Juliana Liu, Columnist

China’s Chery Is Right to Face the Music on Russia

Exiting its biggest overseas market will be painful in the short term, but ultimately worthwhile.

September 24, 2025 at 9:00 PM UTC

Corrected

September 25, 2025 at 8:52 AM UTC

Juliana Liu is a columnist for Bloomberg Opinion's Asia team, covering corporate strategy and management in the region. She was previously CNN's senior business editor for Asia, and a correspondent at BBC News and Reuters.

Chery is making its stock market debut.
Photographer: Brent Lewin/Bloomberg

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It’s not easy to end a relationship after two decades. But Chery Automobile Co.’s decision to leave Russia, its largest single market after China, in order to pursue better prospects elsewhere is the right course to take as it lists in Hong Kong.

Chery, founded nearly 30 years ago in the eastern industrial river town of Wuhu, was unusual among its cohort of state-owned carmakers for not being listed. On Thursday, it made a solid stock market debut after raising $1.2 billion due to strong demand, finally joining rivals Geely Automobile Holdings Ltd. and Great Wall Motor Co. Its shares rose as much 14%.