Chery Holding May List Its Automotive Division in Hong Kong with a Valuation of $7.1 Billion

TapTechNews October 7th news, this evening Beijing time, according to Bloomberg citing informed sources, Chery Holding Co., Ltd. is considering listing its automotive division in Hong Kong, and the valuation may reach approximately $7.1 billion (TapTechNews note: currently about 50.221 billion yuan).

It is reported that Chery is seeking the support of banks to assist in the company's initial public offering (IPO), and the current discussions are ongoing, and the specific details such as the size of the IPO may change. Chery's representative has not made an immediate response.

Chery Automobile is one of the largest automotive exporters in China and also one of the few unlisted automakers. As an important asset of the Chery Group, Chery is also involved in fields such as finance and real estate. And last year, Chery had once spread the news of considering listing its automotive business in mainland China.

Chery Automobile was established in 1997 and has long been seeking to expand production facilities globally, including in Europe. In the Asian region, Chery plans to start large-scale production in the first phase of a factory investing $800 million (currently about 5.659 billion yuan) in Vietnam by the end of 2025.

Last year, Chery Automobile said it plans to set up a subsidiary in Europe to directly sell vehicles to customers in the UK, Germany, and France. However, due to the EU's proposed tariff on electric vehicles from China, Chery has postponed its plan to produce electric vehicles in Europe by one year.

According to TapTechNews' previous report, Chery Holding Group sold 244,534 vehicles in September, an increase of 28.6% year-on-year. Among them, 109,048 vehicles were exported, an increase of 20.6% year-on-year; 58,941 new energy vehicles, an increase of 183.4% year-on-year.