Chery Automobile, China’s largest exporter of passenger vehicles, has filed for an initial public offering (IPO) in Hong Kong to raise funds for developing new vehicles, expanding globally, and enhancing domestic production. The IPO filing did not specify the offering size or listing timeline. In the first nine months of 2024, Chery’s net profit rose 59% to 11.3 billion RMB ($1.6 billion), with revenue surging 68% to 182.2 billion RMB ($25.2 billion). Chery, which was China's second-largest car seller in 2023, sold 2.5 million vehicles last year, mainly gasoline-powered. Its primary export markets are Russia and Turkey, and it also sells to Cuba and Egypt. The company considers the risk of US sanctions for its operations in Russia to be low.