Shares of China’s largest vehicle exporter Chery pop 11% in Hong Kong debut
A car produced by Chinese car manufacturer Chery is sold on 22 March 2023 at a dealership in Russia.
Tatiana Meel | Reuters
China’s largest vehicle exporter Chery Automobile, via the first public offering $ 9.1 billion Hong Kong ($ 1.2 billion) after collecting the shares jumped to the first exit of Hong Kong.
The stock was traded at $ 34,16, about 11% $ $ 30.75 above the public offering price. Chery is one of the wave of a Chinese company that touches Hong Kong’s developing public offering market.
As the launch progresses as planned, the company canceled the list ceremony at the Hong Kong Stock Exchange on the Stock Exchange of Hong Kong due to the closure of the city the day before the Super Typhoon Ragasa.
The car manufacturer Vietnam accelerates its expansion in the Middle East and Europe. The SUV -oriented sub -brand Jetour will enter Europe by establishing three combustion engine sports vehicles in Poland this November.
Announced that he was an automobile manufacturer in July Selling vehicles under the flagship Chery brand in the UK. Chery also launched Omoda Brand in the early January and last year, Jaecoo Marque.
Chery, for the last few years, “everyone is talking about BYD” like “radar a little below”, the founder and general manager of Sino Auto Insights, Tu Le, said CNBC’s “China connection” on Thursday.
“Them [Chery] They are already producing in more than one country, so probably the jealousy of many Chinese home manufacturers, “he added, the brand’s popularity in England and Australia.” We see a lot of emergence and power from the Chery brand. “
However, global winds remain. Chinese electric vehicles in the USA Face 100 % tariff In accordance with the 301th of the 1974 Trade Law. In October 2024, Canada matched the USA. Applying 100 % Tariff Chinese home imports. The European Union also applied tariffs to Chinese -made electric vehicles with some taxes up to 45.3%at the end of 2024.
Le, although Chery is “a little exposure”, for tariffs, the vehicle manufacturer has built locally, he said. Middle East And Southeast Asia. The general manager reduces some risk and puts them in a “much better position” from many other players who just want to export.
Chery sold 242,736 vehicles in August129,472 of them were exported and increased by 14.6% and 32.3% annually.
