Chongqing Sokon Industry Group Stock (09927) is now seeking to raise $826.5 million in total with cornerstone investors subscribing. Seventy percent of the funds raised will be invested in research and development.

Chongqing Sokon Industry Group Stock (09927) is scheduled to go public from October 27, 2025 to October 31, 2025, intending to globally issue 100.2 million H-shares, with 10% for public sale in Hong Kong and 90% for international sale. Additionally, there is a 15% overallotment option and a 15% adjustment option for the number of shares offered. The offer price will not exceed HK$131.50 per share, with a board lot of 100 shares. It is expected that H-shares will begin trading on the Stock Exchange of Hong Kong on November 5, 2025, at 9:00 am. Furthermore, the company has entered cornerstone investment agreements with Chongqing Industrial Mother Fund, Linyuan Fund, Huatai Capital Investment, Guangfa Fund, New China Asset Management, BESS Broadway, Sanhua (Hong Kong), Zhongsheng, Zhink International, Gold Wings, Da'an Investment, Hichain Logistics HK, Schroders Global, Mirae Securities, New Alternative, China Post Wealth Management, Skyler International, Xingyu Hong Kong, China Meidong, Ghisallo Fund, Jump Trading, Jain Global Master Fund Ltd, and China Alpha Fund. According to these agreements, cornerstone investors have agreed to subscribe or cause designated entities to subscribe to a certain number of shares at the offer price (rounded down to the nearest board lot of 100 H-shares) subject to various conditions, with a total amount of approximately USD 826.5 million. Assuming that the adjustment option and overallotment option are not exercised, and the offer price per share is HK$131.50, the net proceeds from the global offering are expected to be approximately HK$12.925 billion. Around 70.0% will be used for research and development, approximately 20.0% for investment in diversified new marketing channels, overseas sales, and charging network services to enhance global brand awareness, and about 10.0% for operational funds and general corporate purposes. Chongqing Sokon Industry Group Stock is a technology-based enterprise with new energy vehicles as its core business. Its business includes the research and development, manufacturing, sales, and service of new energy vehicles and core products like batteries. With nearly forty years of industry experience and operational optimization, the company has achieved several business milestones. Since the launch of its core brand Wanjie, the sales volume of its models has rapidly increased. As of now, the company has successfully launched four models under the Wanjie brand - M5, M7, M8, and M9. Among these, the M5 achieved the fastest record of over ten thousand deliveries in the first year of launch; M7 became the best-selling independent brand model in the 300,000 yuan price range in the Chinese market, with around 200,000 deliveries in 2024; M9 became the best-selling model in the 500,000 yuan price range in the Chinese market, with over 150,000 deliveries in 2024; the M8, launched in April 2025, was also well-received in the market, with over 30,000 orders within 24 hours of its official launch. According to Frost & Sullivan's report, in the second half of 2024, the Wanjie brand topped the new energy vehicle industry reputation list with an NPS net promoter score of 82%, and the total delivery volume of the Wanjie brand in 2024 reached 387,100 vehicles, a year-on-year increase of 268%. The company has the capability for "vertical production scalability." Its "super factory" and digitalized supply chain system ensure high-quality and agile delivery of Wanjie series products, supporting the M9 to produce over 150,000 units within 10 months of its launch. Quality control is highly valued by the company, with the Wanjie series products setting a benchmark in market quality performance. According to Frost & Sullivan's report, the Wanjie brand has been ranked first in new energy vehicle brand new car quality performance for three consecutive years. In terms of financial data, revenue increased from RMB 35.8 billion in 2023 to RMB 145.1 billion in 2024, a year-on-year growth of 305.5%; gross profit margin increased from 7.2% in 2023 to 23.8% in 2024, a 16.6 percentage point increase, and from 21.8% in the six months ended June 30, 2024 to 26.5% in the six months ended June 30, 2025, a 4.7 percentage point year-on-year increase. In 2024 and the six months ended June 30, 2025, the net profit attributable to equity holders was RMB 5.9 billion and RMB 2.9 billion respectively.