Chinese automaker Chery Automobile Co. is preparing to enter the Hong Kong stock Exchange and plans to raise $1.2 billion. Before this event, the company posted a statement saying that Chery plans to leave Russia by 2027.
“To reduce the risk of sanctions, we have stopped trading with Iran and Cuba from December 31, 2024,” the company said, adding that it began reducing business operations with Russia from March 2025. The Russian division of Chery Automobile has begun transferring assets to three companies engaged mainly in the sale of passenger cars.
Chery Automobile also clarifies that the funds raised on the stock exchange will not be used directly or indirectly to finance activities related to Russia, Belarus and countries subject to sanctions.
Several Chery Automobile brands are sold in Russia. In addition, there is a car-making manufacturing plant in the Russian city of St. Petersburg where they actually assemble Chery clones under the Xcite brand.
In August 2025, the analytical agency Autostat reported that 11,099 Chery cars were sold in Russia.
