Chery Automobile reportedly closing in on US$1.5b HK listing

Chinese electric vehicle maker Chery Automobile is nearing an initial public offering in Hong Kong that could raise US$1.5 billion (HK$11.7 billion) as early as next month, Bloomberg reported.

The report cited sources saying that the plans are still under consideration, and the timing and size of the offering could change depending on market conditions.

China’s securities regulator on Wednesday said it approved Chery’s plan to issue as many as 698.9 million ordinary shares in Hong Kong.

Meanwhile, eighteen of the company’s shareholders plan to convert about 2.02 billion domestic, unlisted shares into overseas-listed shares for trading on the city's exchange.

STAFF REPORTER