Chinese language carmaker Chery Vehicle has raised gross proceeds of HK$9.145 billion (round $1.2 billion) by means of an preliminary public providing (IPO) on the Hong Kong Inventory Alternate, underneath the ticker 09973; the agency began buying and selling on the trade on September 25.
Chery’s itemizing is the biggest IPO globally within the car sector in 2025 thus far and the biggest first-time IPO on the HKEX, excluding twin and secondary choices, since November 2022.
Chery, which is headquartered in Wuhu in Anhui province, is the second-largest home passenger car firm in mainland China and the eleventh largest on this planet, when it comes to gross sales quantity in 2024. It has been the China’s main exporter of passenger car corporations for 22 consecutive years since 2003; the agency makes many electrical autos.
The joint sponsors, sponsor-overall coordinators, general coordinators, joint international coordinators, joint bookrunners and joint lead managers on the deal had been CICC, Huatai Securities and GF Securities (Hong Kong).
The general coordinator, joint international coordinator, joint bookrunner and joint lead supervisor was CITIC Securities, whereas the joint bookrunners and joint lead managers had been BOCI, China Retailers Financial institution Worldwide, Agricultural Financial institution of China Worldwide and Futu Securities.
Linklaters acted because the Hong Kong and US counsel for the joint sponsors and different underwriters on the worldwide providing and itemizing of H shares of Chery.
The Linklaters workforce was led by Christine Xu, accomplice and head of Better China ECM, and Oliver Zhong, particular senior adviser and new economic system workforce chief, Better China.
Zhong stated: “Chery is a novel Chinese language carmaker with a worldwide outlook, spearheading innovation with a powerful engineering tradition. It has been a privilege to help in its profitable itemizing on HKEX.”
The IPO comes after affirmation that Berkshire Hathaway had bought the agency’s remaining stake in Chery’s rival BYD by the tip of March 2025 after 17 years of funding within the Chinese language electrical carmaker. BYD has been reducing costs in mainland China amid a fierce worth struggle.
