"Chery Automobile Co., China's biggest car exporter, rose in its Hong Kong trading debut after raising HK$9.1 billion ($1.2 billion) in an initial public offering to help power its overseas expansion ambition. The shares finished the session up 3.8%, resulting in a market capitalization of about $24 billion. That makes it bigger than XPeng Inc. but smaller than Great Wall Motor Co. in terms of valuation."
"Chery delivered 1.14 million vehicles to foreign markets in 2024, or 40% of its total. Rivals including BYD Co. and Zhejiang Leapmotor Technology Co. have also been pushing for sales overseas, where cars tend to fetch higher profit margins than at home. The automaker has remained China's top exporting brand every year since 2003, according to Frost & Sullivan. Its lineup has a high proportion of fuel-powered vehicles, with relatively affordable pricing, making them well-suited to emerging markets."
"Chery is the latest Chinese company to capitalize on Hong Kong's popularity as a listing destination, where proceeds have soared to a four-year high. More billion-dollar debuts are on the way, with Zijin Gold International Co. planning for its shares to start trading next week in the city after a $3.2 billion IPO, the world's biggest deal of its kind since May."
Chery Automobile raised HK$9.1 billion in an initial public offering and saw its Hong Kong shares rise 3.8% on debut, creating a market capitalization near $24 billion. The valuation sits above XPeng Inc. but below Great Wall Motor Co. Hong Kong listings have reached a four-year high in proceeds, with more large IPOs such as Zijin Gold International's planned $3.2 billion debut. Chery plans to use proceeds for research and development, overseas expansion and factory upgrades. Chery delivered 1.14 million vehicles to foreign markets in 2024, representing 40% of total deliveries, and has been China's top exporter since 2003. The brand's affordable, fuel-powered lineup targets emerging markets including Russia, the Middle East and South America while it faces rising domestic competition from firms such as BYD and Zhejiang Leapmotor.
Read at Fortune Asia
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