Chinese automaker Chery Automobile is preparing to list on the Hong Kong Stock Exchange. The company plans to raise $1.2 billion. This could be the largest IPO by an automaker on the exchange in 2025, Kommersant reports, citing the Nikkei news agency. Chery will use the majority of the proceeds to develop and expand its lineup of electric and hybrid models.

About 20% of the funds will be spent on expansion outside of China. In the same documents, the corporation announced that by 2027 it will exit the Russian market, which is the company's second-largest after its domestic market. In 2024, Russia accounted for 25.5% of the company's total revenue, and 17.7% in 2023. As of the end of March, there were 372 dealerships and 687 showrooms in Russia representing all brands within the concern.

In April of this year, its Russian division began transferring assets to three unnamed companies. The process will be fully completed by 2027. Chery Automobile also announced the cessation of its operations in Iran and Cuba to "avoid the risk of sanctions." Investors surveyed by Nikkei cite Western sanctions and the recycling fee imposed on imported vehicles as reasons for its exit from the Russian market.

This makes selling cars in Russia unprofitable for Chery Automobile. Meanwhile, Chery's Russian office told Izvestia that the Chinese brand has no intention of leaving the Russian car market. According to AUTOSTAT agency, Chery ranks third among all brands in the Russian car market for the first eight months of 2025. A total of almost 80,000 new Chery cars were sold in Russia from January to August 2025, a 22% decrease in compare with the same period last year.

Source: www.autostat.ru. If the article infringes any rights, please contact the editor for deletion.