Chinese language carmaker Chery Car has raised gross proceeds of HK$9.145 billion (round $1.2 billion) via an preliminary public providing (IPO) on the Hong Kong Inventory Trade, underneath the ticker 09973; the agency began buying and selling on the alternate on September 25.
Chery’s itemizing is the most important IPO globally within the vehicle sector in 2025 thus far and the most important first-time IPO on the HKEX, excluding twin and secondary choices, since November 2022.
Chery, which is headquartered in Wuhu in Anhui province, is the second-largest home passenger car firm in mainland China and the eleventh largest on the earth, by way of gross sales quantity in 2024. It has been the China’s main exporter of passenger car firms for 22 consecutive years since 2003; the agency makes many electrical automobiles.
The joint sponsors, sponsor-overall coordinators, total coordinators, joint world coordinators, joint bookrunners and joint lead managers on the deal have been CICC, Huatai Securities and GF Securities (Hong Kong).
The general coordinator, joint world coordinator, joint bookrunner and joint lead supervisor was CITIC Securities, whereas the joint bookrunners and joint lead managers have been BOCI, China Retailers Financial institution Worldwide, Agricultural Financial institution of China Worldwide and Futu Securities.
Linklaters acted because the Hong Kong and US counsel for the joint sponsors and different underwriters on the worldwide providing and itemizing of H shares of Chery.
The Linklaters staff was led by Christine Xu, companion and head of Larger China ECM, and Oliver Zhong, particular senior adviser and new economic system staff chief, Larger China.
Zhong stated: “Chery is a novel Chinese language carmaker with a world outlook, spearheading innovation with a powerful engineering tradition. It has been a privilege to help in its profitable itemizing on HKEX.”
The IPO comes after affirmation that Berkshire Hathaway had bought the agency’s remaining stake in Chery’s rival BYD by the tip of March 2025 after 17 years of funding within the Chinese language electrical carmaker. BYD has been reducing costs in mainland China amid a fierce worth conflict.