Overview

• Shares opened at HK$34.20 versus the HK$30.75 offer price and rose as much as 14% to HK$34.98, valuing the company near US$25 billion in early trade.
• The offering comprised 297.4 million primary shares with an over-allotment option for 44.61 million more.
• About 90% of shares were allocated to international investors, with retail and institutional tranches reportedly oversubscribed 308 times and 11.6 times, respectively.
• Chery plans to deploy proceeds to research and development, overseas expansion and factory upgrades.
• The Hong Kong listing ceremony was canceled because of Super Typhoon Ragasa and relocated to Chery’s home city of Wuhu.