Linklaters advises on Chery's US$1.2bn HKEX debut
Linklaters acted as the Hong Kong and US counsel for the joint sponsors and other underwriters on the global offering and listing of H shares of Chery Automobile Co., Ltd. (Chery) on the Main Board of the Hong Kong Stock Exchange (HKEX), raising approximately US$1.2bn. This listing marks the largest IPO globally in the automobile sector in 2025 to date and the largest first-time IPO on HKEX (excluding dual and secondary offerings) since November 2022.
Chery is the second-largest domestic passenger vehicle company in China and the 11th largest in the world, in terms of sales volume in 2024. It has been the No. 1 exporter among Chinese passenger vehicle companies for 22 consecutive years since 2003.
The Linklaters team was led by partner and Head of Greater China ECM Christine Xu and Special Senior Adviser and New Economy Team Leader (Greater China) Oliver Zhong, with support from corporate counsel Queenie Tong and Samson Chan. Litigation, Arbitration & Investigations counsel Michael Lamson also provided specialist support on international trade.
Partner and Head of Greater China ECM Christine Xu commented:
"We are honoured to have advised on Chery’s landmark IPO, a transaction that demonstrates the continued vibrancy of the Hong Kong stock market and the investment appeal of China’s automotive sector. This significant listing underscores our team’s expertise and commercial insight in guiding clients through transformative market milestones and in supporting large corporations as they pursue strategic growth priorities."
Special Senior Adviser and New Economy Team Leader (Greater China) Oliver Zhong added:
"Chery is a unique Chinese carmaker with a global outlook, spearheading innovation with a strong engineering culture. It has been a privilege to assist in its successful listing on HKEX. Congratulations to all!”
Linklaters’ highly acclaimed Greater China ECM team provides seamless legal support on pre-IPO investments, IPOs, post-listing compliance and equity financing, including advising on the recent HKEX IPOs of CATL, Sanhua Intelligent, Ab&B Bio-Tech and FWD Group, as well as share placings for Minieye Technology and RoboSense.
