Chery Automobile Co. is preparing an initial public offering in Hong Kong that could raise as much as $1.5 billion, according to people familiar with the matter. The Anhui-based automaker aims to begin the share sale as early as next month, the people said, asking not to be identified because the information is private. Proceeds from the listing would give Chery additional funding as it expands its line-up of electric and hybrid vehicles and accelerates overseas sales. The company, founded in 1997 and known for brands such as Exeed and Jetour, sold more than 1.9 million vehicles last year, ranking among China’s ten largest carmakers. Final terms, including the size and timing of the offering, are still under discussion and could change, the people said. If completed, the deal would be one of the largest Hong Kong IPOs by a mainland Chinese automaker in recent years, underscoring a gradual revival in the city’s listings market after a prolonged slowdown.