by 9.37%, while the main contract for iron ore saw a modest increase of 0.70% [1][12] - The annualized yield of Yu'ebao increased by 1 basis point to 1.05%, and the yield on ten-year government bonds decreased by 2 basis points to 1.69% [1][12] Export Performance - In July, China's exports maintained resilience, primarily due to two factors: the continuation of Sino-U.S. trade talks and improvements in the prices of certain export goods [2] - Specific categories such as household ceramics, shoes, integrated circuits, and home appliances showed price increases, which helped offset declines in export volumes [2] Asset Allocation Recommendations - The recommended order for asset allocation remains: equities > commodities > bonds > cash [3][4] - The focus for equities is on the implementation of "incremental" policies, while bonds are underweighted due to potential short-term impacts from the equity-bond relationship [4][13] Industry Insights - The A-share market saw widespread index increases, with the leading indices being the CSI 1000 (up 2.51%), Shanghai Dividend (up 2.23%), and Shanghai Composite (up 2.11%) [37] - The sectors that performed well included non-ferrous metals (up 5.83%), machinery (up 5.75%), and defense industry (up 5.24%), while the pharmaceutical and restaurant tourism sectors experienced slight declines [37][38] Economic Data - In July, the Producer Price Index (PPI) decreased by 3.6% year-on-year, while the Consumer Price Index (CPI) rose by 0.4% month-on-month [24] - The total value of China's goods trade in July reached 3.91 trillion yuan, with exports growing by 8% and imports by 4.8% [24] High-Tech Industry Developments - The 2025 World Robot Conference opened in Beijing, focusing on key areas such as aging society responses and smart manufacturing upgrades [39] - China's production of industrial and service robots saw significant year-on-year growth, with industrial robots increasing by 35.6% [39][40]

（原标题：奇瑞五小时"硬碰硬"测试，新老车型都将上阵） 从官方披露的过往进展看，奇瑞在安全技术领域已有二十余年研发基础：2003年成立国内首个碰撞仿真 团队，2008年奇瑞A3成为首个获得C-NCAP五星成绩的中国品牌A级车；2023年，星纪元ES获得中国品 牌首个新能源车NESTA六维电安全认证。2024年，奇瑞在其安全试验室开展的实车碰撞测试预计将超 过1500台次，密度居业内前列。 在智能化、电动化高度同质的竞争格局中，车辆安全能力的透明化展示正在成为主机厂新的差异化路 径。作为一家以工程体系和制造基础著称的传统自主品牌，奇瑞此次选择以高强度实测展示其安全技 术"硬实力"，或意在重塑市场对其整车工程能力的认知。 据介绍，活动当晚，奇瑞将在五小时内连续进行多项碰撞实测，包括正面、侧面等典型工况的"硬碰 硬"演示测试，相关内容将同步直播，以模拟真实交通事故场景。值得注意的是，此次奇瑞还将进行十 年车龄以上经典车型的碰撞验证，强调对老旧车型安全性能的历史性回溯。 安全之夜期间，试验室内部将划分为四大功能专区：安全试验场、安全档案馆、安全透视镜与安全大讲 堂。其中，安全试验场将展出奇瑞旗下奇瑞、星途、捷途、iC ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 影石创新 据IPO早知道消息，奇瑞汽车股份有限公司（以下简称"奇瑞汽车"）于2025年2月28日正式向港交 所递交招股说明书，拟主板挂牌上市，中金、华泰和广发担任联席保荐人。 科创板｜获批复 据IPO早知道消息，中国证监会于2025年2月27日正式批准影石创新科技股份有限公司（以下简 称"影石创新"，Insta360）科创板IPO注册。 事实上，中国证监会《关于资本市场做好金融"五篇大文章"的实施意见》明确要求加强科技型企业 金融服务，支持优质科创企业上市。在此政策背景下，影石创新凭借核心技术与市场潜力或将成为首 批受益企业。 成立于2015年的影石创新以全景影像技术革新全球市场，连续六年市占率全球第一，达到67.2%， 企业营收规模连续两年倍增，2023年近40亿。其产品矩阵覆盖大众日常记录、户外运动、旅游出 行、影像创作、视频会议等多种影像场景，销售至200余个国家和地区。 值得注意的是，影石创新凭借自研技术的突破构建起竞争壁垒，2024年上半年营收超过欧美厂商 GoPro。 截至目前，影石创 ...