On August 28, a Hong Kong Stock Exchange (HKEX) announcement showed that the listing prospectus submitted by Chery Automobile Co., Ltd. (“Chery Automobile”) to the HKEX on February 28 had expired after 6 months, with no news of a hearing yet. Currently, documents such as its prospectus are no longer visible on the HKEX website, indicating that Chery Automobile’s application for a Hong Kong listing has become invalid.
Notably, on August 27, the official website of the China Securities Regulatory Commission (CSRC) disclosed a filing notice regarding Chery Automobile’s overseas issuance and listing, as well as the “full circulation” of its unlisted domestic shares. According to the filing content, Chery Automobile plans to issue no more than 698,922,800 overseas-listed ordinary shares, which will be listed on the Hong Kong Stock Exchange. At the same time, 18 shareholders of the company intend to convert a total of 2,015,999,074 unlisted domestic shares they hold into overseas-listed shares, and these shares will also be listed and circulated on the Hong Kong Stock Exchange.
Industry insiders stated that the CSRC’s release of the filing notice means the regulatory authorities have approved Chery Automobile’s eligibility for overseas listing—a crucial preliminary procedure for its Hong Kong IPO. However, the company still needs to pass the HKEX hearing. Chery Automobile obtained the CSRC filing just one day before its listing application expired, and one day is certainly not enough to complete the entire listing process. Nevertheless, it is quite normal for Chery Automobile’s filing to become invalid; many companies resubmit their applications at least 1 to 2 times.
On August 29, Chery Automobile resubmitted its listing application to the HKEX. According to the prospectus, Chery Automobile’s operating revenues in 2022, 2023, and 2024 were RMB 92.618 billion, RMB 163.205 billion, and RMB 269.897 billion respectively, with net profits of RMB 5.806 billion, RMB 10.444 billion, and RMB 14.334 billion in the same periods. As of the first quarter of 2025, Chery Automobile’s revenue reached RMB 68.223 billion, and its net profit stood at RMB 4.726 billion.
Chery Automobile’s listing journey has been extremely tortuous, dating back to as early as 2004. In 2004, Chery launched its first IPO attempt, but the plan was shelved due to residual equity issues arising from the transfer of 20% of its shares to SAIC Motor in exchange for production qualifications in its early days. In 2007, Chery underwent a shareholding system reform and made another push for an IPO; however, hit by both its own operational problems and the global financial crisis, its second listing plan was reluctantly terminated. In 2009, to shed its low-end brand image, Chery implemented a multi-brand strategy and launched its third IPO plan. Still, the plan was halted again due to the company’s excessive number of shareholders and complex equity structure. In 2016, Chery New Energy attempted to go public on both the A-share and Hong Kong markets by backdoor listing through “Conch Profiles,” but the effort failed due to a lack of independent qualifications, low new energy vehicle sales, and a still complex equity structure. In 2019, Chery New Energy prepared for an IPO on the STAR Market; in the same year, Chery launched a mixed-ownership reform, with Qingdao Wudaokou investing over RMB 10 billion to become Chery’s largest shareholder. Chery Huiyin, a joint venture under Chery, also sought to list on the Hong Kong and A-share markets, but the IPO plan ultimately collapsed due to Qingdao Wudaokou’s capital chain rupture. In 2022, Chery made another IPO attempt, which failed again due to its complex equity structure. Historically, this marks Chery’s sixth IPO attempt, and there is still no clarity on when or whether it will successfully list. According to Tianyancha (a Chinese enterprise information platform), Chery Automobile currently has 18 shareholders, among which Chery Holding holds a 38.6% stake as the largest shareholder. Anhui Credit Financing Guarantee Group Co., Ltd., Anhui Guarantee Group, Wuhu Investment Holding Group Co., Ltd., Luxshare Limited, Wuhu Ruichuang Investment Co., Ltd., Changshu Port Development and Construction Co., Ltd., and Anhui Investment Group Holding Co., Ltd. each hold more than 5% of the shares.
According to the prospectus submitted by Chery Automobile, the company plans to use the raised funds for: developing passenger vehicles of different models and versions to further expand its product portfolio; researching and developing next-generation automobiles and advanced technologies to enhance its core technological capabilities; expanding overseas markets and advancing its globalization strategy; upgrading its production facilities; and supplementing working capital.
In May this year, to accelerate the advancement of its intelligentization strategy, Chery Automobile integrated its subsidiaries—Lion Technology, Dazhuo Intelligence—and relevant businesses of its R&D General Institute to establish the “Chery Intelligentization Center.” Chery Automobile stated that after its establishment, the Chery Intelligentization Center will promote resource concentration and build an efficiently coordinated “joint force” for intelligentization efforts with greater intensity and a more systematic layout.
At present, Chery Automobile has obtained the CSRC filing, marking an important step in its Hong Kong listing process. As one of China’s passenger vehicle manufacturers, Chery currently ranks among the top three in domestic sales and has been the champion of Chinese-brand passenger vehicle exports for many consecutive years. If it successfully lists on the Hong Kong Stock Exchange, it will help Chery Automobile further integrate resources, expand its influence, and particularly accelerate its new energy transformation and deepen its global layout. According to Chery Holding’s data, from January to July 2025, the cumulative sales of the Chery brand reached 881,135 units, the Exeed brand 69,490 units, the Jetour brand 348,813 units, and the iCAR brand 51,076 units.
