Chery Automobile Co., Ltd. (09973.HK) has launched its Hong Kong IPO. The subscription period runs from September 17 to September 22, with a planned global offering of approximately 297,397,000 H-shares and an additional 15% over-allotment option. The offer price ranges from HK$27.75 to HK$30.75 per share, with a board lot of 100 shares, requiring a minimum investment of about HK$3,106. Trading is expected to commence on the Hong Kong Stock Exchange’s Main Board on September 25. Joint sponsors include CICC, CITIC Securities, and Haitong International.

Chery: A Leading Chinese Independent Automaker

Offering structure: About 10% (29,739,700 shares) for the Hong Kong public offering and around 90% (267,657,300 shares) for international placement.

Price range: HK$27.75–HK$30.75 per share; board lot of 100 shares; minimum investment about HK$3,106.

Subscription period: September 17–22 (pricing expected on September 23).

Listing date: September 25.

Joint sponsors: CICC, CITIC Securities, Haitong International, among others.

Company Overview

Founded in 1997 and headquartered in Wuhu, Anhui Province, Chery Automobile focuses on the design, R&D, manufacturing, and sales of passenger vehicles, covering both fuel-powered and new energy vehicles. According to Frost & Sullivan, Chery ranked as the second-largest Chinese independent passenger vehicle maker and the eleventh-largest globally in 2024 by sales volume. In 2024, Chery sold 2.295 million vehicles worldwide, with products distributed to over 100 countries and regions, and accumulated sales surpassing 13 million units. The company has also held the top spot in Chinese independent passenger car exports for 22 consecutive years. Its brand portfolio includes Chery, Jetour, Exeed, iCAR, and Luxeed, covering the mass market, mid-to-high-end, and premium segments.

Financial Highlights

According to the prospectus, Chery reported revenues of RMB 92.618 billion, RMB 163.205 billion, and RMB 269.897 billion from 2022 to 2024, respectively. Net profits during the same period were RMB 5.09 billion, RMB 10.44 billion, and RMB 14.33 billion. In Q1 2025 alone, revenue reached RMB 68.223 billion, with net profit of RMB 3.3 billion. Based on the midpoint of the offer price at HK$29.25 per share, and assuming no clawback or over-allotment option, Chery expects to raise net proceeds of about HK$8.4 billion. Proceeds will mainly be used for: R&D in new energy and smart technologies (about 40%), overseas business expansion (about 30%), capacity expansion and supply chain optimization (about 20%), and working capital replenishment (about 10%).

uSMART IPO Promotion

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe to IPOs via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks. After logging in, tap “Trade” at the bottom‑right, choose “IPO Subscription,” select the target IPO, tap “Public Offer,” enter the share quantity and submit your order.

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