[HONG KONG] China’s biggest car exporter, Chery Automobile, is targeting up to HK$9.1 billion (S$1.5 billion) through a Hong Kong initial public offering (IPO), marking one of the city’s most anticipated listings this year.
The company is offering 297.4 million shares priced between HK$27.75 and HK$30.75 each, according to its listing document released on Wednesday (Sep 17). Trading is expected to start on Sep 25. The IPO size could expand if demand proves strong.
Chery for ipo
Chery’s listing underscores Hong Kong’s rebound as a fundraising hub, with IPO proceeds climbing to a four-year high. The deal comes ahead of Zijin Gold International’s planned share sale, which could raise over US$3 billion—the world’s largest IPO since May.
Big-ticket offerings are returning after a summer lull, as Chinese firms seek cash to fuel overseas growth and compete in fast-moving industries such as artificial intelligence.
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