🚗 Chery’s IPO Sprint: A 28-Year Journey of Rise, Fall, and Revival

On February 28, Chery officially filed for an IPO in Hong Kong, making a bold move to enter the capital market. Six months ago, we researched this company—the last remaining unlisted domestic automaker among China's top ten by sales.

Looking at Chery’s 28-year history, its story unfolds like a three-act drama:

🎬 Early success – A rising star in China’s auto industry.

🎬 Midlife struggles – Lost momentum and lagged behind its peers.

🎬 Overseas breakthrough – Found new life by expanding globally.

While traditional fuel vehicles remain Chery’s cash cow, generating 75% of its revenue, new energy vehicles (NEVs) contribute only 25%. However, its international business is its real moneymaker, accounting for 44% of both sales and revenue, with car prices in some regions over 50% higher than in China.

Historically, Chery has been at a funding disadvantage—unlike BYD or Geely, which can raise billions through secondary offerings, Chery had to rely on profits to grow. If this IPO succeeds, the market will be closely watching how quickly it can accelerate its NEV transition over the next three years.