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Chery Automobile said set to price Hong Kong IPO at high end of range

by Sarkiya Ranen
in Technology
Chery Automobile said set to price Hong Kong IPO at high end of range
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[HONG KONG] Chery Automobile is set to price its Hong Kong initial public offering (IPO) at the high end of a marketed range after strong demand for the stock, according to sources familiar with the matter.

China’s biggest car exporter plans to price the stock at HK$30.75 each, the sources said, asking not to be identified discussing a private matter. They were being offered at as low as HK$27.75 apiece.

A representative for Chery, which is planning its Hong Kong trading debut on Thursday (Sep 25), declined to comment.

The pricing would mean Chery is poised to raise HK$9.1 billion (S$1.5 billion) in the IPO, and join the slew of Chinese firms going public this year in Hong Kong, where listing proceeds have soared to a four-year high. Zijin Gold International is poised to follow soon, with the mining giant preparing for a US$3.2 billion IPO, the world’s biggest deal of its kind since May.

The carmaker stopped taking orders from institutional investors early, thanks to high demand for the stock. The offering attracted Hillhouse Investment and other cornerstone investors that agreed to buy about US$587 million in Chery shares in exchange for holding on to them for at least six months.

Chery, which assembles Jaguars and Land Rovers in China, said that it plans to plough the proceeds towards research and development, overseas expansion and factory upgrades.

SEE ALSO

Chery is one of the top-selling car brands in Russia, filling a void left by global manufacturers after the invasion of Ukraine.

IFR earlier reported on the pricing. BLOOMBERG



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Tags: CheryAutomobilesaidHighHongIPOKongPriceRangeSet
Sarkiya Ranen

Sarkiya Ranen

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

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