Chery to Launch HK$140 Billion Hong Kong IPO on September 17
Chinese automaker Chery Automobile is set to open books for its initial public offering in Hong Kong on September 17, targeting a valuation of approximately HK$140 billion. This move follows the company's successful clearance of its listing hearing earlier this month. Chery aims to raise between US$1.5 billion and US$2.0 billion (HK$11.7–15.6 billion), which would mark the largest carmaker IPO in Hong Kong this year. The raised capital is designated for expanding its passenger vehicle lineup, investing in next-generation technologies, strengthening overseas market presence, upgrading production facilities in Wuhu, and funding working capital. As the last major Chinese automaker to pursue a public listing after several unsuccessful attempts since 2004, Chery has demonstrated significant growth, selling 2.6 million vehicles in 2024, a 38% year-on-year increase. Notably, the company exported 1.14 million units, maintaining its status as China’s top passenger car exporter for 22 consecutive years. This IPO represents a pivotal moment for Chery as it seeks to leverage public markets to fuel its global expansion and technological innovation amidst a competitive automotive landscape.
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Chery to Launch HK$140 Billion Hong Kong IPO on September 17
Chinese automaker Chery Automobile is set to open books for its initial public offering in Hong Kong on September 17, targeting a valuation of approximately HK$140 billion. This move follows the company's successful clearance of its listing hearing earlier this month. Chery aims to raise between US$1.5 billion and US$2.0 billion (HK$11.7–15.6 billion), which would mark the largest carmaker IPO in Hong Kong this year. The raised capital is designated for expanding its passenger vehicle lineup, investing in next-generation technologies, strengthening overseas market presence, upgrading production facilities in Wuhu, and funding working capital. As the last major Chinese automaker to pursue a public listing after several unsuccessful attempts since 2004, Chery has demonstrated significant growth, selling 2.6 million vehicles in 2024, a 38% year-on-year increase. Notably, the company exported 1.14 million units, maintaining its status as China’s top passenger car exporter for 22 consecutive years. This IPO represents a pivotal moment for Chery as it seeks to leverage public markets to fuel its global expansion and technological innovation amidst a competitive automotive landscape.
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