HONG KONG, Chinese automaker Chery Automobile Co Ltd is seeking to raise as much as HK$9.15 billion (US$1.2 billion) through a Hong Kong initial public offering (IPO), marking the city’s biggest listing of the year, according to its prospectus filed on Wednesday.
The carmaker plans to issue 297.4 million shares at a price range of HK$27.75 to HK$30.75 per share. The final pricing is expected to be set on September 24, with trading scheduled to commence on September 25.
Best known for its Chery, Jetour and iCAR brands, the company is looking to capitalise on growing investor demand as it accelerates expansion in the competitive electric and smart vehicle sector.
The offering will stand as Hong Kong’s largest IPO of 2025, a year that has so far seen subdued fundraising activity dominated by secondary listings from mainland Chinese firms. It also follows the US$4.6 billion share sale by Chinese battery giant Contemporary Amperex Technology Co Ltd (CATL) in May, which remains this year’s largest deal overall.
According to the filing, cornerstone investors have committed to buying up to US$587 million worth of shares. Chery intends to allocate 35% of the proceeds towards research and development of new passenger vehicle models to broaden its portfolio, while another 25% will go into next-generation vehicle development over the next three years.
The IPO comes as Chery ramps up its international presence. The company announced in July that it would introduce its Chery brand in the UK, starting with two new SUV models. This builds on the earlier rollout of its Omoda brand in August 2024 and Jaecoo brand in January 2025, as Chinese automakers increasingly compete for market share in Europe. At the current exchange rate, US$1 equals HK$7.7805.
