Chery Automobile Set to Go Public in Hong Kong, Seeking $1.5-2B
Chery Automobile, a leading Chinese automaker, has announced its intention to go public in Hong Kong. The Initial Public Offering (IPO) seeks to raise between US$1.5-2.0 billion (HK$11.7-15.6 billion), aiming for a valuation of about HK$140 billion.
The company, based in Wuhu, China, will open the IPO books on September 17. Chery Automobile is the last major Chinese automaker to pursue a listing, having attempted multiple IPOs since 2004 without success. In 2024, the company sold 2.6 million vehicles, with 1.14 million exported, maintaining its 22-year streak as China's top passenger car exporter.
Proceeds from the IPO will be allocated to expand Chery's passenger vehicle lineup, invest in next-generation technologies, strengthen its overseas markets, upgrade production facilities, and fund working capital.
Chery Automobile's IPO, set to begin on September 17, marks a significant step for the company. The funds raised will support its growth and expansion strategies, both domestically and internationally.
