On February 28, Chery Automobile Co., Ltd. officially submitted its listing application to the Hong Kong Stock Exchange. The 20-year long race for listing by this Chinese automaker has finally entered the final sprint stage.
Anhui Chery Automobile Headquarters Building
Yin Tongyue, chairman of Chery Automobile, has repeatedly emphasized that "going public in 2025 is Chery's top priority."
It is reported that it has selected China International Capital Corporation Limited, GF Securities Co., Ltd. and Huatai International Limited as joint sponsors.
According to Chery Automobile's prospectus, in 2021, 2022, 2023 and the first three quarters of 2024, Chery Automobile's revenue was RMB 92.618 billion, RMB 163.205 billion and RMB 182.154 billion respectively; net profit was RMB 5.806 billion, RMB 10.444 billion and RMB 11.312 billion respectively, and net profit margins were 6.3%, 6.4% and 6.2% respectively.
Chery Automobile plans to use the funds raised from its Hong Kong IPO to develop different models and versions of passenger cars to further expand its product portfolio, develop next-generation vehicles and advanced technologies to enhance core technological capabilities, expand overseas markets and implement globalization strategies, upgrade its production facilities, and supplement working capital.
Public information shows that at present, Chery Holdings is jointly held by Wuhu Investment Holding Group Co., Ltd., Wuhu Ruichuang Investment Co., Ltd., Luxshare Co., Ltd., etc., among which the first shareholder, Wuhu Investment Holding Group Co., Ltd., holds 29.47% of the shares, and the actual controller is the State-owned Assets Supervision and Administration Commission of the Wuhu Municipal People's Government.
