Auto manufacturer Chery plans to launch its initial public offering (IPO) in Hong Kong on September 17, aiming for a valuation of approximately $18 billion, according to a report.
In a significant move, Chinese automaker Chery Auto has submitted its Hong Kong listing application in February this year, marking the beginning of a transformative journey for the company. The anticipated Initial Public Offering (IPO) is set to open books on September 17.
The Hong Kong IPO could potentially be the largest auto IPO on the Hong Kong Stock Exchange this year, with a valuation target of HK$140 billion ($18 billion). Chery aims to raise between $1.5 billion and $2 billion from the IPO.
Chery's strategic efforts, led by Chairman and CEO Chen Anning, have culminated in this September 2025 IPO, after multiple previous attempts since 2004. The company's resilience and determination are evident in its impressive growth.
In 2024, Chery exported 1,144,588 vehicles, a 21.4 percent year-on-year increase. The company's new energy vehicle (NEV) sales reached 583,569 units, surging 232.7 percent year-on-year. These numbers reflect Chery's commitment to sustainable and innovative mobility solutions.
As of the end of August, Chery Group had sold 1.73 million vehicles this year and exported 798,800 units. The company's annual sales target for 2025 is 3 million vehicles, a testament to its ambitious growth plans.
Chery's product portfolio expansion continues with the introduction of battery EVs, and the debut of the ET5 midsize SUV under its Exeed brand. The company intends to use the raised funds for vehicle Research and Development (R&D) to further expand its product portfolio.
The Hong Kong Stock Exchange's listing hearing was held on September 7, and Chery Auto passed with flying colours. The company is expected to begin trading in Hong Kong later this month.
In the first quarter of 2025, Chery reported revenue of RMB 68.2 billion and net income of RMB 4.73 billion. The company's full-year revenue for 2024 reached RMB 480 billion ($67 billion), marking over 50 percent year-on-year growth.
With its Hong Kong IPO, Chery Auto is poised to further develop next-generation vehicles and advanced technologies, expand overseas markets, and execute its globalization strategy. The automotive industry is set to witness a significant shift with Chery's entry into the Hong Kong Stock Exchange.
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