Chery Automobile Co. Initiates $1.2B Hong Kong IPO, Sets Sights on Worldwide Growth
Chinese automotive powerhouse, Chery Automobile Co., officially launched its eagerly awaited Hong Kong initial public offering on September 17, 2025. The company aims to raise a staggering $1.2 billion, potentially making it the largest auto IPO on the Hong Kong exchange this year.
Following a successful listing hearing on the Hong Kong Stock Exchange on September 7, Chery is targeting a valuation of HK$140 billion ($18 billion). The company’s goal is to raise between $1.5 billion and $2 billion through the offering. Trading is expected to start later this month.
Chery, China’s leading passenger car exporter for 22 consecutive years, reported a 38% year-on-year increase with 2.6 million vehicles sold in 2024. The company’s new energy vehicle sales skyrocketed by 232.7% to 583,569 units. Meanwhile, the full-year revenue reached a milestone RMB 480 billion ($67 billion) for the first time, marking a growth of over 50%.
The proceeds from the IPO will be invested in expanding the passenger vehicle lineup, developing next-generation automotive technologies, strengthening overseas markets, and upgrading production facilities. This significant move marks the peak of Chery’s two-decade journey to go public, following several unsuccessful IPO attempts since 2004.
Source: Bloomberg