Chery Automobile, China’s second-largest automobile maker by volume, is aiming to complete its initial public offering (IPO) in Hong Kong in the third quarter of this year, said its chairman.
The company, based in Wuhu city in eastern China’s Anhui province, has filed its intention to list on the Hong Kong stock exchange and use the city as its springboard for venturing into the global market, said Yin Tongyue during the 2025 Automotive Expo in the city.
“We hope to have more of our manufacturing, research and development, and [more of our] data in Hong Kong to fully utilise the city’s advantage as a global city,” Yin said. “We hope to be a member of Hong Kong in future.”
Chery’s IPO could raise about US$1.5 billion without the involvement of Wall Street banks, Bloomberg reported last month, citing people familiar with the matter. Chery, one of China’s top car exporters and a rarity among them for not being listed, is working with the Hong Kong units of China International Capital (CICC), Huatai Securities and GF Securities as joint sponsors on its listing, Bloomberg said.
More to follow …
