Chinese electric vehicle maker Chery Automobile saw its retail tranche 4.6 times oversubscribed after opening the retail book for its Hong Kong initial public offering on Wednesday, aiming to raise up to HK$9.14 billion.
The EV firm plans to offer 297.3 million shares, with an offer price ranging from HK$27.75 to HK$30.75 per share.
Each board lot consists of 100 shares, requiring a minimum investment of HK$3,106.
The book-building period will end at noon next Monday, and its shares are set to be listed on September 25.
As of 3pm on Wednesday, the company garnered HK$3.9 billion in margin loans, making its retail tranche more than 4.32 times oversubscribed, according to Futu Securities.
The company has five major brands, including Chery, Jetour, Exeed, iCAR, and Huawei co-developed Luxeed.
Last year, the EV maker saw its net profit rising 18.3 percent yearly to HK$14.1 billion, while its revenue jumped 65.4 percent to HK$269.9 billion.
China International Capital Corporation (3908), Huatai Securities (6886), and GF Securities (1776) are joint sponsors.
HELEN ZHONG
