Overview

• The stock opened at HK$34.20 versus an offer price of HK$30.75 and touched HK$34.98, up as much as 14% in early trade.
• The debut implied a market value of about US$25 billion, larger than Geely Automobile but below Great Wall Motor.
• Chery raised roughly HK$9.1 billion by selling 297.4 million shares at the top of the range, with an over-allotment option for 44.61 million shares and allocations skewed about 90% to international investors.
• The company said proceeds will go to research and development, overseas expansion and factory upgrades.
• Trading proceeded after the listing ceremony was scrapped due to Super Typhoon Ragasa, and the deal was coordinated by China International Capital, Huatai Securities, GF Securities and Citic Securities with no Wall Street banks involved.