Chinese carmaker Chery Automobile has raised gross proceeds of HK$9.145 billion (around $1.2 billion) through an initial public offering (IPO) on the Hong Kong Stock Exchange, under the ticker 09973; the firm started trading on the exchange on September 25. 

Chery’s listing is the largest IPO globally in the automobile sector in 2025 to date and the largest first-time IPO on the HKEX, excluding dual and secondary offerings, since November 2022. 

Chery, which is headquartered in Wuhu in Anhui province, is the second-largest domestic passenger vehicle company in mainland China and the eleventh largest in the world, in terms of sales volume in 2024. It has been the China’s leading exporter of passenger vehicle companies for 22 consecutive years since 2003; the firm makes many electric vehicles. 

The joint sponsors, sponsor-overall coordinators, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers on the deal were CICC, Huatai Securities and GF Securities (Hong Kong).

The overall coordinator, joint global coordinator, joint bookrunner and joint lead manager was CITIC Securities, while the joint bookrunners and joint lead managers were BOCI, China Merchants Bank International, Agricultural Bank of China International and Futu Securities. 

Linklaters acted as the Hong Kong and US counsel for the joint sponsors and other underwriters on the global offering and listing of H shares of Chery. 

The Linklaters team was led by partner and head of Greater China ECM Christine Xu and special senior adviser and new economy team leader, Greater China, Oliver Zhong, with support from corporate counsel Queenie Tong and Samson Chan. Litigation, arbitration & investigations counsel Michael Lamson also provided specialist support on international trade. 

Zhong added: “Chery is a unique Chinese carmaker with a global outlook, spearheading innovation with a strong engineering culture. It has been a privilege to assist in its successful listing on HKEX.”