China’s Chery Automobile applies for Hong Kong IPO

CHINA’S Chery Automobile has applied for an initial public offering (IPO) in Hong Kong, seeking funds to develop new vehicles and technologies as well as to expand in global markets and improve domestic production facilities.

Its filing with the Hong Kong stock exchange did not detail the size of the IPO or when a listing might happen.

CICC, Huatai Securities and GF Securities were listed as joint sponsors.

Chery, China’s largest exporter of passenger vehicles in 2023 and 2024, saw net profit jump 59 per cent to 11.3 billion yuan (S$2 billion) in the first nine months of 2024, according to the filing.

Revenue surged 68 per cent to 182.2 billion yuan.

Last year it was China’s second-biggest car seller after BYD with 2.5 million vehicles sold, most of which were petrol engine cars, industry data shows.

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Its main export markets are Russia and Turkey. It also exports to Cuba and Egypt, according to the filing.

Chery said in the filing that it considers the risk of being sanctioned by the US for operating in Russia low. REUTERS