Chinese automaker Chery Automobile saw its Hong Kong-listed shares surge following its public debut on the Hong Kong exchange.
Chery Raises $1.2 Billion
The company, which is China’s largest vehicle exporter, raised over HK$9.1 billion ($1.2 billion) during its IPO that saw the share price surge 11% higher to HK$34.16. The initial share price at the IPO debut was HK$30.75, CNBC reported on Wednesday.
China’s Other Hong Kong-Listed Auto Companies
Interestingly, Chery isn’t the first automotive industry-related company to perform well on its debut in Hong Kong. Contemporary Amperex Technology Co. Ltd. (CATL), the Chinese EV battery giant, also put in an impressive performance, raising over $4.6 billion and surging 12.5% to HK$296 from its initial price of HK$263 in May.
However, BYD Co. Ltd. BYDDY BYDDF experienced a slump in its Hong Kong-listed shares as the stock fell 6% recently after the company reported a profit decline of 30% despite strong European growth.
Hesai Group’s Multi-Million Dollar Deal
Elsewhere, LiDAR manufacturer Hesai Group HSAI announced it had signed an agreement worth $40 million with an unnamed U.S. autonomous cab company. The deal would see Hesai supply both short- and long-range LiDAR sensors to the Robotaxi company until the end of 2026.
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