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Chery Auto Raises US$1.2B in Hong Kong’s Largest Carmaker IPO of 2025
Chery Automobile, China's top passenger car exporter, raised US$1.2 billion in Hong Kong's largest carmaker IPO of 2025. Selling 297 million H-shares at HK$30.75 each, the IPO saw shares open at HK$34.20. Funds will support vehicle development, next-gen tech, overseas expansion, and facility upgrades.
Key points
- Chery listed on the Hong Kong Stock Exchange on September 25, 2025.
- Raised HK$9.1 billion (US$1.2 billion) through the largest carmaker IPO in Hong Kong for the year.
- Sold 297 million H-shares at HK$30.75 each with strong demand, as evidenced by shares opening at HK$34.20.
- 13 cornerstone investors were involved, including notable firms like Hillhouse and Greenwoods.
- Chery ranked as China’s largest passenger car exporter in 2024, selling 2.6 million vehicles, including 1.14 million exports.
- Proceeds from the IPO will finance new vehicle development, next-gen technologies, overseas market expansion, production upgrades in Wuhu, and working capital.
Why it matters
- This IPO aligns with the growing trend of electrification and innovation in the automotive sector, as more companies are focusing on sustainable technologies.
- Chery's success reflects the competitive landscape among Chinese automakers in the global market ahead of 2025, where foreign investments continue to flow into the sector.
- The IPO provides insight into investor confidence in the EV market as traditional car manufacturers pivot towards electric and hybrid models and invest heavily in R&D.
Chery's successful IPO not only solidifies its position as a leader in China's automotive industry but also showcases the increased investor interest in EVs and next-generation technologies, paving the way for future growth.