Chery Automobile (09973) will be holding an IPO from September 17 to September 22, with plans to globally issue 297 million shares.

Chery Automobile (09973) will go public from September 17 to September 22, 2025, with plans to globally offer 297 million shares, of which 10% will be offered in Hong Kong and 90% internationally, with an additional 15% oversubscription option. The offering price per share is set at HK$27.75 to HK$30.75, with a trading unit of 100 shares per hand. The H shares are expected to start trading on the Hong Kong Stock Exchange on September 25, 2025 (Thursday) at 9:00 am. The company is a passenger car manufacturer headquartered in Wuhu, China. We design, develop, manufacture, and sell a diverse and expanding portfolio of passenger car products, including traditional fuel vehicles and new energy vehicles, to meet the different and evolving needs and preferences of domestic and international markets. Since our establishment in 1997, we have been committed to leading industry innovation and expanding our presence in international markets, providing high-quality passenger cars to global users. According to data from Frost & Sullivan, based on global passenger car sales in 2024, we are the second largest independent brand passenger car company in China and the eleventh largest globally. Our revenue has increased from RMB 92.618 billion in 2022 to RMB 163.205 billion in 2023, and further to RMB 269.897 billion in 2024. Our revenue has increased from RMB 54.91 billion in the three months ended March 31, 2024, to RMB 68.223 billion in the three months ended March 31, 2025. Our annual profit has increased from RMB 5.806 billion in 2022 to RMB 10.444 billion in 2023, and further to RMB 14.334 billion in 2024. Our profit in the period has increased from RMB 2.476 billion in the three months ended March 31, 2024, to RMB 4.726 billion in the three months ended March 31, 2025. The company has entered into cornerstone investment agreements with JSC International Investment Fund SPC, HHLRA, Shanghai Jinglin, CICC Financial Trading Limited, Hong Kong Jinglin, Huangshan Jiantou, Xiamen Jinghas, Horizon Together, Dajia Life Insurance, Martis Fund, Guoxuan Hong Kong, Hefei Jianhui, China Post Wealth Management, and Xingyu Hong Kong. The cornerstone investors have agreed to subscribe at the offering price or cause their designated entities to subscribe for a certain number of shares, amounting to approximately USD 587 million, subject to certain conditions. Assuming the offering price for each H share is HK$29.25 and the oversubscription option is not exercised, we estimate to receive a net proceeds of approximately HK$8.441 billion from the global offering. Approximately 35.0% of which will be used for research and development of different types and versions of passenger cars over the next one to three years to further expand our product portfolio; approximately 25.0% will be used for research and development of next-generation vehicles and advanced technologies over the next one to three years to enhance our core technological capabilities; approximately 20.0% will be used for expanding overseas markets and implementing our globalization strategy over the next one to four years; approximately 10.0% will be used to improve our production facilities in Wuhu, Anhui over the next one to four years; and approximately 10.0% will be used for working capital and general corporate purposes.