Core Viewpoint - Chery Automobile is set to launch its IPO in Hong Kong, aiming to raise up to HKD 91.45 billion, marking a significant milestone for the company as it seeks to expand its presence in international capital markets [1][2]. Company Overview - Founded in 1997 and headquartered in Wuhu, Chery specializes in the design, development, manufacturing, and sales of a diverse range of passenger vehicles, including both fuel and new energy vehicles [2]. - Chery is recognized as the second-largest domestic brand passenger car company in China and the eleventh largest globally, with significant growth in both domestic and international markets [2][3]. Financial Performance - Chery's revenue grew from CNY 92.62 billion in 2022 to CNY 269.90 billion in 2024, reflecting a compound annual growth rate (CAGR) of 70.7%. Net profit increased from CNY 5.81 billion to CNY 14.33 billion during the same period, with a CAGR of 57.1% [2][4]. - In Q1 2025, Chery maintained strong growth, achieving revenue of CNY 68.22 billion and a net profit of CNY 4.73 billion [2]. Market Position and Strategy - Chery has seen a remarkable increase in sales, with new energy vehicle sales up over 265% and fuel vehicle sales up over 29% [2][3]. - The company has a diversified brand portfolio, including Chery, Jetour, Exeed, iCAR, and Zhijie, covering various segments of the automotive market [3]. Technological Advancements - Chery is focusing on smart and electric vehicle technologies, with plans to establish a "Chery Intelligent Center" to enhance its R&D capabilities in areas such as intelligent cockpit and autonomous driving [6][7]. - The "Yaoguang 2025" strategy aims to advance Chery's position in the new energy sector, with significant technological breakthroughs in battery systems and intelligent driving technologies [6][7]. IPO Details - The IPO will involve the issuance of approximately 297 million H-shares, with a pricing range of HKD 27.75 to HKD 30.75, and is expected to be completed by September 25, 2025 [1][2]. - The funds raised will be allocated to R&D for new vehicle models, with 20% specifically earmarked for expanding the new energy vehicle lineup [7][10]. Investor Interest - The IPO has attracted significant interest from cornerstone investors, with a total subscription amount of approximately HKD 45.73 billion [10]. - Chery's successful IPO will complete the listing of the top five domestic car manufacturers, enhancing its competitive position in the market [10].