💰 Big plans: Chinese EV maker Seres is targeting up to 13.2 billion HKD (1.7 billion USD) through its Hong Kong IPO.Issue price: up to 131.50 HKD per share; trading begins November 5.
🤝 Carpooling with Huawei: Seres is Huawei’s key automotive partner. Together, they produce Aito-branded vehicles, with Huawei providing the intelligent driving system and cockpit.
📈 From struggler to star: After posting losses of 2.4 billion CNY (330 million USD) in 2023, Seres turned a profit of 5.9 billion CNY (810 million USD) in 2024. Analysts expect another 72 percent jump in 2025 to about 10 billion CNY (1.4 billion USD).
🌍 Fueling the climb: Around 70 percent of the IPO proceeds will go to R&D and new models, 20 percent to overseas expansion and charging infrastructure, and the rest to operations.
🏗️ Investors line up: Anchor investors include Schroders, Ghisallo Capital, Jain Global, and a state-backed fund from Chongqing. Seres’ Shanghai-listed shares have quadrupled since early 2023.
Big Picture
Seres is one of the most remarkable success stories in China’s auto industry. Once a maker of shock absorbers and motorcycles, the Chongqing-based company now builds high-tech EVs powered by Huawei systems. Seres embodies the sector’s new mindset: technology first, cars second.
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