China’s second-largest domestic carmaker Chery Automobile has raised HKD9.14 billion (USD1.2 billion) in its Hong Kong debut, making it the city’s largest carmaker IPO so far this year. The transaction was completed with the assistance of eight law firms, comprising Baker McKenzie, FenXun Partners, Jingtian & Gongcheng, Zhong Lun Law Firm, Hogan Lovells, Pillsbury, Linklaters and Haiwen & Partners.

Chery issued 297 million H shares globally and the 10% public offerings were oversubscribed by 309 times. After its debut, its share price once rose to HKD34.98 per share, giving it a market capitalisation of around HKD200 billion.

Five law firms provided legal advisory services to Chery. Baker McKenzie and its alliance firm FenXun jointly advised on Hong Kong and US law matters, led by Baker McKenzie partner Wang Hang. Hogan Lovells counselled on international sanctions law, while Pillsbury acted on US outbound investment rules.

Jingtian & Gongcheng acted as Chery’s PRC legal counsel, led by partners Xiang Zhenhua, Hou Min, Fan Ruilin and Li Meng, and counsel Wang Wenhao. Zhong Lun’s partner Chen Jihong and Chen Jian advised on data compliance matters, assisted by partner Du Wei.

A spokesman from Zhong Lun said their responsibilities include assisting issuers in identifying risks related to data activities in China, rectifying non-compliance and responding to inquiries from China and overseas regulatory authorities.

Linklaters acted for the underwriters, including CICC, Huatai International and GF Securities, on Hong Kong and US law, led by partner Christine Xu and special senior adviser Oliver Zhong. Haiwen & Partners provided PRC legal advice, with partners Wu Zhisheng and Du Ning acting as leading partners.

Chery Automobile was the world’s 11th-largest passenger carmaker in 2024 by sales volume, developing and making fuel and new energy vehicles. The Wuhu headquartered company will use the IPO funds for research and development, expanding marketing and production capacity, and general corporate purposes.