IPO Timeline
Broker Deadline
2025-09-22
Morning deadline
HKEX Deadline
2025-09-22
Noon deadline
Broker Results (T-2)
2025-09-23
Some brokers release in afternoon
Grey Market (T-1)
2025-09-24
Afternoon
HKEX Allotment (T-1)
2025-09-24
Evening
Registrar Allotment (T-1)
2025-09-24
Evening
Listing Day (T)
2025-09-25
First day of trading
Company Overview
| Stock Name | 奇瑞汽车 |
|---|---|
| Stock Code | 09973 |
| Company Full Name | 奇瑞汽车 |
| 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 | 卓佳证券登记有限公司 (Tricor 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 (148,698lots, 148,699lots) |
| 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) | To be extracted |
| 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 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 177,342,280,464 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於盈利狀態，但未提供市盈率信息） |
| Profit/Loss Status | 盈利約人民幣14,334百萬元 |
| Period-End Cash Balance | 人民币22,362,000,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| 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
| 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)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
广发融资（香港）有限公司 CE AOB163
Sponsor cum Overall Coordinator (3)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
Overall Coordinators (4)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
中信里昂证券有限公司 CE AAB893
Joint Global Coordinators (4)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
中信里昂证券有限公司 CE AAB893
Joint Bookrunners (8)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
招银国际融资有限公司 CE AVM940
农银国际融资有限公司 CE AWL249
富途证券国际（香港）有限公司 CE AZT137
Joint Lead Managers (8)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
招银国际融资有限公司 CE AVM940
农银国际证券有限公司 CE ACX411
富途证券国际（香港）有限公司 CE AZT137
Capital Market Intermediaries (9)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
招银国际融资有限公司 CE AVM940
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
富途证券国际（香港）有限公司 CE AZT137
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 中伦律师事务所 霍金路伟律师行 美国普盈律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
年利达律师事务所 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
| Chairman | Mr. Yin Tongyue |
|---|---|
| Company Secretary | Ms. Zhan Ni |
執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 尹同跃 | — | 執行董事 |
| 2 | 张国忠 | — | 執行董事 |
非執行董事 (7)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 王来春 | — | 非執行董事 |
| 2 | 李晶 | — | 非執行董事 |
| 3 | 王津华 | — | 非執行董事 |
| 4 | 王孝伟 | — | 非執行董事 |
| 5 | 鲍思语 | — | 非執行董事 |
| 6 | 尹祥领 | — | 非執行董事 |
| 7 | 胡敬源 | — | 非執行董事 |
獨立非執行董事 (9)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 商文江 | — | 獨立非執行董事 |
| 2 | 杨棉之 | — | 獨立非執行董事 |
| 3 | 叶盛基 | — | 獨立非執行董事 |
| 4 | 路风 | — | 獨立非執行董事 |
| 5 | 杨善林 | — | 獨立非執行董事 |
| 6 | 黎汝雄 | — | 獨立非執行董事 |
| 7 | 伍运飞 | — | 獨立非執行董事 |
| 8 | 徐晖 | — | 獨立非執行董事 |
| 9 | 蔡长锋 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as known to our Directors as at the Latest Practicable Date, immediately following the completion of the Global Offering and the conversion of Domestic Unlisted Shares into H Shares (assuming the Over-allotment Option is not exercised), the f |
|---|
AI
AI Analysis
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.)
Offering Structure
Subscription Tiers
IPO Timeline
