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.

High interest rates in the US, which translate directly to Hong Kong due to the territory’s dollar peg, had depressed dealmaking in the city. Coupled with its exposure to China’s economic slowdown, the city’s capital markets entered a prolonged slump.

Net profit in 2024 rose 10 per cent to HK$13 billion (US$1.7 billion), or HK$10.32 per share, compared with HK$11.9 billion in 2023.

Hong Kong's bourse operator reported on Thursday a 10% rise in profit in 2024, beating forecasts, bolstered by a sharp jump in trading revenues after China's announcement of economic stimulus measures boosted investor sentiment.