Group 1 - Chery Automobile successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion, with funds allocated for R&D, next-generation technology, global market expansion, production facility upgrades, and working capital [1] - The company aims to strengthen its domestic market position and leverage international capital to enhance its overseas channels and diversify revenue through global expansion [1] - Projected total revenue for 2022-2024 is CNY 926 billion, CNY 1,632 billion, and CNY 2,698 billion, with a 65.4% year-on-year growth in 2024 and a net profit of CNY 14.33 billion, reflecting a 37.2% increase [1] Group 2 - Chery covers various market segments through five brands (Chery, Jetour, Exeed, iCAR, and Zhijie), addressing diverse consumer needs in performance, intelligence, and cost-effectiveness [2] - The company has a comprehensive technology stack, including powertrain systems, automotive development platforms, intelligent cockpit systems, and advanced driver assistance systems, supporting its electric and intelligent vehicle initiatives [2] - The listing of Chery and other companies like Seres indicates a shift in the Chinese automotive industry from local competition to global competition, potentially improving the overall profitability of domestic brands [2]

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].

Core Viewpoint - Chery Automobile Co., Ltd. successfully listed on the Hong Kong Stock Exchange on September 25, 2023, raising HKD 91.4 billion, marking the largest IPO of a car company in the Hong Kong market this year [1] Group 1: Company Background and Listing Journey - Chery's journey from its inception in the 1990s to its recent IPO reflects the challenges faced by Chinese automotive companies in capital markets, including failed attempts and complex ownership structures [2] - The company faced significant hurdles in its listing process, including financial crises and restructuring efforts, which delayed its IPO plans initiated in 2004 [2][3] Group 2: Financial Performance and Growth - Chery reported a revenue of CNY 269.9 billion and a net profit of CNY 14.3 billion for 2024, with a compound annual growth rate (CAGR) of 70.7% in revenue and 57.1% in net profit from 2022 to 2024 [4] - The company achieved a record global sales volume of 2.295 million vehicles in 2024, ranking second among Chinese independent brands and eleventh globally [4] Group 3: Strategic Use of IPO Proceeds - Chery plans to allocate approximately 35% of the net proceeds from the IPO to research and development of various passenger car models, 25% to next-generation vehicles and advanced technologies, 20% to expanding overseas markets, and 10% to enhance production facilities [3] Group 4: Global Market Presence - Since its first export in 2001, Chery has established a global sales network covering over 100 countries, maintaining its position as the top exporter of Chinese independent brand passenger vehicles for 22 consecutive years [5] Group 5: Technological Innovation - Chery emphasizes technological innovation as a core competitive advantage, developing a comprehensive technology system that includes powertrains, platforms, intelligent cockpits, and advanced driver assistance systems [6] - The company’s "Kunpeng Power" system and "Mars Architecture" platform are designed to enhance product development efficiency and adaptability across different vehicle types [6]

Core Viewpoint - Chery Automobile Co., Ltd. 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] Company Journey - Chery's journey from its inception in the 1990s to its recent IPO has been fraught with challenges, including financial crises and failed attempts at listing [2] - The company faced significant obstacles such as complex shareholding structures and a lack of experience in capital market operations, which delayed its IPO plans initiated in 2004 [2] IPO Details - The IPO was marked by a subscription rate of 238 times for the public offering, setting a new record for Hong Kong IPOs in 2023 [1][3] - The funds raised will be allocated strategically, with approximately 35% for R&D of various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, and 10% for enhancing production facilities [3] Financial Performance - In 2024, Chery achieved 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 [4] - From 2022 to 2024, Chery's revenue grew from CNY 92.6 billion to CNY 269.9 billion, with a compound annual growth rate (CAGR) of 70.7%, while net profit increased from CNY 5.8 billion to CNY 14.3 billion, with a CAGR of 57.1% [4] Global Market Position - Chery's global sales reached 2.295 million vehicles in 2024, making it the second-largest Chinese independent brand in passenger car sales and the eleventh globally [4] - The company has maintained its position as the top exporter of Chinese independent brand passenger cars for 22 consecutive years, with a global sales network covering over 100 countries [5] Technological Innovation - Chery emphasizes technological innovation as a core competitive advantage, developing a comprehensive technology system that includes powertrains, platforms, smart cockpits, and driver assistance systems [5][6] - The company has established a modular hardware and cross-platform software design approach to reduce R&D costs and accelerate product launches [6] Strategic Implications - The successful IPO is seen as a milestone for Chery, providing essential funding to support its transition to electric vehicles and global expansion, while enhancing its brand image and governance [6]

Core Viewpoint - Chery Automobile's upcoming IPO is seen as a strategic move to enhance its internationalization and address its high debt levels, marking the beginning of a new phase in its business journey rather than an end goal [2][4][7]. Group 1: IPO Details - Chery officially passed the listing hearing on September 7, 2023, and is set to become the largest car company IPO on the Hong Kong Stock Exchange by 2025 [2]. - The company plans to issue up to 698.9 million shares and aims to raise between $1.5 billion to $2 billion (approximately 11.7 billion to 15.6 billion HKD) [14][18]. - Chery's major shareholders include Wuhu Investment Holding (21.17%), management and employee stock ownership platform Ruichuang (18.25%), and Luxshare (16.83%) [2]. Group 2: Financial Performance - Chery's debt ratios from 2022 to Q1 2025 were reported at 93.1%, 91.9%, 87.9%, and 87.7% respectively, indicating a need for capital infusion [4]. - The company's revenue is projected to grow from 92.6 billion CNY in 2022 to 269.9 billion CNY by 2024, with net profits increasing from 5.8 billion CNY to 14.3 billion CNY in the same period [18]. - In Q1 2025, Chery reported a revenue of 68.2 billion CNY, a 24.2% year-on-year increase, and a net profit of 4.7 billion CNY, reflecting a 90.9% increase [18]. Group 3: Strategic Focus - Chery aims to utilize the funds raised from the IPO for new model development, advanced automotive technology, overseas market expansion, and enhancing production facilities in Wuhu [18]. - The company has committed to investing over 100 billion CNY in R&D over the next five years as part of its "Yaoguang 2025" strategy, focusing on key areas such as electric and intelligent vehicles [22]. - Chery's international market presence has been a significant strength, having sold over 13 million vehicles since its first export in 2001, maintaining its position as the top Chinese brand in passenger car exports for 22 consecutive years [19]. Group 4: Challenges and Opportunities - Despite recent growth, Chery faces challenges in the electric vehicle sector, where its current revenue from traditional fuel vehicles still dominates at 69.6% in 2024, although this is a decrease from 75.9% in 2022 [21]. - The company has set ambitious goals to improve its ranking in the electric vehicle market, aiming to be among the top players by the end of 2024 [22]. - Chery's brand recognition and innovation in the electric vehicle segment are still perceived as weaker compared to competitors like Geely and Changan, posing a challenge for its market positioning [23].

Group 1 - Chery Automobile has passed the Hong Kong Stock Exchange hearing, with CICC, Huatai International, and GF Securities (Hong Kong) serving as joint sponsors [1] - In 2024, Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25.0% year-on-year growth in sales across new energy vehicles, fuel vehicles, the Chinese market, and overseas markets [1] - Chery ranks as the second largest independent passenger car brand in China and the eleventh globally based on projected global passenger car sales for 2024 [1] Group 2 - Chery owns five major brands: "Chery," "Jietu," "Xingtu," "iCAR," and "Zhijie," with global sales exceeding 2.295 million units in 2024 [2] - The Chery brand has surpassed cumulative sales of 10 million units, with its core model, the Tiggo 8, ranking first in sales among Chinese independent passenger car brands in the global fuel vehicle market in 2024 [2] - The Jietu brand focuses on the "Travel+" niche market, achieving a milestone of one million units sold since its launch in 2018 [2] - The Xingtu brand is positioned in the tech luxury segment, ranking first in export volume among Chinese high-end independent brands in 2024 [2] - The iCAR brand targets Generation Z with cutting-edge smart technology and trendy design, while the Zhijie brand emphasizes superior intelligence through partnerships with leading technology firms [2] Group 3 - Since 2003, Chery has maintained the top position in passenger car export volume among Chinese independent brands for 22 consecutive years, with products sold in over 100 countries and regions, totaling over 13 million units globally [3] - The funds raised from the IPO will primarily be used for new model development, core technology enhancement, overseas market expansion, production facility upgrades, and working capital [3]

Core Viewpoint - Chery Automobile has successfully passed the listing hearing at the Hong Kong Stock Exchange for its IPO, aiming to raise between $1.5 billion and $2 billion [1] Group 1: Financial Performance - In 2023, Chery Automobile achieved a net profit of 14.334 billion yuan, representing a year-on-year growth of 37.2% [1] - For 2024, the company projects a revenue of 269.897 billion yuan, which is a 65.4% increase year-on-year, alongside a net profit of 14.334 billion yuan, maintaining a high growth trajectory [1] - The net cash flow from operating activities for 2024 is expected to reach 44.887 billion yuan, with cash and cash equivalents amounting to 62.693 billion yuan by December 31, 2024 [3] Group 2: Market Position and Sales - Chery has sold over 13 million vehicles globally since its first export in 2001, maintaining the top position in China's independent brand passenger car exports for 22 consecutive years [2] - In 2024, Chery's global passenger car sales are projected to exceed 2.295 million units, marking a year-on-year growth of 49.4%, making it the fastest-growing company among the top twenty global passenger car manufacturers [1][2] - The company ranks first among Chinese independent brands in Europe, South America, and the Middle East and North Africa, and second in North America and Asia (excluding China) [2] Group 3: Product and Brand Portfolio - Chery's product matrix includes five major brands: Chery, Jetour, Exeed, iCAR, and Zhijie, catering to different consumer segments [2] - The main brand, Chery, is targeted at the mass and family user segments, with projected sales of 1.5233 million units in 2024 [2] - The Chery Tiggo 8 model ranks first in global sales among Chinese independent brands in the fuel vehicle market and third in China [2] Group 4: Technological Advancements - Chery's core technologies include the "Kunpeng Power" powertrain system, the "Mars Architecture" vehicle development platform, and the "Lion Smart Cabin" intelligent cockpit system, which supports personalized customization [2] - The company has received multiple five-star safety ratings for its advanced driver assistance systems, compliant with safety regulations in China and Europe [2] Group 5: IPO Details - Chery plans to issue up to 699 million shares of overseas listed ordinary shares, with an estimated share price between $2.5 and $2.8, aiming to raise approximately 15 billion to 20 billion dollars (about 11.7 billion to 15.6 billion Hong Kong dollars) [3]