Automaker Chery aims to launch its Initial Public Offering (IPO) in Hong Kong on September 17, with an aim to secure a $18 billion valuation, according to a report.
In a significant stride towards global expansion, Chinese automaker Chery Auto reported impressive sales figures for the year 2024. The company, led by CEO Yin Tongyue, exported a record-breaking 1,144,588 vehicles, marking a 21.4% year-on-year increase.
Chery's success is reflected in its financial performance as well. In the first quarter of 2025, the company reported revenue of RMB 68.2 billion ($9.4 billion) and net income of RMB 4.73 billion ($670 million). By the end of August, Chery Group had sold 1.73 million vehicles this year, with 798,800 units exported.
The company's focus on new energy vehicles (NEVs) has also paid off. Chery's NEV sales reached an astounding 583,569 units in 2024, a 232.7% year-on-year surge. This growth contributes to Chery's full-year revenue for 2024, which reached RMB 480 billion ($67 billion), marking over 50% year-on-year growth.
Chery's ambitions don't stop at domestic success. The company aims to expand overseas markets and execute its globalization strategy. To fund this expansion, Chery resubmitted its listing application to the Hong Kong Stock Exchange in late August, following a failed hearing within six months. The company plans to raise between $1.5 billion and $2 billion in an initial public offering (IPO).
This IPO could potentially be the largest auto IPO on the Hong Kong Stock Exchange this year, with a targeted valuation of HK$140 billion ($18 billion). Chery Auto plans to open books for its Hong Kong IPO on September 17 and passed the listing hearing on September 7.
In addition to its financial growth, Chery has also made strides in product development. The company's product line now includes battery electric vehicles (BEVs), and the Exeed brand recently debuted the ET5 midsize SUV. Chery also intends to use the raised funds for vehicle research and development to further expand its product portfolio and develop next-generation vehicles and advanced technologies.
As Chery prepares for its IPO and continues its global expansion, it is clear that the company is poised for continued success in the automotive industry.
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