Chery is listed on the Hong Kong Stock Exchange with a market capitalization of nearly HK$200 billion!
On September 25, 2025, Chery Automobile officially listed on the Main Board of the Hong Kong Stock Exchange under the stock code 9973. The opening price was HK$34.2 per share, up 11.22%, bringing its market capitalization to HK$197.2 billion.
After the opening, Chery Automobile's share price continued to rise, with its market capitalization briefly exceeding HK$200 billion. As of 10:30 AM, Chery Automobile's share price was HK$33.94 per share, up 10.37%.
Since its first IPO attempt in 2004, after 21 years and seven attempts at the capital market, Chery Automobile's journey to the public market has finally come to a successful conclusion. Previously disclosed subscription results show that the company priced its IPO at the upper limit of HK$30.75, offering 297 million H shares globally and raising HK$9.14 billion. This marks the largest automaker IPO in the Hong Kong stock market since 2025. The market response to the IPO has been enthusiastic. On September 23rd, Livermore Securities reported that Chery Automobile's winning lottery results were released, with margin financing oversubscribed by over 238 times, totaling nearly HK$220 billion. On September 24th, Chery Automobile's dark market trading opened with strong performance. Notably, Chery Automobile's IPO attracted 13 cornerstone investors, including Hillhouse Capital (HHLR), Shanghai Jinglin, Huangshan Construction Investment (affiliated with the Huangshan State-owned Assets Supervision and Administration Commission), Horizon Together (affiliated with Horizon), and Guoxuan High-tech, who subscribed a total of US$587 million (approximately HK$4.573 billion), representing 50% of the total offering.
Behind this listing is Chery Automobile's solid operating performance in recent years. The prospectus indicates that Chery Automobile's operating revenue for 2022-2024 is projected to be 92.618 billion yuan, 163.205 billion yuan, and 269.897 billion yuan, respectively, with corresponding net profits of 5.806 billion yuan, 10.444 billion yuan, and 14.334 billion yuan, respectively, reflecting steady year-on-year growth. In the first quarter of this year, the company's revenue increased by 24.25% year-on-year to 68.223 billion yuan, and its net profit increased by 90.87% year-on-year to 4.726 billion yuan.
Currently, Chery Automobile owns five brands: Chery, JETOUR, EXEED, iCAR, and LUXEED. LUXEED is a high-end intelligent brand jointly developed by the company and Huawei. Regarding transformation, the proportion of new energy business revenue increased to 30% in the first quarter of this year. Regarding internationalization, Chery Automobile has ranked first among Chinese independent brand passenger cars for 22 consecutive years since 2003 and ranks first in passenger car exports.
As of August 22, 2025, Chery Automobile's passenger cars have been sold in more than 100 countries and regions, with cumulative global sales exceeding 13 million units. In the first quarter of this year, overseas revenue accounted for 40%. Regarding gross profit margin, Chery Automobile's gross profit margin is projected to be 13.8%, 16.0%, and 13.5% in 2022-2024, respectively, compared to 12.4% in the first quarter of this year. Although its debt-to-asset ratio has dropped from 93% in 2022 to 88% in the first quarter of this year, it remains at a relatively high level within the industry.
As of July 31, 2025, cash reserves were 41.8 billion yuan, down from 62.7 billion yuan at the end of 2024. Chery Automobile plans to use the proceeds from its IPO in four key areas: expanding its passenger vehicle product line, developing next-generation vehicles and advanced technologies, implementing its globalization strategy, upgrading its Wuhu production base, and replenishing working capital.