Chery Auto Seeks $1.2 Billion in Hong Kong IPO to Fund EV Push and Overseas Expansion
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The Chery Tiggo 7 SUV during a brand launch in London on Aug. 28, 2025. Photo: Bloomberg
Chery Automobile Co. Ltd. launched its Hong Kong initial public offering on Wednesday, aiming to raise up to HK$ 9.1 billion ($1.2 billion) to accelerate electric vehicle development and expand production overseas.
The Anhui-based automaker, founded in 1997, remains one of the few major Chinese carmakers that have yet to go public. Last year, it sold 2.3 million vehicles, ranking second among Chinese independent brands and 11th globally.
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- Chery Automobile launched a Hong Kong IPO aiming to raise up to HK$9.1 billion ($1.2 billion), with net proceeds of HK$8.44 billion targeted for EV development, technology, and overseas expansion.
- Exports formed 32.8%, 47.2%, and 37.4% of Chery’s revenue from 2022–2024; overseas shipments reached 793,000 vehicles in the first eight months of 2025.
- Cornerstone investors subscribed to half the offering, and planned investments include new plants in Vietnam and Malaysia and hiring up to 1,500 engineers globally.
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Who’s Who
- Chery Automobile Co. Ltd.
- Chery Automobile Co. Ltd. is an Anhui-based Chinese automaker founded in 1997. It is launching a Hong Kong IPO to raise up to HK$9.1 billion, primarily to fund electric vehicle development, next-generation technologies, and overseas expansion. Chery is a leading auto exporter from China.
- JSC International Investment Fund SPC
- JSC International Investment Fund SPC (JSC国际投资基金SPC) is one of the cornerstone investors in Chery Automobile Co. Ltd.'s Hong Kong IPO. They, along with other investors, have subscribed to approximately half of the offering, totaling $587 million.
- HHLR Advisors
- HHLR Advisors is one of the cornerstone investors in Chery Automobile Co. Ltd.'s Hong Kong IPO. They, along with other investors, subscribed to approximately half of the offering, valued at $587 million. This backing helps Chery raise capital for electric vehicle development and international expansion.
- Greenwoods Assets Management
- Greenwoods Assets Management (绿地资产管理) is a cornerstone investor in Chery Automobile Co. Ltd.'s Hong Kong IPO. They, along with other investors like JSC International Investment Fund SPC and Dajia Insurance Group Co. Ltd., have subscribed to approximately half of Chery's offering, valued at $587 million.
- Dajia Insurance Group Co. Ltd.
- Dajia Insurance Group Co. Ltd. is a cornerstone investor in Chery Automobile Co. Ltd.'s Hong Kong IPO. They, along with other investors, subscribed to approximately half of the offering, totaling $587 million.
- Gotion High-Tech Co. Ltd.
- Gotion High-Tech Co. Ltd. (国轩高科股份有限公司) is a Chinese battery maker. They are a cornerstone investor in Chery Automobile Co. Ltd.'s Hong Kong IPO, subscribing to a portion of the offering.
- BYD Co. Ltd.
- The article mentions BYD Co. Ltd. (比亚迪股份有限公司) as a fast-rising rival to Chery in the export market. In the first eight months of 2025, BYD shipped 634,000 vehicles abroad, compared to Chery's 793,000.
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What Happened When
- 1997：
- Chery Automobile Co. Ltd. was founded.
- 2022：
- Chery's exports accounted for 32.8% of its total revenue.
- 2023：
- Chery's exports accounted for 47.2% of its total revenue.
- 2024：
- Chery sold 2.3 million vehicles, ranking second among Chinese independent brands and 11th globally. Exports accounted for 37.4% of total revenue.
- January to August 2025：
- Chery shipped 793,000 vehicles abroad; BYD shipped 634,000 vehicles.
- August 2025：
- Chery's initial application to list in Hong Kong lapsed.
- August 29, 2025：
- Chery refiled its application to list in Hong Kong.
- September 7, 2025：
- Chery passed the Hong Kong Stock Exchange’s listing hearing.
- Before September 17, 2025：
- Cornerstone investors subscribed to about half of Chery's IPO offering, worth $587 million.
- September 17, 2025：
- Chery launched its Hong Kong initial public offering (IPO).
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