Automobile company Chery announces blockbuster Initial Public Offering (IPO), poised to secure this year's record for the biggest new car listing.
In a significant move, Chery Automobile Co. Ltd., the Chinese automaker known for being China's biggest exporter among domestic brand passenger vehicle companies since 2003, launched its Initial Public Offering (IPO) in Hong Kong on Wednesday. The IPO aims to raise more than $1 billion.
The IPO funds will be utilised to expand Chery's New Energy Vehicle (NEV) product portfolio, upgrade its new energy power systems, and for substantial Research and Development (R&D) to enhance its core technological capabilities. This strategic investment is a testament to Chery's commitment to the growing NEV market.
The financial results for 2024 reveal a promising picture for Chery. The company generated revenue of 269 billion yuan ($37.8 billion), marking a 65.4% increase from the previous year. Notably, the net profit rose 37.2% to 14.3 billion yuan. These impressive figures can be attributed, in part, to the surge in Chinese NEV sales.
In the first quarter of 2025, Chery's revenue rose 24% to 68.2 billion yuan from the previous year. Revenue from Chinese NEV sales was a key driver of this growth, surging roughly fourfold in the same quarter. This trend suggests a promising future for Chery in the Chinese NEV market.
The company plans to sell about 297 million shares for between $27.75 and HK$30.75 each. At the top of the range, the IPO could raise as much as about HK$9.14 billion ($1.18 billion).
For those interested in staying updated on Chery's progress and other U.S.- and Hong Kong-listed Chinese companies, consider subscribing to our free weekly newsletter. If you have any additional queries or questions on individual articles, feel free to contact us.
This article is tagged under Facebook, Twitter, LinkedIn, WeChat, Sina Weibo, Fast News, Consumer, IPO, auto, EV, and Chery. Stay tuned for more updates on this exciting development.
Read also:
- Transforming Digital Inventories in the Food Industry: A Comprehensive Guide for Food Businesses
- Munich Airport Unveils Its New Electrical Vehicle Charging Parksite
- 1. Key Points for August 14: Gathering in Alaska, Immigration Enforcement (ICE), Financial service Zelle, Infowars, and Air Canada Airline Incidents
- Automobile manufacturer IM Motors reveals an extended-range powertrain akin to installing an internal combustion engine in a Tesla Model Y.
%2C%20poised%20to%20secure%20this%20year's%20record%20for%20the%20biggest%20new%20car%20listing.){kind=link}