Chery Automobile Raises $1.2 Billion in Hong Kong’s Biggest Carmaker IPO of 2025
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The scene of Chery Automobile's listing celebration event. Photo: Chery Automobile
Chery Automobile Co. Ltd. made a strong debut on the Hong Kong Stock Exchange Thursday, raising HK$9.2 billion ($1.2 billion) in the city’s largest carmaker IPO of the year and seeing its shares soar as much as 11.2%.
Shares closed at HK$31.90, up 3.7% from the IPO price of HK$30.80, giving the company a market capitalization of HK$184 billion — placing it nearly on par with rival Geely Automobile Holdings Ltd.
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- Chery Automobile raised HK$9.2 billion ($1.2 billion) in its 2024 Hong Kong IPO, with shares closing up 3.7% and reaching a HK$184 billion market cap.
- In 2024, Chery's revenue grew 65.4% to 269.9 billion yuan, with net profit up 37.2% to 14.3 billion yuan; exports made up 37.4% of 2024 income.
- From Jan–Aug 2025, it sold 1.7 million vehicles (+14.2% year-on-year), holding 8.2% Chinese market share and ranking sixth domestically.
AI generated, for reference only
Who’s Who
- Chery Automobile Co. Ltd.
- Chery Automobile Co. Ltd. recently debuted on the Hong Kong Stock Exchange, raising HK$9.2 billion. It is China's top vehicle exporter among domestic brands, with a multi-brand strategy including Chery, Jetour, Exeed, iCAR, and Luxeed. The company aims for global expansion and technological innovation, benchmarking itself against German and Japanese automakers.
- Geely Automobile Holdings Ltd.
- Geely Automobile Holdings Ltd. is a rival of Chery Automobile Co. Ltd. in the automotive industry. After its IPO, Chery's market capitalization was nearly on par with Geely. Geely ranks behind BYD Co. Ltd. and SAIC Motor Corp. Ltd. in domestic market share, among Chinese automakers.
- Hillhouse Capital
- Hillhouse Capital, through its entity HHLR, was one of thirteen cornerstone investors in Chery Automobile Co. Ltd.'s Hong Kong Stock Exchange IPO. This investment supported Chery's offering, which raised HK$9.2 billion ($1.2 billion).
- Greenwoods Asset Management Ltd.
- Greenwoods Asset Management Ltd. was one of the cornerstone investors that supported Chery Automobile Co. Ltd.'s IPO on the Hong Kong Stock Exchange. This investment helped Chery raise HK$9.2 billion ($1.2 billion).
- Dajia Life Insurance Co. Ltd.
- Dajia Life Insurance Co. Ltd. was one of the 13 cornerstone investors that backed Chery Automobile Co. Ltd.'s initial public offering on the Hong Kong Stock Exchange. This investment contributed to Chery raising HK$9.2 billion ($1.2 billion).
- BYD Co. Ltd.
- BYD Co. Ltd. is mentioned as one of the top automakers in terms of domestic market share, ranking ahead of Chery. In the highly competitive Chinese market for January through August 2025, BYD held a position among the top five automakers.
- SAIC Motor Corp. Ltd.
- SAIC Motor Corp. Ltd. is mentioned as one of the major automotive manufacturers in China. In terms of domestic market share, it ranks ahead of Chery Automobile Co. Ltd. This indicates a significant presence in the Chinese auto market.
- China FAW Group Co. Ltd.
- China FAW Group Co. Ltd. (中國第一汽車集團有限公司) is one of the top automakers in China. In the period from January to August 2025, it ranked fifth in domestic market share, behind BYD Co. Ltd., SAIC Motor Corp. Ltd., and Geely, but ahead of Chongqing Changan Automobile Co. Ltd.
- Chongqing Changan Automobile Co. Ltd.
- Chongqing Changan Automobile Co. Ltd. (重庆长安汽车股份有限公司) is mentioned as ranking ahead of Chery Automobile Co. Ltd. in terms of domestic market share from January through August 2025. It held a higher position (among the top five) than Chery, which ranked sixth.
- Huawei Device Co. Ltd.
- Huawei Device Co. Ltd. formed a joint venture with Chery Automobile Co. Ltd. to develop the Luxeed brand. This collaboration is part of Chery's multi-brand strategy, aiming to position itself against major international carmakers.
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What Happened When
- 2023：
- Chery's overseas revenue accounts for 47.2% of total income.
- 2024：
- Chery reports revenue of 269.9 billion yuan ($37.2 billion), a 65.4% increase from 2023; net profit climbs 37.2% to 14.3 billion yuan.
- 2024：
- Chery's overseas revenue accounts for 37.4% of total income.
- Q1 2025：
- Chery's revenue rises 24.2% year-on-year to 68.2 billion yuan; net profit jumps 90.9% to 4.7 billion yuan.
- January-August 2025：
- Chery sells 1.7 million vehicles, a 14.2% year-on-year increase; domestic market share reaches 8.2%.
- September 25, 2025：
- Chery Automobile Co. Ltd. debuts on the Hong Kong Stock Exchange, raising HK$9.2 billion in the largest carmaker IPO of 2025; shares soar as much as 11.2%.
- September 25, 2025：
- Chery's shares close at HK$31.90, up 3.7% from the IPO price of HK$30.80, with a market capitalization of HK$184 billion.
AI generated, for reference only
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