IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Chery Auto |
|---|---|
| Stock Code | 09973 |
| Company Full Name | Chery Automobile Co., Ltd. |
| Industry | Robotics |
| Principal Activities | passenger vehicle company headquartered in Wuhu, China |
| Listing Date | 2025-09-25 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarter and Principal Place of No. 8, Changchun Road Business in the PRC Economic Technology and Development Area Wuhu, Anhui PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號 時代廣場 2座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | chery-auto.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 30.75 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,075 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-09-17 to 2025-09-22 |
| Global Offering Shares | 297,397,000 shares |
| HK Public Offer Shares (Initial) | 29,739,700 shares (10.0%) |
| Public Offer Lots (Initial) | 297,397lots (Pool A148,698lots，Pool B148,699lots) |
| International Placing Shares (Initial) | 267,657,300 shares (90.0%) |
| Offer Ratio | ~5.16% |
| Total Shares Post-IPO | 5,767,228,633 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 50.0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 9,144,957,750 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,075 |
| 2 lots | 200 | HK$ 6,150 |
| 3 lots | 300 | HK$ 9,225 |
| 4 lots | 400 | HK$ 12,300 |
| 5 lots | 500 | HK$ 15,375 |
| 6 lots | 600 | HK$ 18,450 |
| 7 lots | 700 | HK$ 21,525 |
| 8 lots | 800 | HK$ 24,600 |
| 9 lots | 900 | HK$ 27,675 |
| 10 lots | 1,000 | HK$ 30,750 |
| 20 lots | 2,000 | HK$ 61,500 |
| 30 lots | 3,000 | HK$ 92,250 |
| 40 lots | 4,000 | HK$ 123,000 |
| 50 lots | 5,000 | HK$ 153,750 |
| 60 lots | 6,000 | HK$ 184,500 |
| 70 lots | 7,000 | HK$ 215,250 |
| 80 lots | 8,000 | HK$ 246,000 |
| 90 lots | 9,000 | HK$ 276,750 |
| 100 lots | 10,000 | HK$ 307,500 |
| 200 lots | 20,000 | HK$ 615,000 |
| 300 lots | 30,000 | HK$ 922,500 |
| 400 lots | 40,000 | HK$ 1,230,000 |
| 500 lots | 50,000 | HK$ 1,537,500 |
| 600 lots | 60,000 | HK$ 1,845,000 |
| 700 lots | 70,000 | HK$ 2,152,500 |
| 800 lots | 80,000 | HK$ 2,460,000 |
| 900 lots | 90,000 | HK$ 2,767,500 |
| 1,000 lots | 100,000 | HK$ 3,075,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 6,150,000 |
| 3,000 lots | 300,000 | HK$ 9,225,000 |
| 4,000 lots | 400,000 | HK$ 12,300,000 |
| 5,000 lots | 500,000 | HK$ 15,375,000 |
| 6,000 lots | 600,000 | HK$ 18,450,000 |
| 7,000 lots | 700,000 | HK$ 21,525,000 |
| 8,000 lots | 800,000 | HK$ 24,600,000 |
| 9,000 lots | 900,000 | HK$ 27,675,000 |
| 10,000 lots | 1,000,000 | HK$ 30,750,000 |
| 20,000 lots | 2,000,000 | HK$ 61,500,000 |
| 30,000 lots | 3,000,000 | HK$ 92,250,000 |
| 40,000 lots | 4,000,000 | HK$ 123,000,000 |
| 50,000 lots | 5,000,000 | HK$ 153,750,000 |
| 100,000 lots | 10,000,000 | HK$ 307,500,000 |
| 148,698 lots | 14,869,800 | HK$ 457,246,350 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 61.63B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 177,342,280,464 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 71,136,929,275 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 14,334 million |
| Period-End Cash Balance | RMB 62,693 million |
| Listing Expenses | ~HK$ 258,000,000 |
| Listing Expenses / Funds Raised | ~3.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 31.92 |
|---|---|
| First Day Open | HK$ 34.2 |
| First Day Change | 3.80% |
| First Day Volume | 78268500.0 |
| First Day Turnover | 2599510000.0 |
| Use of Proceeds | 1、約35.0%或2,954.4百萬港元將于未來一至三年用于研發不同車型和版本的乘用車，以進一步擴大產品組合；
2、約25.0%或2,110.3百萬港元將用于未來一至三年下一代汽車及先進技術的研發以提高核心技術能力；
3、約20.0%或1,688.2百萬港元將用于未來一至四年拓展海外市場及執行全球化策略；
4、約10.0%或844.1百萬港元，將用于未來一至四年提升位于安徽蕪湖的生產設施；
5、約10.0%或844.1百萬港元將用于營運資金及一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (3)
Overall Coordinators (4)
Joint Global Coordinators (4)
Joint Bookrunners (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
GF Securities (Hong Kong) Brokerage Limited CE AOB364
CLSA LIMITED CE AAB893
BOCI ASIA LIMITED CE AET863
CMB International Capital Limited CE AVM940
ABCI CAPITAL LIMITED CE AWL249
Futu Securities International (HONG KONG) Limited CE AZT137
Joint Lead Managers (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
GF Securities (Hong Kong) Brokerage Limited CE AOB364
CLSA LIMITED CE AAB893
BOCI ASIA LIMITED CE AET863
CMB International Capital Limited CE AVM940
ABCI Securities Company Limited CE ACX411
Futu Securities International (HONG KONG) Limited CE AZT137
Capital Market Intermediaries (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
GF Securities (Hong Kong) Brokerage Limited CE AOB364
CLSA LIMITED CE AAB893
BOCI ASIA LIMITED CE AET863
CMB International Capital Limited CE AVM940
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Futu Securities International (HONG KONG) Limited CE AZT137
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
贝克•麦坚时律师事务所 竞天公诚律师事务所 Zhong Lun Law Firm 霍金路伟律师行 美国普盈律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
Linklaters 海问律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
中国银行（香港）有限公司 中国工商银行（亚洲）有限公司 中国建设银行（亚洲）股份有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | JSC International Investment Fund SPC（代表ShanRui SP） | 1,480,000,000 HKD | 48,130,000 | 16.18% | 0.83% | 6 months | 2026-03-25 |
| 2 | HHLRA | 60,000,000 USD | 15,199,300 | 5.11% | 0.26% | 6 months | 2026-03-25 |
| 3 | 上海景林及CICC Financial Trading Limited（就景林场外掉期交易而言） | 55,000,000 USD | 13,932,700 | 4.68% | 0.24% | 6 months | 2026-03-25 |
| 4 | 香港景林 | 5,000,000 USD | 1,266,600 | 0.43% | 0.02% | 6 months | 2026-03-25 |
| 5 | 黄山建投 | 41,000,000 USD | 10,386,200 | 3.49% | 0.18% | 6 months | 2026-03-25 |
| 6 | 晶汇瑞盈 | 41,000,000 USD | 10,386,200 | 3.49% | 0.18% | 6 months | 2026-03-25 |
| 7 | Horizon Together | 40,000,000 USD | 10,132,800 | 3.41% | 0.18% | 6 months | 2026-03-25 |
| 8 | 大家人寿 | 33,000,000 USD | 8,359,600 | 2.81% | 0.14% | 6 months | 2026-03-25 |
| 9 | Martis Fund | 33,000,000 USD | 8,359,600 | 2.81% | 0.14% | 6 months | 2026-03-25 |
| 10 | 国轩香港 | 29,000,000 USD | 7,346,300 | 2.47% | 0.13% | 6 months | 2026-03-25 |
| 11 | 合肥建汇 | 20,000,000 USD | 5,066,400 | 1.70% | 0.09% | 6 months | 2026-03-25 |
| 12 | 中邮理财 | 20,000,000 USD | 5,066,400 | 1.70% | 0.09% | 6 months | 2026-03-25 |
| 13 | 星宇香港 | 20,000,000 USD | 5,066,400 | 1.70% | 0.09% | 6 months | 2026-03-25 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Yin Tongyue | Mr. Yin Tongyue |
| Company Secretary | Ms. Zhan Ni | Ms. Zhan Ni |
| Executive Director | 尹同跃 | Yin Tongyue |
| Non-Executive Director | 王来春 | Wang Laichun |
| Independent Non-Executive Director | 商文江 | Shang Wenjiang |
| Executive Director | 张国忠 | Zhang Guozhong |
| Non-Executive Director | 李晶 | Li Jing |
| Independent Non-Executive Director | 杨棉之 | Yang Mianzhi |
| Non-Executive Director | 王津华 | Wang Jinhua |
| Independent Non-Executive Director | 叶盛基 | Ye Shengji |
| Non-Executive Director | 王孝伟 | Wang Xiaowei |
| Independent Non-Executive Director | 路风 | Lu Feng |
| Non-Executive Director | 鲍思语 | Bao Siyu |
| Independent Non-Executive Director | 杨善林 | Yang Shanlin |
| Non-Executive Director | 尹祥领 | Yin Xiangling |
| Independent Non-Executive Director | 黎汝雄 | Lai Ni Hium Frank |
| Non-Executive Director | 胡敬源 | Hu Jingyuan |
| Independent Non-Executive Director | 伍运飞 | Wu Yunfei |
| Independent Non-Executive Director | 徐晖 | Xu Hui |
| Independent Non-Executive Director | 蔡长锋 | Cai Changfeng |
Major Shareholders
| Major Shareholders & Holdings | Wuhu Investment Holding (16.28%), Chairman Yin (10.47%), Ms. Wang Laijiao (15.96%), Mr. Wang Laixi (15.96%), Luxshare Investment (Hong Kong) Limited (15.96%), Ruichuang (7.28%), Anhui Credit Guarantee (4.73%), Anhui Investment Holding (2.46%), Qingdao Wudaokou (1.62%), Ningbo Wendding (2.99%), Qingdao Xincheng (2.68%), Zhuhai Shangshun |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO was oversubscribed by 308.18 times, reflecting robust investor demand for Chery Automobile. The final hit rate of 33.05% is relatively high for a heavily oversubscribed offering, suggesting a generous allocation to the public tranche. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
An anomaly is observed where both the A-tail (100,000 shares) and B-head (200,000 shares) applicants are expected to receive only 1 lot, indicating that the incremental investment yields no additional shares. This flat allocation curve may discourage large subscriptions and raises questions about broker fee efficiency at higher tiers. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO was not provided, so no analysis of mainland participation or regional distribution is possible. Investors should refer to other sources for more detailed applicant profiles. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
