On December 31, it was reported that Chery Holding Group Co., Ltd., Chery Group, referred to as "Chery Group", is planning to transfer its automotive business unit Chery Automobile Co., Short for short as "Chery Automobile") is listed in Hong Kong, a move that could raise up to US$1 billion for it.According to people familiar with the matter, Chery Group has invited JPMorgan Chase & Co. Join its listing plan to assist in arranging this potential initial public offering (IPO).The stock sale is expected to take place in the second or third quarter of next year.

Chery Automobile, one of China's largest automobile exporters, is not yet listed.Previously, Chery had selected China International Capital Corp., Referred to as "China International Capital Corporation"), GF Securities Co., Ltd. Huatai International Ltd. As an arranger for its potential listing.According to market rumors, Chery Group may seek a valuation of more than 10 billion yuan (approximately US$1.4 billion).

Currently, the specific details of the listing such as timing, size and value are still under discussion and may change.In addition, more banks may join the group of banks that arranged the stock offering in the future.

Chery Group, established in 1997, is a diversified enterprise group based on the automobile industry chain.As a subsidiary of Chery Group, Chery Automobile is the first independent automobile brand in China to achieve annual sales of more than one million vehicles.Chery Group operates in more than 80 countries and regions around the world, with annual sales of RMB 150 billion and more than 10 million global users, including 2 million overseas users.

Chery Automobile has performed well in global expansion and transformation of new energy vehicles (NEVs).The company has announced plans to establish a subsidiary in Europe to sell cars directly to customers in the UK, Germany and France, and plans to start producing electric vehicles in Europe within two years.In addition, Chery Automobile plans to launch the first phase of mass production at an US$800 million plant in Vietnam, with the goal of starting before the end of 2025.

Chery Automobile is becoming increasingly competitive in the international market.In 2023, the company achieved a record annual sales of 1.88 million vehicles, a year-on-year increase of 52.6%, and export sales reached 937,000 vehicles, a year-on-year increase of 101%, maintaining the number one position in the export of passenger cars of China brands for 21 consecutive years.WIKC Automobile's global business network has been established, with 10 overseas production bases and more than 1,500 international dealers, covering more than 80 countries and regions.