Chery Automobile files for Hong Kong listing

Chery Automobile has filed for a listing in Hong Kong, with China International Capital Corporation (3908), Huatai Securities (6886) and GF Securities (1776) named as joint sponsors.

The proceeds from the listing will be allocated to research and development of various passenger car models and versions, among other purposes, the company said.

Chery Automobile posted a 38.4 percent rise in net profit to 11.22 billion yuan (HK$11.96 billion) for the nine months that ended in September 2024, as well as 182.15 billion yuan worth of revenue.

The carmaker reportedly recorded annual sales of more than 2.6 million vehicles last year.

Chery's automotive unit had also earlier collaborated with Huawei to launch the premium electric sedan brand Luxeed.

Bloomberg reported last October that Chery Auto’s Hong Kong initial public offering could be valued at about 50 billion yuan, according to people familiar with the matter.

STAFF REPORTER