By Chinese automaker Chery Automobile Co., a major vehicle exporter, saw its shares rise 11.2% on the first day of trading in Hong Kong following its $1.2 billion IPO.
The IPO was priced at the top of the range at HK$30.75 a share. On debut, Chery’s stock opened at HK$34.20.
Investor appetite was strong: the institutional portion was 11.6× oversubscribed, while the retail offering attracted 308× demand. Cornerstone investors committed $587 million, including significant allocations from state-linked and private equity funds.
Chery’s IPO is one of Hong Kong’s largest for 2025, valuing the company near US$23 billion. The firm intends to use proceeds to accelerate R&D, expand product lines, and enhance next-generation vehicle development.
As a longstanding leader in China’s vehicle export sector, Chery is leveraging its strengths in international markets to push further into electric, smart, and connected vehicle segments.
That said, it faces headwinds such as global trade policies, component supply volatility, and competition from established EV players. But today’s strong debut offers momentum for its next phase.