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Stock impact report

China's top car exporter Chery gains in Hong Kong debut [Fortune]

GREAT WALL MOTOR CO ADR (GWLLY) 
Company Research Source: Fortune
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 Gold International Co. planning for its shares to start trading next week in the city after a $3.2 billion IPO, the world's biggest deal of its kind since May. “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. A stock gauge tracking global automaking has gained 12% this year, with Chinese companies leading the gains. Chery, which assembles Jaguars and Land Rovers in China, said it plans to pl Show less Read more
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