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 quadruple d 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
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