BRIEF: EV maker Seres launches $1.7 billion IPO
Electric vehicle (EV) maker Seres Group Co. Ltd. (9927.HK; 601127.SH) launched its Hong Kong IPO on Monday, aiming to sell 100 million shares for HK$131.50 apiece to raise about HK$13.2 billion ($1.69 billion). Shares will be sold in lots of 100, requiring a minimum investment of HK$13,282.62. Subscriptions will close on Friday, with trading set to begin next Wednesday.
The company delivered 426,900 new energy vehicles (NEVs) last year, up 183% from a year earlier. It sells four models under the Aito brand developed with Huawei. Aito deliveries reached 200,000 vehicles last year, with the higher-end Aito 9 series topping sales rankings for its segment of NEVs priced around 500,000 yuan in the Chinese market.
Seres turned profitable with net income of 5.9 billion yuan last year after reporting its revenue quadrupled to 145.1 billion yuan. The company’s revenue fell 4% year-on-year to 6.24 billion yuan in the first half of 2025, but its net profit for the period grew 81% to 2.9 billion yuan.
By Lau Chi Hang
To subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
RELATED ARTICLES
-
BRIEF: EV maker Seres gets CSRC nod for Hong Kong listing
601127.SHG -
Auto stalwart Dongfeng charges up NEV business with Voyah listing plan
0489.HK600006.SHG
-
Motor veteran Broad-Ocean drives towards new image as NEV champion
002249.SHE
- BRIEF: Chery launches blockbuster IPO likely to become this year’s largest new car listing
-
Nio’s road to profitability obscured in haze of losses
9866.HKNIO.US
- Apparel maker Tanboer seeks fashionability from buoyant IPO market
-
Unisound launches modest IPO into crowded Hong Kong market
9678.HK
