China’s automotive export leader, Chery, has successfully listed on the Main Board of the Hong Kong Stock Exchange (HKEX), marking a monumental step in its global expansion strategy.
Chery, the powerhouse of China’s automotive industry and the nation’s leading vehicle exporter, has officially made its debut on the Main Board of the Hong Kong Stock Exchange (HKEX). Listing on the HKEX, recognized as Asia’s premier international capital market platform, not only grants companies access to international capital but also serves as a crucial indicator of global credibility and recognition. This landmark transaction opens a long-term channel for sustainable capital for Chery, providing the robust financial backing needed to seize opportunities in the global automotive revolution, accelerate its growth, and rapidly advance its journey to become one of the world’s foremost brands. The proceeds from the public offering will be strategically deployed across key areas, ranging from R&D for next-generation vehicles and advanced technologies to overseas market expansion, modernization of its Wuhu production facilities, and general corporate purposes.
The Chinese automotive giant, Chery, known for its dedication to sustainable development, took another colossal leap in its sustained global growth campaign. On the morning of September 25, the company officially listed on the Main Board of the Hong Kong Stock Exchange (HKEX) under the stock code 9973.HK as Chery Automobile Co., Ltd.
The HKEX, a leading global financial hub, is celebrated as Asia’s most significant international capital market platform, standing out with its strict regulatory framework and strong global investor base. A listing here not only provides companies with essential access to international capital but also acts as a vital benchmark for global trustworthiness and brand recognition. A ceremony marking this milestone was held in Wuhu, attended by government officials, shareholder representatives, investors, business partners, employee representatives, and Chery executives.
Chery’s listing, which stands as the largest automotive sector IPO on the HKEX, signals the company’s entry into a new phase on the international capital market. In this HKEX IPO, Chery successfully issued 297 million H shares globally at a price of HK$30.75 per share, raising approximately HK$9.145 billion.
The IPO attracted notable institutional investors, including Hillhouse’s HHLR, Greenwoods Asset Management, Dajia Life Insurance, and Gotion Hong Kong, alongside several state-owned enterprises and companies from the upstream and downstream industrial chain. This overwhelming interest demonstrates the profound confidence all parties have in Chery’s future trajectory. Chery’s shares opened the trading day at HK$34.2, representing an impressive 11.22% increase over the offering price.
Chairman of the Board of Directors of Chery Automobile Co., Ltd Yin Tongyue
During the IPO celebration ceremony, Yin Tongyue, Chairman of the Board of Directors of Chery Automobile Co., Ltd., delivered a keynote speech titled “A Brighter Future Together with Chery.” He expressed gratitude to government leaders, shareholders, investors, global business partners, customers, and employees, stating that their trust, expectations, and support have been the driving force behind Chery’s spirit of “making the impossible possible.” He highlighted that this support enabled the company to successfully progress from a humble beginning to a listing on the Hong Kong Stock Exchange.
“This IPO is a crucial step for Chery in entering the international capital market, and it is also a new starting point for us to shoulder greater responsibilities and embrace grander missions,” said Yin Tongyue. He committed that Chery would not only aim for commercial success but also strive to contribute more to society. He affirmed that Chery will leverage the power of capital to accelerate technological innovation, deepen its global structure, and continue to expand its core automotive business. Furthermore, he announced plans to nurture more high-quality companies and subsequently list them on stock exchanges, thereby continuously injecting vitality into the industrial ecosystem.
Chery‘s overarching goal is to become an “innovation-driven, globally trusted leader in the intelligent mobility ecosystem” and contribute significantly to the high-quality development of China’s automotive industry. Since its founding in 1997, Chery has dedicated itself to pioneering industry innovation and exploring the international market.
According to data from Frost & Sullivan, in 2024, Chery’s passenger vehicle sales grew by 49.4% year-on-year, securing the top spot among the world’s top 20 passenger vehicle manufacturers. Among these top 20, Chery was the only company to increase sales in New Energy Vehicles (NEVs), fuel vehicles, domestic sales, and overseas sales by over 25% compared to 2023. Within China’s top 10 passenger vehicle companies, Chery ranked first in the Chinese market for both fuel vehicle and NEV sales growth rates.
Globally, Chery has maintained its position as the largest exporter of passenger vehicles among China’s independent brands for 22 consecutive years since 2003. In 2024, Chery ranked first among Chinese independent brands in sales volume in Europe, South America, the Middle East, and North Africa, and second in North America and Asia (excluding China).
As detailed in the prospectus, the funds raised from Chery’s IPO will be allocated across five main strategic areas:
This funding plan clearly reflects Chery’s future strategic priorities: increasing investment in R&D, particularly in new energy and intelligent technologies, while simultaneously accelerating global expansion and solidifying its position as the leading exporter among China’s independent brands.
Chery‘s IPO coincided with its robust growth momentum. From 2022 to 2024, the company’s operating revenue soared from RMB 92.618 billion to RMB 269.897 billion, with net profit climbing from RMB 5.806 billion to RMB 14.334 billion. In the first quarter of 2025, Chery reported RMB 68.223 billion in operating revenue and a net profit of RMB 4.726 billion, marking a remarkable 90.9% year-on-year increase.
Chery’s successful debut on the HKEX establishes a long-term conduit for sustainable capital. This powerful financial support is set to enable Chery to capture key opportunities in the global automotive revolution, significantly accelerate its growth, and rapidly advance on the path to joining the ranks of the world’s foremost automotive brands.
