Core Viewpoint - Chery Automobile has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant milestone for the only large unlisted automobile group in China, with hopes of finally achieving its long-awaited listing dream [2][6]. Financial Performance - Chery's revenue for 2022, 2023, and the first nine months of 2024 was RMB 92.62 billion, RMB 163.21 billion, and RMB 182.15 billion respectively. Net profit increased from RMB 5.81 billion in 2022 to RMB 10.44 billion in 2023, representing an annual growth rate of nearly 80% [6][8]. - In 2024, Chery's net profit for the first nine months reached RMB 11.31 billion, showing a year-on-year growth of nearly 60% [6][8]. Sales and Market Position - In 2024, Chery's global sales exceeded 154,000 units in the first three quarters, a year-on-year increase of 51.8%. The total sales for the year reached 260,390 units, up 38.4%, setting a new historical record [9]. - Chery's sales of new energy vehicles (NEVs) surpassed 58,000 units in 2024, marking a year-on-year growth of 232.7% [9]. Export Growth - Chery's export volumes from 2021 to 2024 were 269,200 units, 451,300 units, and 1,140,000 units respectively, with a 248% increase in 2023 compared to 2021. The 2024 export volume set a new record for Chinese car manufacturers [10][11]. Strategic Plans - The company plans to launch over 60 new passenger vehicle models and versions by 2025, focusing on electrification and intelligence. This includes the introduction of various plug-in hybrid and pure electric vehicles [12][13]. - Chery aims to enhance its research and development in smart driving technologies and improve the practicality and cost-effectiveness of its smart driving solutions [13]. IPO Motivation and Market Strategy - Chery's management has expressed that listing is crucial for establishing a long-term capital supply channel and activating its equity incentive mechanism. The company is now targeting the Hong Kong market for its IPO instead of the A-share market [17][19]. - The IPO proceeds are intended for expanding product lines, enhancing core technology capabilities, and supporting global market expansion [11][19]. Historical Context - Chery's journey towards listing has faced numerous challenges over the past 20 years, including missed opportunities and internal restructuring. The company has learned valuable lessons from these experiences, which may benefit its current IPO efforts [16][20].