Chery is said to near Hong Kong listing as billion-dollar IPOs return to city

Published Thu, Aug 28, 2025 · 12:50 PM

Chery Automobile is planning a Hong Kong initial public offering (IPO) that may raise about US$1.5 billion as early as next month, according to sources familiar with the matter, adding to what’s shaping up to be a busy September for new listings in the financial hub.

Deliberations are ongoing, and the size and timing of the deal could change depending on market conditions, the sources said, asking not to be identified because the information is not public. China’s securities regulator said on Wednesday (Aug 27) that it approved plans for Chery to issue as many as 698.9 million ordinary shares in Hong Kong.

A representative for Chery declined to comment.

After a summer lull, Hong Kong’s billion-dollar IPOs appear to be coming back. Zijin Gold International could raise about US$2 billion in a listing in the city next month, while Sungrow Power Supply is planning a US$1 billion listing, according to IFR. More are on the way as there were over 220 applications to list in Hong Kong as at the end of July, according to the local securities regulator.

Hong Kong listings have raised more than US$17 billion this year, on course for their highest annual proceeds since 2021, according to data compiled by Bloomberg. Bloomberg Intelligence expects listing proceeds in the city to double to over US$22 billion this year.

State-owned Chery, which assembles Jaguars and Land Rovers in China, is the country’s biggest car exporter, generating revenue of 182 billion yuan (S$32.7 billion) in the first nine months of 2024.

One thing that’s stood out about Chery’s offering was the absence of Wall Street banks among its arrangers. China International Capital, Huatai Securities, GF Securities and Citic Securities are overall coordinators of the IPO. BLOOMBERG

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