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2h ago

Chery Auto Raises HK$91.45 Billion in Hong Kong IPO, Starts Trading as 9973.HK

The raise positions Chery to accelerate technology development for global growth.

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Overview

  • The offering sold 297 million H shares at HK$30.75 each, raising about HK$91.45 billion in Hong Kong’s largest carmaker IPO of 2025.
  • Shares began trading on the HKEX Main Board under code 9973.HK, opening at HK$34.20 before easing to around HK$31.74 in early reports.
  • Proceeds are allocated as follows: 35% to passenger‑car R&D, 25% to next‑generation technologies, 20% to overseas expansion, 10% to Wuhu production upgrades, and 10% to working capital.
  • Thirteen cornerstone investors participated, including HHLR, Jinglin Asset, Dajia Life Insurance and Guoxuan Hong Kong, alongside state-linked and industry partners.
  • Chery highlights rapid growth, with revenue rising from ¥92.62 billion in 2022 to ¥269.90 billion in 2024 and net profit from ¥5.81 billion to ¥14.33 billion.