People familiar with the matter revealed that China Chery Holding Group is considering letting its auto companies conduct the first public offering (IPO) in Hong Kong, with a valuation of about 50 billion yuan (about S $ 9.3 billion).
Bloomberg Monday (October 7) quoted anonymous insider reporting that the group is seeking to hire a bank to help arrange the first public offering of Chery Motors.
People familiar with the matter said that the details such as reviewing are in progress, and details such as IPO scale may change.
Chery representatives did not comment immediately.
Chery Automobile is one of the largest car exporters in China and one of the few unlisted car companies.Chery Holdings Group also operates financial services and real estate business. Automobile business is one of the group's important assets.
Bloomberg reported last year that Chery had considered the first public offering of stocks in mainland China.
According to Chery Automobile's official website, the car company was established in 1997 and sold brands such as Chery, Tiggo and Ericize in China and overseas.The company has been seeking to expand production bases worldwide, including in Europe.They plan to start mass production at the end of 2025 in the first phase of Vietnam to invest 800 million US dollars (about S $ 1 billion).
Chery Motors said last year that they plan to set up branches in Europe and sell cars directly to Britain, Germany and France.Since the European Union has decided to impose tariffs on imported cars made in China, Chery Motors will be postponed for one year to produce electric vehicles in Europe.
