Chery Automobile (9973.HK), China’s biggest passenger car exporter, listed on the Hong Kong Stock Exchange on Sept. 25 after raising HK$9.1 billion (US$1.2 billion) in the city’s largest carmaker IPO this year. The company sold 297 million H-shares at HK$30.75 each, with 13 cornerstone investors including Hillhouse’s HHLR, Greenwoods and Guoxuan Hong Kong. Shares opened at HK$34.20, 11.2 percent above the offer price. Chery sold 2.6 million vehicles in 2024, including 1.14 million exports, ranking as China’s largest passenger car exporter for 22 consecutive years. IPO proceeds will be allocated to new passenger vehicle development, next-generation technologies, overseas expansion, upgrading production facilities in Wuhu, and working capital.[Xinhua, in Chinese]
Related
