Chinese carmaker Chery Automobile has officially submitted a listing application to the Hong Kong Stock Exchange.

The initial public offering will have China Investment Capital Corporation, GF Securities, and Huatai Securities as sponsors, the Wuhu-based company said in its listing prospectus filed today, without specifying how much it plans to raise and how many shares it intends to issue.

The proceeds will be used to develop new passenger cars and next-generation technologies, fuel the company’s overseas expansion and globalization strategies, upgrade its production facilities, and replenish working capital, Chery Auto noted.

Chery Auto reported net profits of CNY5.8 billion (USD798 million) in 2022 and CNY10.4 billion (USD1.4 billion) in 2023, according to the listing prospectus. In the first nine months of last year, its net profit exceeded CNY11.3 billion.

Chery Auto owns the Chery, Jetour, Exeed, iCAR, and Luxeed brands. The firm sold over 2.6 million cars last year, up 38 percent from a year earlier, with new energy vehicle sales surging 233 percent to 583,600 units. Its exports rose 21 percent to 1.14 million units in the period.

In terms of staff, Chery Auto employs 50,000 people, including more than 13,000 research and development engineers and scientists.