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Shares of Chinese automaker Chery Automobile surged 11.2% on their first day of trading on the Hong Kong Stock Exchange, highlighting strong investor appetite for electric and smart vehicle stocks. The company, known for its Chery, Jetour, and iCAR brands, raised $1.2 billion in what became Hong Kong’s second-largest IPO of 2025.
Chery priced 297.4 million shares at HK$30.75 each, the top end of its expected range of HK$27.75 to HK$30.75. On debut, the stock opened at HK$34.2, outperforming the broader Hang Seng Index, which edged up just 0.1%.
Investor demand for the IPO was exceptional. The institutional tranche was oversubscribed 11.6 times, while the retail portion was a massive 308 times covered, according to company filings. Cornerstone investors, including major funds, committed $587 million, underscoring confidence in Chery’s growth strategy.
The automaker plans to channel the proceeds into innovation and expansion. About 35% of the funds will go toward research and development of passenger vehicles across multiple models, while 25% will be allocated to developing next-generation vehicles over the next three years. This strategic investment reflects Chery’s ambition to strengthen its footprint in the highly competitive EV and smart car market, both in China and abroad.
Chery’s successful listing comes as Hong Kong regains momentum in its IPO market. Alongside Chery’s debut, Zijin Gold International is raising $3.2 billion in an offering set to be the largest Hong Kong IPO in four years, with trading scheduled to begin Tuesday.
Chery’s strong market entry not only reinforces its position as a leading Chinese automaker but also signals growing investor confidence in the electric vehicle sector, one of the fastest-expanding industries worldwide.
