Chery Auto, one of China’s largest automotive exporters, has officially launched its initial public offering (IPO) in Hong Kong after multiple attempts spanning nearly two decades.
Founded in 1997 and headquartered in Wuhu, Anhui province, Chery represents the core asset of Chery Holding, which also has interests in financial services, real estate, and other sectors.
The company’s IPO was highly oversubscribed, achieving 238 times demand, and marks a major step for one of China’s last significant unlisted automakers.
Chery plans to allocate roughly 35 percent of the IPO proceeds to research and development for passenger vehicles, 25 percent to next-generation technology development, and 20 percent toward expanding its presence in international markets.
Chery Auto has experienced rapid growth in recent years, with revenue rising from RMB 92.6 billion ($13 billion) in 2022 to RMB 269.9 billion in 2024, representing a compound annual growth rate of 70.7 percent.
Net income during the same period increased from RMB 5.8 billion to RMB 14.3 billion, a CAGR of 57.1 percent, reflecting strong financial performance as the company seeks to expand its global footprint.