HONG KONG, Chinese electric vehicle (EV) manufacturer Seres Group Co has successfully raised HK$14.3 billion (US$1.8 billion or RM7.7 billion) from its Hong Kong initial public offering (IPO), after pricing the shares at the upper end of its indicated range and exercising an overallotment option to expand the offering.
In a statement issued on Sunday, the Chongqing-based automaker, which partners with Huawei Technologies Co in the EV sector, said it sold approximately 108.6 million shares at HK$131.50 each, including an additional 8.4 million shares issued under the option, increasing the deal size by about 8.4%.
The IPO price represents a 22% discount to Seres’ closing price of 155.19 yuan on the Shanghai Stock Exchange last Friday, where the company’s shares are already traded. Seres’ Hong Kong shares are scheduled to begin trading on Wednesday, marking one of the most notable listings in the city this year.
This IPO is also Hong Kong’s eighth listing in 2025 to raise more than US$1 billion, underscoring a revival of large-cap offerings amid improving investor sentiment. The city’s total IPO proceeds have now exceeded US$26 billion, surpassing earlier forecasts by Bloomberg Intelligence for the full year.
Founded in 1986, Seres originally manufactured springs and shock absorbers before diversifying into motorcycles and, later, electric vehicles. The company’s collaboration with Huawei — which involves co-developing smart EVs and integrating Huawei’s intelligent vehicle solutions — has become a major growth catalyst.
Analysts expect Seres’ net profit to surge by 72% this year to a record 10.2 billion yuan, supported by strong sales of its Aito-branded EVs and continued demand momentum in China’s high-end EV segment.
Industry observers say the Hong Kong listing provides Seres with greater financial flexibility to expand production capacity, invest in next-generation EV technologies, and strengthen its global presence.
China International Capital Corp (CICC) and China Galaxy Securities Co acted as joint sponsors and bookrunners for the offering.
Seres’ successful listing adds to the growing list of Chinese EV makers seeking dual listings to attract international investors and strengthen access to offshore capital markets amid intensifying competition in China’s fast-growing EV industry.
