Chery Files for IPO in Hong Kong Stock Exchange

Chinese automaker Chery has officially submitted its IPO application to the Hong Kong Stock Exchange.

Chinese automaker Chery has officially submitted its IPO application to the Hong Kong Stock Exchange (HKSE), marking a significant step in the company’s long-held ambition to go public.

This recent move comes after numerous unsuccessful attempts made by the Wuhu-based automaker, and this latest and successful IPO attempt marks the culmination of two decades of effort. The IPO application also coincided with the favourable market conditions for automotive companies, especially the recent shift towards electrification and smart vehicles led by China’s automotive industry.

Several key factors have pushed Chery into submitting its latest IPO application, notably the urgency to accelerate its transition to electric vehicles, CarNewsChina reports. The investment required for NEV research and development is huge, thus access to capital markets becomes more critical for Chery.

Also helping Chery in its successful IPO application is its recent strong financial performance. Between 2022 and 2024, the automaker reported substantial revenue and net profit growth, with its recent 2024 performance seeing the Wuhu-based marque increase its annual production output to over 2.6 million units, and its revenue grew to CNY 480 billion (RM239 billion).

Compared to other Chinese marques, Chery has always put a strong emphasis on the export markets, and it is often ranked as one of the top Chinese automotive exporters. In fact, Chery has been the top Chinese independent passenger car exporter for 22 consecutive years and holds a leading market share in several key international regions, all of which contributed a significant portion to its revenue.

Of the 2.6 million units produced in 2024, over 1.14 million of them were exported to the overseas markets. That’s more than twice as many vehicles as some of their rivals exported last year, including GWM at 453,141 units, BYD at 417,204 units, and even Geely at 403,923 units.