Chinese automaker Chery Automobile Company has applied to list its shares in Hong Kong to strengthen its new product development and international expansion, according to a filing with the city’s stock exchange.
Chery, headquartered in Wuhu in China’s Anhui province, is understood to have appointed China International Capital Corporation, GF Securities and Huatai Securities to jointly handle the initial public offering (IPO), although the targeted amount to be raised and the timetable have not been released.
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Reports at the end of last year suggested the automaker may be looking at raising around US$1bn and targeting a market capitalization of CNY100bn (US$14bn).
The funds will help the automaker step up its transition to smart, connected electrified vehicles and continue to expand its presence in overseas markets, including North America, according to local reports.
The company will join a growing list of Chinese mainland automotive companies planning to list their shares in Hong Kong, the latest being electric vehicle (EV) battery manufacturer Contemporary Amperex Technology Company Ltd (CATL), which is looking to raise US$5bn through a share sale.
Chery Automobile, which also includes the Omoda and Jaecoo brands, is one of China’s largest vehicle producers, with global sales of 2.6 million units in 2024 – a 38% increase on the previous year.
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