Market Capitalization Approaching 200 Billion! Chery's Hong Kong IPO Becomes the Largest Automotive IPO of 2025

Chery Automobile Co., Ltd. (Stock Code: 9973.HK) was officially listed on the Hong Kong Stock Exchange on September 25, with an offering price set at the upper limit of HKD 30.75 per share. After opening, the stock price surged by more than 13% at one point, with the total market value approaching HKD 200 billion, setting a record for the largest automotive IPO in the Hong Kong stock market by 2025.

The global offering of 297 million H-shares raised a total of HKD 9.145 billion, with a net amount of HKD 8.879 billion after deducting issuance expenses. Notably, this IPO is supported by 13 cornerstone investors, collectively subscribing to shares worth HKD 4.573 billion, including well-known industry chain institutions such as HHLR under Hillhouse Capital, Horizon Robotics, and Gotion High-tech, as well as local state-owned capital platforms. According to the listing announcement, the funds raised will primarily be used for three main purposes: next-generation automotive and advanced technology research and development, overseas market expansion, and upgrading the production facilities in Wuhu. The remaining funds will be used to supplement working capital.

Behind the IPO enthusiasm is Chery's recent performance surge and technological accumulation. The new energy business has become the core growth engine: In 2024, new energy vehicle sales reached 584,000 units, and in the first nine months of 2025, cumulative sales skyrocketed by 1.9 times year-on-year, making its market share rank among the industry's top four.

From a technical perspective, the core technology matrix developed under the "Yaoguang 2025" strategy has been successfully implemented, with the third-generation Kunpeng power system achieving a thermal efficiency breakthrough of over 45%. Combined with the 800V high-voltage platform, the vehicle's range exceeds 1,000 kilometers. The L2.99 level intelligent driving system is already installed in flagship models such as the Tiggo 8. The market launch holds significant industry implications: against the backdrop of accelerated globalization for domestic brands, Chery's market value of nearly 200 billion Hong Kong dollars is approaching the levels of Great Wall Motors (approximately 209.7 billion Hong Kong dollars) and SAIC Motor Corporation (approximately 203 billion Hong Kong dollars), demonstrating the capital market's recognition of its technological approach.

China International Capital Corporation (CICC) analysis pointed out that the fundraising will accelerate the construction of Chery's European factory and the launch of new energy models. It is expected that the proportion of overseas sales will increase from the current 28% to 40% by 2026, providing a new example of "technology going global" for independent brands.