BRIEF: EV maker Series gets CSRC nod for Hong Kong listing

Electric vehicle (EV) maker Seres Group Co. Ltd. (601127.SH) received regulatory approval from the China Securities Regulatory Commission (CSRC) for its planned Hong Kong IPO, according to a Thursday notice on the CSRC website. The announcement of the plan’s registration clears a key regulatory hurdle for the listing to move forward.

Seres plans to sell about 331 million shares in the IPO, which would complement its existing listing in Shanghai. The company previously filed a preliminary prospectus with the Hong Kong Stock Exchange in April.

Seres makes EVs under the Aito brand name. Its revenue quadrupled to 145 billion yuan ($20.3 billion) in 2024 from 35.8 billion yuan the previous year, as its gross margin rose to 23.8% from 7.2% over that period, according to the prospectus. The company became profitable in 2024 with a 5.9 billion yuan profit, making it only the world’s fourth new energy vehicle (NEV) maker to reach that milestone, according to the prospectus.

Seres’ Shanghai-listed stock rose 5.8% on Friday. Year-to-date the shares are up about 18%.

By Doug Young

To subscribe to Bamboo Works weekly free newsletter, click here