Core Viewpoint - Chery Automobile has successfully navigated a tumultuous journey in the capital market, culminating in its listing on the Hong Kong Stock Exchange, marking a significant milestone for the company and the Chinese automotive industry [3][4][29]. Group 1: Historical Journey - Chery was founded in 1997 in Wuhu, Anhui, with a registered capital of 1.752 billion yuan, primarily backed by local government entities, which laid the foundation for its complex equity structure [9]. - The company faced significant challenges, including the need for production qualifications, which led to a strategic partnership with SAIC in 2001 to gain access to necessary production licenses [11]. - Chery attempted to go public in 2004 through a reverse merger but faced difficulties due to conflicting interests among stakeholders, resulting in a failed listing [12][28]. Group 2: Strategic Shifts and Challenges - The company adopted a multi-brand strategy in 2009, which ultimately led to resource dilution and financial strain, causing it to miss several IPO opportunities [13][15]. - In 2019, Chery initiated a significant mixed-ownership reform, bringing in strategic investors to improve its governance structure and financial health, which was crucial for its eventual IPO plans [20][21]. - The introduction of Luxshare Precision as a strategic investor in 2022 provided a solid foundation for Chery's listing ambitions, despite the challenges posed by previous investors [21][29]. Group 3: Recent Performance and Market Position - Chery's revenue is projected to grow from 92.6 billion yuan in 2022 to 269.9 billion yuan by 2024, with a compound annual growth rate of 70.7%, and net profit expected to rise from 5.8 billion yuan to 14.3 billion yuan during the same period [25][26]. - The company has achieved significant sales growth in both the new energy and traditional fuel vehicle segments, with a 265% increase in new energy vehicle sales in 2024 [26]. - Chery's strategic focus on technology and product development, including a major push into smart and electric vehicles, positions it favorably in the competitive automotive landscape [24][25]. Group 4: Future Outlook - Chery's successful IPO on the Hong Kong Stock Exchange is seen as a transformative step towards becoming a global public company, enhancing its operational freedom and market competitiveness [29]. - The company aims to leverage its technological advancements and market position to continue leading in the automotive sector, particularly in the context of the ongoing transition to electric and smart vehicles [29].