China’s Chery Automobile will open books for its Hong Kong initial public offering on September 17, aiming for a valuation of about HK$140 billion after clearing its hearing earlier this month, International Financial News reported. The automaker seeks to raise US$1.5–2.0 billion (HK$11.7–15.6 billion) in what could become the largest carmaker IPO in Hong Kong this year. Proceeds will be used to expand its passenger vehicle lineup, invest in next-generation technologies, strengthen overseas markets, upgrade production facilities in Wuhu, and fund working capital. Chery is the last major Chinese automaker to pursue a listing, after multiple unsuccessful IPO attempts since 2004. The company sold 2.6 million vehicles in 2024 (up 38% year-on-year), including 1.14 million exports, ranking as China’s top passenger car exporter for 22 consecutive years. [International Financial News, in Chinese]
Related
