Chery Automobile Co., Ltd. (Chery Auto) has taken a step towards its long-anticipated public listing, successfully passing its listing hearing on the Hong Kong Stock Exchange (HKEX) on September 7.
This milestone marks a new chapter in Chery Auto’s two-decade-long journey to go public, which began with its first IPO attempt in 2004. The company officially submitted its prospectus to the HKEX on February 28 this year, with an updated filing on August 29.
On August 27, the China Securities Regulatory Commission (CSRC) International Cooperation Department issued a “Notice of Filing for Overseas Issuance and Listing and ‘Full Circulation’ of Unlisted Domestic Shares by Chery Automobile Co., Ltd.” This notice approved Chery Auto’s plan to issue up to 699 million overseas listed ordinary shares on the HKEX. Additionally, 18 of the company’s shareholders intend to convert a total of 2.016 billion unlisted domestic shares into overseas listed shares for circulation on the Hong Kong exchange.
Industry experts quoted by Shanghai Securities News highlight the strategic timing of Chery Auto’s listing. Mei Songlin, a veteran automotive industry analyst, told Shanghai Securities News that Chery Automobile has consistently had a strong demand for financing, particularly to support substantial investments in new energy and intelligent technologies. Chery Auto Chairman Yin Tongyue has previously acknowledged that while the company has focused heavily on technological innovation, its experience in capital market operations has been limited.
“It’s time for Chery to go public,” Mei Songlin commented, adding that the current market conditions are favourable for a Hong Kong listing. He pointed to three major trends in the Chinese automotive market: the rise of domestic brands, the widespread adoption of new energy vehicles (NEVs), and a significant surge in automotive exports. As a leading domestic brand, Chery Auto has capitalised on all three trends, particularly excelling in export performance. Mei believes the HKEX listing will further bolster the company’s competitive advantages.
Chery Auto stands out as one of the few major Chinese automakers yet to be publicly listed. It is also the sole unlisted entity among China’s top best-selling domestic car manufacturers.
According to Frost & Sullivan data cited in Chery Auto’s latest prospectus, the company ranked as the second-largest Chinese domestic brand passenger car company by global passenger car sales in 2024, and the eleventh-largest passenger car company globally. Notably, Chery Auto was the only company among the top twenty global passenger car companies to achieve over 25% growth in NEV sales, internal combustion engine (ICE) vehicle sales, domestic sales, and overseas sales in 2024 compared to 2023. Its passenger car sales surged by 49.4% during the same period, leading the growth rate among the top twenty global passenger car companies. Furthermore, Chery Auto has maintained its position as the top exporter among Chinese domestic brand passenger car companies for 22 consecutive years since 2003.
In the first half of 2025, Chery Auto reported overall sales exceeding 1.26 million units, representing a 14.5% year-on-year increase. With daily sales nearing 7,000 units, the company achieved its best historical sales performance for the period.
