AsianFin -- China’s Chery Automobile is set to price its shares at HK$30.75 ($3.96) each, aiming to raise approximately $1.2 billion in a Hong Kong initial public offering, according to two sources familiar with the matter.

Last week, the company sold 297.4 million shares within a price range of HK$27.75 to HK$30.75 each, as noted in its regulatory filings, marking a significant step in Chery’s expansion into global capital markets.