Chery Auto will open books for its Hong Kong initial public offering (IPO) on September 17, targeting a valuation of HK$140 billion ($18 billion), local media outlet FNNews reported on Monday.
The Chinese automaker passed the Hong Kong Stock Exchange’s listing hearing on September 7 and is expected to start trading later this month, the report said. Chery aims to raise between $1.5 billion and $2 billion, which could make it the largest auto IPO on the Hong Kong exchange this year, according to the report.
Opening books allows underwriters to begin gauging subscription interest from potential investors, including the number of shares and the price they are willing to pay. Pricing, placement, and the official listing will follow.
Chery’s first attempt at filing in February lapsed after failing to secure a hearing within six months. The company resubmitted its application in late August. It has said funds from the IPO will be used for vehicle research and development, next-generation technologies, overseas expansion, and advancing its globalization strategy.
The automaker sold 2.6 million vehicles in 2024, up 38% year-on-year, including 1.14 million exports. Its new energy vehicle sales surged 232.7% to 583,569 units. Revenue climbed more than 50% to RMB 480 billion ($67 billion). In the first quarter of 2025, Chery reported revenue of RMB 68.2 billion and net income of RMB 4.73 billion.
As of August, Chery had sold 1.73 million vehicles in 2025 and exported nearly 799,000, with an annual sales target of 3 million.
