As the global automotive industry undergoes profound transformation toward new energy and intelligent technologies, the Hong Kong stock market has emerged as a crucial hub for automakers to access global resources, thanks to its international capital ecosystem and receptiveness to emerging industries. CHERY AUTO (09973), a frontrunner in China's automotive "going global" strategy, is embarking on a new phase of globalization with support from Hong Kong's capital markets.

On September 25th, CHERY AUTO officially commenced trading on the main board of the Hong Kong Stock Exchange. The moment the gong sounded marked this Chinese autonomous brand automaker as a shining example of China's automotive industry's historic leap from "bringing in," "going out," to "capital globalization." CHERY AUTO's listing represents not only a corporate milestone but also signals China's accelerated transition from an "automotive powerhouse by volume" to a "automotive powerhouse by strength," leading global smart mobility ecosystem transformation.

**From Wuhu to the World: 28 Years of Cultivation Creates an "Export Champion"**

CHERY AUTO was founded in Wuhu, Anhui Province in 1997. At that time, China's automotive market was predominantly driven by "bringing in" foreign technology, with international brands holding absolute advantages in core technologies and market share. However, from its inception, Chery broke free from the constraints of technological dependence, planting the seeds of "independent R&D + global expansion."

In 1999, the company successfully rolled out its first independently developed engine, breaking foreign brands' long-standing monopoly in automotive core powertrain technology and creating an opening for Chinese autonomous brands to master "heart" technologies. In 2000, its first sedan model "Fengyun" achieved mass production, opening doors to the mass market with high cost-performance and reliable quality, demonstrating the strength of autonomous brands to Chinese consumers. In 2001, the first batch of "Fengyun" sedans was exported overseas in volume, marking the starting point of Chery's global journey and representing early exploration of Chinese automotive autonomous brands "going out."

Within just four years, from core technology breakthroughs to end-product implementation and overseas market expansion, Chery established a solid foundation of "independent innovation" with concrete achievements, positioning itself as one of the few pioneers in China's automotive industry combining "independent R&D capabilities" with "global vision."

After nearly 30 years of cultivation, CHERY AUTO has built a global sales network covering over 100 countries and regions, with cumulative global sales exceeding 13 million vehicles. Since 2003, CHERY AUTO has ranked first in passenger car exports among Chinese autonomous brands for 22 consecutive years.

In 2024, CHERY AUTO achieved global sales of 2.295 million vehicles with a year-on-year growth rate of 49.4%, becoming the only automaker among the world's top 20 passenger car companies to achieve over 25% year-on-year growth in new energy vehicle sales, fuel vehicle sales, domestic sales, and overseas sales simultaneously.

In 2024, CHERY AUTO ranked first among Chinese autonomous brands in Europe, South America, Middle East, and North Africa regions, and second in North America and Asia (excluding China) markets.

Notably, Chery's globalization has upgraded from early "product exports" to "localized operations." In capacity deployment, it has completed construction of its Brazil factory and jointly built a European base with Spain's EVMOTORS, reducing tariffs and transportation costs through localized production while rapidly responding to regional market regulations and consumer demands.

In R&D, eight global R&D centers have formed a "localized development + global collaboration" system. For example, new energy vehicle models developed for the European market comply with local environmental regulations while adapting to European consumers' demands for handling and intelligence. This localized innovation capability has become its core competitive advantage in penetrating overseas markets.

With deepening global expansion, CHERY AUTO has achieved steady, high-quality growth in performance. From 2022 to 2024, the company achieved revenues of RMB 92.618 billion, RMB 163.205 billion, and RMB 269.897 billion respectively, with a compound annual growth rate of 70.7%. During the same period, net profits reached RMB 5.806 billion, RMB 10.444 billion, and RMB 14.334 billion respectively, with a compound annual growth rate of 57.1%.

In the first quarter of 2025, CHERY AUTO achieved revenue and net profit of RMB 68.223 billion and RMB 4.726 billion respectively, representing year-on-year increases of 24.2% and 115.1%.

**Full-Stack Capabilities Building Smart Mobility Ecosystem**

The passenger vehicle industry is accelerating its transformation toward intelligence. While CHERY AUTO achieves rapid growth in global sales, its blueprint for building a smart mobility ecosystem is also emerging.

According to the prospectus, CHERY AUTO adheres to the development philosophy of "core independent R&D, full-stack controllability," continuously increasing investment in innovation and R&D. From 2022 to 2024, CHERY AUTO's R&D expenditure increased from RMB 3.646 billion to RMB 9.243 billion, with a compound annual growth rate of 59.2%.

As of March 31, 2025, the company employed 14,400 professional R&D personnel (accounting for over 50% of non-production employees) and accumulated over 13,900 patents (including over 4,400 invention patents).

Sustained high-intensity R&D investment has ultimately translated into full-stack controllable technical capabilities. By integrating innovation achievements from global R&D teams, CHERY AUTO has built four core technology systems: Kunpeng Power, Mars Architecture, Lion Smart Cabin, and Dazhuo Smart Driving, providing solid support for globalization.

The value of these core technologies is ultimately realized through product implementation. CHERY AUTO has created a five-brand matrix comprising Chery, Jetour, Exeed, iCAR, and Zhijie, embedding full-stack intelligent technologies into different market segment models to provide global users with smart mobility options covering mass market, mid-to-high-end, and luxury segments, serving as "scenario carriers" for its intelligent ecosystem.

The Chery brand, targeting the mass market, centers on models like Tiggo 8, equipped with Lion intelligent cockpit and optional driver assistance systems, meeting mainstream global users' basic needs for smart mobility. In 2024, Tiggo 8 ranked first in global fuel vehicle sales among Chinese autonomous brands, becoming a main model for intelligent technology penetration.

The Exeed brand, focusing on the premium market, features the Sterra ET extended-range version as its flagship model, equipped with advanced Lion Smart Cabin and Dazhuo Smart Driving L2+ system, obtaining CATARC "Premium Drive High-Quality Extended Range" technology verification. In 2024, its export volume ranked first among Chinese premium autonomous brands, becoming a core model for Europe, Middle East, and other markets to perceive Chinese intelligent automotive capabilities.

The Zhijie brand, specializing in premium intelligent new energy vehicles, features the R7 as its first model equipped with dual Orin chip solutions and advanced driver assistance systems. In January 2025, it ranked first in Chinese pure electric mid-to-large SUV sales, representing Chery's premium breakthrough direction in smart mobility ecosystem.

According to Frost & Sullivan reports, driver assistance technology has currently achieved full-scenario automation for steering and braking, advancing toward hands-free driving stages, significantly improving driving comfort, safety, and convenience. Meanwhile, through intelligent cockpits integrating AI voice assistants and other advanced technologies, human-machine interaction has become more convenient and intelligent. Additionally, users can continuously update in-vehicle system functions through OTA technology, enabling vehicles to continuously evolve throughout their lifecycle, providing users with sustained value enhancement.

By 2030, with continued advancement in driver assistance technology and increased market acceptance, penetration rates of driver assistance vehicles globally and in China are expected to achieve significant growth, indicating a clear trend toward higher-level driver assistance technology transformation.

Looking toward the future, CHERY AUTO has clear technology upgrade pathways. In driver assistance, Chery plans to increase R&D investment, promoting its independently developed CNOA technology to achieve city point-to-point travel, handling complex driving scenarios while enhancing technical practicality and cost-effectiveness, expanding penetration across different markets and models through global testing.

In intelligent cockpits, it will continuously upgrade the Lion operating system, utilizing advanced sensors and intelligent software to optimize interactive experiences, building smooth interaction and application-rich automotive intelligent ecosystems to provide global users with more comfortable, technological cabin experiences, further consolidating its competitiveness in the global smart mobility ecosystem.

From technology R&D to product implementation and ecosystem collaboration, CHERY AUTO uses "core independent R&D, full-stack controllability" as its anchor point, gradually building a global smart mobility ecosystem covering technology, products, and scenarios, driving Chery's transformation from automotive manufacturer to "smart mobility solution provider," accelerating global smart mobility ecosystem transformation.

**Conclusion**

CHERY AUTO's listing on the Hong Kong Stock Exchange holds significant importance for China's automotive industry. From a capital perspective, Hong Kong's international platform opens windows for Chery to access global capital, enabling international capital to more clearly see the innovation potential of China's automotive industry in new energy and intelligent fields, enhancing investment value of Chinese automakers.

From an industrial perspective, CHERY AUTO's IPO proceeds will be directed toward next-generation technology R&D and overseas market expansion, driving collaborative upgrades across China's automotive industry supply chain. Chery's global expansion will provide opportunities for domestic supply chain companies to support overseas expansion in components from batteries and chips to intelligent cabin parts, promoting China's automotive industry transformation from individual enterprise competition to industrial cluster competition.

In the long term, CHERY AUTO will use capital globalization as a link to create a closed loop connecting "technology-market-capital," driving China's automotive industry to upgrade from "participant" to "leader" in global smart mobility transformation, ultimately achieving China's historic leap from "automotive powerhouse by volume" to "automotive powerhouse by strength."