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 Co. 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 of 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 (US$25 billion) in the first nine months of 2024.
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One thing that’s stood out about Chery’s offering was the absence of Wall Street banks among its arrangers. China International Capital Corp., Huatai Securities Co., GF Securities Co. and Citic Securities Co. are overall coordinators of the IPO.
