In the morning of September 25, Chery Automobile Co., Ltd. (stock code: 9973.HK) was officially listed on the main board of the Hong Kong Stock Exchange. As the largest IPO in the automobile industry on HKEX so far in 2025, Chery's listing marks its entry into a new stage in the international capital market.

Ring the gong to celebrate Chery's listing

In this HKEX IPO, Chery globally issued 297 million H shares (before the green shoe option or over-allotment option), with an offering price of HK$30.75 per share, raising a total of approximately HK$9.145 billion. This IPO attracted 13 cornerstone investors, including Hillhouse's HHLR, Greenwoods Asset Management, Dajia Life Insurance, Gotion Hong Kong, and other well-known institutions, as well as state-owned enterprises, and some companies in the upstream and downstream of the industrial chain, showing the confidence of all parties in Chery's future development. Chery surged on its trading debut, opening at HK$34.2 per share, up 11.22% from its offering price.

Chery's listing celebration ceremony

At the listing celebration ceremony held on the same day, Yin Tongyue, Chairman of Chery Automobile Co., Ltd., delivered a speech titled "Together with Chery, Towards a Brighter Future". Mr. Yin expressed his gratitude to government leaders, shareholders, investors, global partners, users, and employees. He noted that it was everyone’s trust, expectations, and support that instilled in Chery the spirit of innovation—of making the impossible possible—enabling the company to progress step by step from a modest “grass hut” to its successful listing on the Hong Kong Stock Exchange.

Yin Tongyue, Chairman of Chery Automobile Co., Ltd., delivered a speech titled "Together with Chery, Towards a Brighter Future"

"This listing on HKEX is an important step for Chery to enter the international capital market, and also a new starting point for us to shoulder greater responsibilities and embrace greater missions." Yin Tongyue said, "In the future, Chery will not only pursue the success of commercial value, but also strive to contribute more to society." Chery will leverage the power of capital to accelerate technological innovation, deepen its global layout, and continue to expand its main automotive business. At the same time, it will actively cultivate more outstanding companies to help them come of age, find their feet, and be listed on stock exchanges in succession, injecting continuous vitality into the industrial ecology. Chery is determined to become an "innovation-driven, globally trusted leader in the smart mobility ecosystem" and contribute more to the high-quality development of China's automotive industry.

Since its establishment in 1997, Chery has been committed to leading industry innovation and exploring the international market. According to Frost & Sullivan, in 2024, Chery's passenger car sales increased by 49.4% year-on-year, ranking first among the world’s top 20 passenger car companies. It is the only company among these top 20 whose new energy vehicle sales, fuel vehicle sales, sales in China, and overseas sales all increased by more than 25% compared to 2023. Among the top 10 passenger car companies in China, Chery ranked first in the growth rate of both fuel and new energy vehicle sales in the Chinese market. In terms of Chery's most prominent global advantage, since 2003, Chery has ranked first in the export volume of China's self-owned brand passenger car companies for 22 consecutive years. In 2024, Chery ranked first among China's self-owned brand passenger car companies in terms of sales volume in Europe, South America, the Middle East, and North Africa, and second among Chinese self-owned brand passenger car companies in North America and Asia (excluding China).

Representative overseas models of Chery International

According to the prospectus, Chery's fundraising from this listing will be mainly used in the following five aspects:

35% for the R&D of different models and versions of passenger cars to further expand its product portfolio;

25% for the R&D of next-generation vehicles and advanced technologies to improve its core technical capabilities;

20% for exploring overseas markets and implementing globalization strategies;

10% for upgrading its production facilities in Wuhu, Anhui;

10% for working capital and general corporate purposes.

This fundraising plan also reflects Chery's future strategic priorities: on one hand, increasing investment in R&D, especially in new energy and intelligent technologies; on the other hand, accelerating its global expansion and consolidating its position as China's leading exporter among self-owned brands.

Chery's intelligent manufacturing workshop

Chery Automobile's listing comes at a perfect time, coinciding with the company's rapid growth momentum. From 2022 to 2024, the company's operating revenue soared from CNY 92,618 million to CNY 269,897 million, with its net profit increasing from CNY 5,806 million to CNY 14,334 million. In the first quarter of 2025, the company achieved an operating revenue of CNY 68,223 million and a net profit of CNY 4,726 million, with a significant year-on-year increase of 90.9%.

Chery vehicles ready to be shipped overseas

At Chery's listing celebration held in Wuhu on the day of its listing, government leaders, shareholder representatives, investor representatives, partner representatives, employee representatives, and Chery executive representatives attended the event to witness this milestone moment together. Chery’s successful debut on HKEX marks a new milestone, opening up a long-term channel for sustainable capital. This strong financial backing will empower Chery to seize the opportunities of the global automotive revolution, accelerate its growth, and charge forward toward joining the ranks of the world’s top brands.