Chery’s brand portfolio now spans five marques—Chery, Jetour, Exeed, iCAR, and Luxeed (the Huawei-backed venture).
On September 7, according to documents disclosed by the Hong Kong Exchanges and Clearing Limited (HKEX), Chery Automobile Co., Ltd. (Chery) has passed its listing hearing, marking a key step toward its Hong Kong IPO. The automaker aims to raise between $1.5 billion and $2 billion.
For Chery, the journey has been far from easy. Since 2004, the company has made multiple attempts to go public, only to be halted by various obstacles. This year, however, with stronger overseas expansion and improved financial results, Chery revived its IPO plan and has now reached a decisive stage.
Under standard IPO procedures, companies that pass the hearing typically debut on the exchange within 20 to 25 days. Chery’s offshore common shares were filed with the China Securities Regulatory Commission on August 27, and the company resubmitted and updated its prospectus to HKEX on August 29.
According to the filing, Chery plans to issue up to 699 million offshore listed ordinary shares, while converting 2.016 billion domestic unlisted shares held collectively by 18 shareholders into offshore listed shares for trading in Hong Kong.
Financial data from the prospectus shows steady growth in both revenue and profit. From 2022 to the first quarter of 2025, Chery reported revenues of RMB 92.618 billion ($12.97 billion), RMB 163.205 billion ($22.86 billion), RMB 269.897 billion ($37.79 billion), and RMB 68.223 billion ($9.56 billion), respectively.
Net profit over the same periods reached RMB 5.806 billion ($0.81 billion), RMB 10.444 billion ($1.46 billion), RMB 14.334 billion ($2.01 billion), and RMB 4.726 billion ($0.66 billion).
On the business side, Chery currently operates five major brands: Chery, Jetour, Exeed, iCAR, and Luxeed (co-developed with Huawei), covering segments ranging from mass-market passenger cars to new energy and premium offerings.
Sales data underscores its momentum. In August, Chery Group sold 242,736 vehicles, up 14.6% year-on-year. Between January and August, total sales reached 1,727,299 units, an increase of 14.5% from a year earlier, including 798,804 units exported overseas.
If progress continues smoothly, Chery is expected to list on the HKEX in the third quarter of this year, potentially becoming the largest auto IPO in Hong Kong in 2025. It would also mean Chairman Yin Tongyue’s target of achieving a public listing by 2025 will be realized ahead of schedule.
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