Hong Kong’s stock exchange operator made record profits in 2024 as a stock market rally and listings revival helped put an end to a two-year slump for the financial hub.

China's Chery Automobile has applied for an initial public offering in Hong Kong, seeking funds to develop new vehicles and technologies as well as to expand in global markets and improve domestic production facilities.

Net profit in 2024 rose 10 per cent to HK$13 billion (US$1.7 billion), aided by higher fees from handling market transactions and new stock listings.

Asian equities were largely lower despite a weaker U.S. dollar overnight, as Japan outperformed and India underperformed.

China's Chery Automobile has submitted an application for an initial public offering in Hong Kong, according to a prospectus published on Hong Kong Stock Exchange on Friday. The IPO has CICC, Huatai Securities and GF Securities as the joint sponsors,

CHINA’S Chery Automobile has applied for an initial public offering (IPO) in Hong Kong, seeking funds to develop new vehicles and technologies as well as to expand in global markets and improve domestic production facilities.

China’s second-largest carmaker lists China International Capital Corp, Huatai Securities and GF Securities as joint IPO sponsors.

China's mainland investors have played an unprecedented role in a rally on Hong Kong's equity market that has pushed the benchmark index to its highest level since 2022. Mainland investors typically buy or sell Hong Kong-listed shares via the southbound link of the Stock Connect scheme.