China’s Top Car Exporter Chery Gains in Hong Kong Debut (2)

Chery Automobile Co., China’s biggest car exporter, rose in its Hong Kong trading debut after raising HK$9.1 billion ($1.2 billion) in an initial public offering to help power its overseas expansion ambition.

The shares finished the session up 3.8%, resulting in a market capitalization of about $24 billion. That makes it bigger than XPeng Inc. but smaller than Great Wall Motor Co. in terms of valuation.

Chery is the latest Chinese company to capitalize on Hong Kong’s popularity as a listing destination, where proceeds have soared to a four-year high. More billion-dollar debuts are on the way, with Zijin ...