Chery Automobile Makes Strong Hong Kong Debut, Up 11.22% on First Day
Chery Automobile (HKG: 9973) made its Hong Kong stock market debut today, with shares rising 11.22% to HK$34.2, giving it a market capitalization of HK$197.2 billion. The listing comes as Chery Auto, backed by the Chinese government, has become the largest auto exporter to Russia, filling the gap left by Western suppliers due to sanctions.
Chery's IPO pricing was set at the upper end of its offering range, raising HK$9.14 billion ($1.18 billion). The company plans to allocate about 35% of the proceeds to R&D for passenger vehicles, 25% for next-generation technologies, and 20% for overseas market expansion. Chery Auto, one of China's largest automotive exporters, has seen remarkable growth. From 2022 to 2024, its revenue surged from RMB 92.6 billion ($13 billion) to RMB 269.9 billion, with a CAGR of 70.7%. During the same period, its net income rose from RMB 5.8 billion to RMB 14.3 billion, with a CAGR of 57.1%. Chery is the core asset of Chery Holding, which operates in various sectors including financial services and real estate.
Chery Automobile's successful Hong Kong debut signals the company's strong financial performance and growth potential. With government support and a focus on R&D and overseas expansion, Chery Auto is well-positioned to continue its impressive growth trajectory in the automotive industry.
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