The shares rose on the gray market on Wednesday. During the IPO, the stock was priced at HK$30.75 each, the high end of the marketed range. Though the debut will go on as planned, the company scrapped its listing ceremony at the Hong Kong stock exchange after Super Typhoon Ragasa brought the city to a standstill the previous day.

The Wuhu-based automaker is the latest Chinese company to capitalise on Hong Kong’s popularity as a listing destination, where proceeds have soared to a four-year high.

Chery, which assembles Jaguars and Land Rovers in China, said it plans to plow the proceeds toward research and development, overseas expansion and factory upgrades.

“There should be demand from investors looking to get exposure to China’s auto exports potential, particularly into emerging markets where Chery has been very successful,” said Eugene Hsiao, head of China equity strategy at Macquarie Capital.

Chery is among the key Chinese auto players aggressively targeting the overseas markets, delivering 1.14 million vehicles to foreign markets in 2024, or 40% of its total.

The automaker has remained China’s top exporting brand every year since 2003, according to Frost & Sullivan. Its lineup has a high proportion of fuel-powered vehicles, with relatively affordable pricing, making them well-suited to emerging markets. Russia, the Middle East and South America are among its top target overseas sales destinations.

At home, the company faces fierce competition as consumers increasingly turn to brands like BYD Co to drive electric vehicles.