Chery Automobile Co., Ltd has officially listed on the Hong Kong Stock Exchange, raising a colossal HK$9.145 billion in the industry’s largest IPO of 2025. But this isn’t just a story about stock tickers and financial figures; it’s a declaration of intent from a brand that has journeyed from what its own chairman called a “modest ‘grass hut'” to a global powerhouse poised to redefine the cars we drive.
The listing on September 25th was met with immediate and resounding confidence. The offering price of HK$30.75 per share was eagerly snapped up by 13 cornerstone investors, including major players like Hillhouse’s HHLR and Greenwoods Asset Management. On its trading debut, the stock surged over 11% to HK$34.2, a clear signal that the market believes in Chery’s vision for the future. Speaking at the listing ceremony, Chery Chairman Yin Tongyue expressed his gratitude, noting that it was the trust and support of many that “instilled in Chery the spirit of innovation, of making the impossible possible”. This listing, he stated, is a “new starting point for us to shoulder greater responsibilities and embrace greater missions”.
To understand where Chery is going, you have to appreciate just how far it has come. Since its founding in 1997, the company has been on a relentless upward trajectory. The numbers speak for themselves. According to Frost & Sullivan, Chery’s passenger car sales skyrocketed by 49.4% year-on-year in 2024, placing it first for growth among the world’s top 20 passenger car companies. In an almost unheard-of feat, it was the only company in that top 20 to see growth of over 25% across every single key metric: new energy vehicles (NEVs), traditional fuel vehicles, domestic Chinese sales, and overseas sales.
This global success is not a new phenomenon. Chery has been China’s top passenger car exporter for an incredible 22 consecutive years, a testament to its long-term international focus. This growth is mirrored in its financial health. The company’s revenue exploded from CNY 92.6 billion in 2022 to nearly CNY 270 billion in 2024, with net profit growing from CNY 5.8 billion to CNY 14.3 billion over the same period. The momentum is only accelerating, with Q1 2025 revenue showing a 90.9% year-on-year increase.
So, what does Chery plan to do with its newfound HK$9.145 billion war chest? The prospectus outlines a clear and aggressive strategy focused on two key pillars: innovation and globalisation.
A massive 60% of the funds are earmarked directly for research and development. 35% will be used to develop new models and expand the product portfolio, while 25% is dedicated to “next-generation vehicles and advanced technologies”. For drivers, this translates into a future pipeline of more diverse, technologically advanced, and visually striking vehicles. It signals a heavy investment in the core technologies defining modern mobility—electrification, smart cockpits, and autonomous driving capabilities.
Another 20% of the capital is dedicated to exploring overseas markets and strengthening its global strategy. This means the brand’s presence in markets like Australia—where Chery Australia is already established—and potentially New Zealand is set to become much more significant. The remaining funds will be split between upgrading production facilities (10%) and general working capital (10%), ensuring the manufacturing backbone can support the ambitious growth plans.
Chery is transitioning from a successful Chinese exporter into a true global automotive player, armed with the capital to challenge established giants on their home turf. The company’s stated ambition is to become an “innovation-driven, globally trusted leader in the smart mobility ecosystem”. With a huge cash injection now fueling its R&D and global expansion engines, that ambition looks more credible than ever. For those of us who live and breathe cars, it signals the arrival of a serious contender promising more choice, cutting-edge technology, and fierce new competition on the tarmac.
