The Chinese automaker Cherryone of the largest firms in the sector in the Asian country and with a presence in dozens of international markets, is preparing to request its IPO, confirmed a spokesperson for its parent company quoted today by the economic news portal Yicai.
For the moment, the company has only confirmed that it is carrying out preparations for a public share offering, which, according to the local press, would take place next year or in 2025 and would place the company’s valuation at around 150 billion yuan (US$21.04 billion).
Other information also suggests that the investment firm IDG Capital It would be considering acquiring stakes in the automaker for a maximum of about 7 billion yuan (US$ 982 million, 900 million euros).
It wouldn’t be the first time Cherry attempts to go public, since the Chinese press has been reporting on these possible plans since the mid-2000s, which were ultimately frustrated.
In recent years, the automaker has recorded rapid growth, selling 28% more in 2022 than the previous year and, in the first 11 months of this year, 48% more than in the same period last year, reaching 1.7 million units.
Likewise, between January and November, Cherry exported about 837,000 vehicles, which is more than double (+110%) than on those same dates in 2022.
The Chinese company confirmed its European landing in September with a first foray into Spain, where it will arrive through its sister brands. Omoda and Jaecoo and its own network of dealers.
Source: Gestion
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