New stock news: Legendary Rui Automobile plans to go public in Hong Kong with an estimated valuation of about 50 billion yuan.

According to media reports, Chery Holdings Group is considering spinning off its automotive business for a listing in Hong Kong. They are currently inviting bids from investment banks to handle the IPO process, but details such as the fundraising size have not been finalized. Reports indicate that Chery Automotive is valued at approximately 50 billion yuan (about 7.1 billion USD), a significant decrease from the reported valuation of 150 billion yuan at the end of last year. There have also been reports that the company has considered an IPO in mainland China. According to the official website of Chery Automotive, the company was founded in 1997 and operates in over 80 countries worldwide. In 2023, Chery sold 1.881 million vehicles, with over 937,000 vehicles exported. As of now, Chery has accumulated 14 million global users and has been the top Chinese brand for passenger car exports for 21 consecutive years. Chery Group disclosed that by the end of September 2024, they had sold a total of 244,534 vehicles, a 28.6% increase compared to the previous year, with 10.9 million vehicles exported, a 20.6% increase.