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Investing.com-- Chery Automobile, China’s largest car exporter, is planning a Hong Kong initial public offering that could raise about $1.5 billion as early as next month, Bloomberg reported on Thursday, citing people familiar with the matter.
The size and timing of the deal remain under discussion and could change depending on market conditions. China’s securities regulator has approved plans for Chery to issue up to 698.9 million ordinary shares in Hong Kong.
The state-owned automaker, which assembles Jaguars and Land Rovers in China, generated revenue of 182 billion yuan ($25 billion) in the first nine months of 2024, the report said.
Notably, no Wall Street banks are among the IPO arrangers, with China International Capital Corp., Huatai Securities (SS:601688), GF Securities (SZ:000776), and CITIC Securities (HK:6030) serving as coordinators, Bloomberg reported.