从2004年首次传出IPO计划，到2025年最终圆梦，奇瑞的上市路，可谓一波三折。 9月25日，香港交易所的锣声为奇瑞汽车而鸣。发行价30.75港元，募资约91.45亿港元，成为2025年迄今 为止港股市场规模最大的车企IPO，首日涨幅一度超过13%⋯⋯这场光鲜的资本盛宴背后，是一场持续 21年、数度"折戟"的上市长跑。 图片来源：奇瑞集团公 众号 首先，奇瑞业绩进入快车道。数据显示，2024年奇瑞营收突破2699亿元，净利润达143亿元，自2003年 起连续22年位居中国自主品牌乘用车公司出口量第一。其次，奇瑞对股权结构和组织架构进行了梳理和 调整，在引入更为多元投资者的同时，成立品牌国内业务事业群，下设星途、艾虎、风云、QQ四大事 业部，实现战略聚焦、资源整合、强化协同、品牌向上。此外，奇瑞通过"瑶光2025"核心战略布局新能 源赛道，成立"奇瑞智能化中心"加码智能化，并与华为共建智界品牌，打出智能化合作牌，加速补齐新 能源与智能化两块短板。 奇瑞此时上市，已不再是"解困"，而是"乘势"。 13家基石投资者认购5.87亿美元，覆盖产业资本、地方政府基金、长线投资机构，显示出市场对其"技 术+出海"双逻辑的 ...

Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, raising approximately HKD 9.145 billion, marking the largest IPO for a car company in the Hong Kong market in 2025, with an initial price increase of over 13% on the first day [1][6] Group 1: IPO Journey - Chery's IPO journey began in 2004 but faced multiple setbacks, including complex equity relationships with SAIC Motor Corporation that delayed its plans [3][4] - In 2009, Chery sold 20% of its shares for CNY 2.9 billion, signaling a potential preparation for an IPO, but the plan was postponed in 2011 due to "related party transaction issues" [4] - Attempts to list Chery New Energy through a backdoor listing in 2016 failed due to the complexity of the proposal and unclear policies regarding new energy vehicles [4][5] Group 2: Recent Developments - The successful IPO in 2025 was facilitated by Chery's improved financial performance, with revenues exceeding CNY 269.9 billion and net profits reaching CNY 14.3 billion in 2024 [6] - Chery restructured its equity and organizational framework, introducing diverse investors and establishing a domestic business unit to enhance strategic focus and resource integration [6][7] - The company launched the "Yaoguang 2025" strategy to strengthen its position in the new energy sector and partnered with Huawei to enhance its smart vehicle offerings [6][7] Group 3: Market Reception and Future Challenges - The IPO attracted 13 cornerstone investors who collectively subscribed for USD 587 million, indicating strong market confidence in Chery's dual strategy of technology and international expansion [7] - Despite the successful listing, challenges remain, including the fact that new energy revenue accounts for less than 30% of total income and reliance on external partnerships for smart technology [7][8] - The company plans to allocate 35% of the raised funds for developing various passenger vehicles, 25% for next-generation automotive technologies, and 20% for global expansion, aiming to leverage capital for a "smart breakthrough" and "global upgrade" [7][8]