Shulou(Shulou.com)12/24 Report--

CTOnews.com December 13 news, according to the Financial Associated Press, in response to Chery's plan to submit an IPO application next year and related news, some Chery executives told reporters: "the company is actively preparing for listing, the rest of the information is not accurate."

Bloomberg previously reported that IDG Capital is considering buying a nearly $1 billion stake in Chery's parent company, and that Chery is planning to file an IPO application as soon as next year, possibly seeking a valuation of up to 150 billion yuan.

Chery is one of the last unlisted carmakers in China. This is also the most important asset of the Chery Group, which is also engaged in other businesses such as financial services and real estate.

Chery is also one of China's largest car exporters. The company plans to set up subsidiaries to sell products directly to customers in the UK, Germany and France. The company will invest US $400 million (currently about 2.872 billion yuan) to build a plant in Argentina, which aims to produce 100000 cars a year in Argentina by 2030, and announced plans to build plants in Indonesia, Malaysia and Thailand. In Vietnam, the company plans to start production of the first phase of the plant at a cost of $800m (currently about 5.744 billion yuan) by the end of 2025.

Chery Holdings Group sold 212076 cars in November, up 111 percent from a year earlier, exceeding 200000 for the second time in a row. From January to November, it sold a total of 1665626 vehicles, up 47.8 percent from the same period last year.

Chery Group's main passenger car brands-- Chery, Xingtuo and Jettcut, sell as follows:

The Chery brand sold 147916 vehicles in November, up 109 per cent from a year earlier. Taiwan sold 1197650 vehicles from January to November, up 41.9 per cent from a year earlier.

Xingtu brand sold 15296 vehicles in November, an increase of 173.3% compared with the same period last year. Taiwan sold 111352 vehicles in January-November, an increase of 129.5% over the same period last year.

The Jetway brand sold 41027 vehicles in November, up 139.7% from January to November, up 72.8% from January to November.

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