Chery Seeks to Raise Up to $1.2 Billion in Hong Kong IPO
The Chinese automaker plans to start trading on the Hong Kong stock exchange on Sept. 25
- Chery Automobile intends to raise up to $1.2 billion through an initial public offering in Hong Kong.
- The offering price is set between HK$27.75 and HK$30.75 a share, with trading starting on September 25.
- Chery plans to use the IPO proceeds to expand its vehicle portfolio and grow in overseas markets.
Chery Automobile plans to raise up to US$1.2 billion through an initial public offering, joining a wave of companies rushing to list in what is shaping up to be one of the busiest years for Hong Kong’s stock exchange.
The Anhui, China-based automaker plans to raise as much as 9.145 billion Hong Kong dollars by issuing 297.4 million shares, it said in an exchange filing Wednesday.
Chery set its offering price in a range between HK$27.75 and HK$30.75 a share. The final offer price will be determined on Sept. 23 and shares will start trading on the Hong Kong stock exchange on Sept. 25.
The IPO could be the largest by a car company in the city this year as IPO activity in the financial hub regains momentum, making it the top destination for listings globally so far this year.
Founded in 1997, Chery was the second-largest automobile manufacturer in China in 2024, only behind rival BYD, in terms of sales volume of passenger vehicles.
Selling both traditional ICE-powered vehicles and electric vehicles, its revenue rose 65% to 269.90 billion yuan in 2024, equivalent to US$37.94 billion, after rolling out new models and expanding into overseas markets.
The company plans to use the proceeds to expand its passenger vehicle portfolio, grow overseas markets and upgrade its production facilities.