2025.11.05 本文字数：2105，阅读时长大约4分钟 作者 |第一财经王方然 133倍超额认购，却在上市首日一度破发。赛力斯在港股上市的第一天，看起来有些"出师不利"。 11月5日，赛力斯（09927.HK）正式在港交所上市交易，但首日开盘即跌1.98%，盘中跌幅一度超过10%。截至收盘，报131.5港元/股，与发行价持平。 与赛力斯类似，高认购、首日破发的现象，在近期的港股新股中并不罕见。Wind数据显示，今年前三季度，98%的港股新股获超额认购，但近一年上市 的新股，超过20%出现首日破发，超半数在20个交易日后跌破发行价。而打新投资者在"稳赚不赔"的期待中，正面临越来越大的不确定性。 业内人士认为，认购倍数高只是说明目前市场资金充裕，存在投机情绪，但不一定代表了真实价值。 赛力斯盘中一度破发 在深圳工作的李明（化名）是众多赛力斯新股投资者之一。与许多被筛选出局的申购者不同，他是少数中签的"幸运儿"。上市当天，他掐着表等待开盘， 期待上涨，但市场的表现却与预料中不同。 11月5日，该股开盘就跌破发行价，跌幅一度扩大到10.27%，最低跌至118港元，此后经过激烈博弈，最终报收131.5港元，与发行 ...

Core Viewpoint - The successful listing of Seres Group on the Hong Kong Stock Exchange enhances its international financing channels and brand image, establishing a dual-platform structure that supports diversified capital and R&D investments [9][11]. Company Overview - Seres Group, listed under the stock code 09927, aims to leverage its H-shares to optimize its capital structure and increase R&D investments, with approximately 70% of the funds raised allocated for cutting-edge technology development [3][9]. Financial Performance - In 2024, Seres Group's revenue reached 145.176 billion, a year-on-year increase of 305.04%, with a net profit of 5.946 billion, marking a turnaround to profitability [11]. - For the first three quarters of 2025, revenue continued to rise to 110.534 billion, with a net profit of 5.312 billion, reflecting a growth of 31.56% [11]. - The company's total assets exceeded 121.506 billion, and net assets reached 27.803 billion, representing increases of 28.76% and 126.70% respectively [11]. Product and Market Strategy - The Wanjie brand serves as a core growth engine, with cumulative deliveries exceeding 800,000 units by September 2025, setting records in the luxury electric vehicle segment [12]. - Seres is focused on building a strong technological moat, investing in advanced technologies such as the Magic Cube technology platform and intelligent safety systems, aligning with the trend of "software-defined vehicles" [14]. Capital Market Engagement - The H-share listing has restructured the valuation system towards global standards, connecting with global investors and establishing a new valuation paradigm of "Chinese innovation + international capital" [11]. - The company secured commitments from 22 cornerstone investors, raising approximately 826 million USD (around 64.21 billion HKD) [15]. Future Outlook - Seres plans to expand its overseas network through various strategies, including joint ventures and acquisitions, focusing on markets in the Middle East, Europe, Central America, and South America [16]. - The company aims to enhance its global brand influence and establish a comprehensive service system covering sales and charging networks [16].

Core Viewpoint - The article discusses the phenomenon of high subscription rates for IPOs in the Hong Kong market, exemplified by the case of Saisir, which experienced a significant drop in share price on its first trading day despite a 133 times oversubscription, indicating a disconnect between market enthusiasm and actual stock performance [3][4][8]. Group 1: IPO Performance - Saisir's stock opened down 1.98% on its first day and hit a low of 118 HKD, ultimately closing at 131.5 HKD, equal to its issue price [3][7]. - In the first three quarters of the year, 98% of new Hong Kong IPOs were oversubscribed, but over 20% of these stocks experienced a drop on their first trading day [3][10]. - The overall IPO market in Hong Kong raised 182.45 billion HKD in the first three quarters, with 68 new stocks listed [10]. Group 2: Market Sentiment and Investor Behavior - High subscription rates reflect ample market liquidity and speculative sentiment, but do not necessarily correlate with the intrinsic value of the companies [4][8]. - Investors are increasingly facing uncertainty, as many are experiencing losses despite the high demand for new shares [11][12]. - The phenomenon of "leveraged IPO investing" is contributing to investor losses, as individuals incur costs regardless of whether they receive shares [13]. Group 3: Company-Specific Concerns - Saisir's revenue structure is heavily reliant on a single brand, with the "Wen Jie" series accounting for over 90% of total revenue, raising concerns about its business model [8]. - The company's financial performance showed a revenue of 110.53 billion CNY in the first three quarters, with a net profit increase of 31.56% to 5.31 billion CNY [7]. Group 4: Historical Context - The current IPO failure rate is at a historical low, with only 24% of new stocks experiencing a drop on their first day, the lowest since 2017 [13]. - Despite the high subscription rates, the market has seen a significant number of stocks drop below their issue price within 20 trading days [12][13].

Core Viewpoint - The recent IPO of Seres (09927.HK) faced significant market volatility, with a high subscription rate of 133 times but a first-day drop in share price, indicating a disconnect between investor enthusiasm and actual market performance [1][2][3] Company Performance - Seres achieved a revenue of 110.53 billion yuan in the first three quarters of the year, reflecting a year-on-year growth of 3.67%, while net profit surged by 31.56% to 5.31 billion yuan [2] - The company's revenue structure is heavily reliant on its "Wenjie" series, which accounted for over 90% of total revenue by mid-2025, raising concerns about its business model sustainability [3] Market Trends - The Hong Kong IPO market has seen a surge in new listings, with 68 new stocks raising a total of 182.45 billion HKD in the first three quarters of the year, and 98% of these stocks were oversubscribed [4] - Despite the high subscription rates, over 20% of newly listed stocks experienced a first-day drop, and more than half fell below their issue price within 20 trading days [6][7] Investor Behavior - Many investors, despite the high demand for new shares, are facing losses due to the phenomenon of "IPO breaking," where stocks drop below their issue price shortly after listing [5][6] - The use of leverage in IPO investments has exacerbated losses for some investors, as they incur costs regardless of whether they receive shares or not [7]

中国经济网北京11月5日讯 赛力斯集团股份有限公司（以下简称"赛力斯"，09927.HK）今日在港交所上市，开盘即破发， 报128.9港元。截至收盘，赛力斯报131.5港元，涨幅0%。 配发结果公告显示，赛力斯全球发售的发售股份数目为108,619,000股H股（经计及发售量调整权获部分行使以及视乎超额 配股权行使与否而定），香港发售股份数目为10,861,900股H股，国际发售股份数目为97,757,100股H股（经计及发售量调整权 获部分行使以及视乎超额配股权行使与否而定）。 | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 108.619.000 | | 香港公開發售的發售股份數目(經計及發售量調整 | 10.861.900 | | 權已獲部分行使) | | | 國際發售的發售股份數目(經計及發售量調整權已 | 97.757.100 | | 獲部分行使) | | | 於上市時已發行的股份數目（於超額配股權獲行使 | 1.741.985.086 | | 前) | | 赛力斯的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中国国际金融香港证券有限公 司、 ...

每经AI快讯，11月5日，赛力斯(09927.HK)在香港联合交易所主板挂牌上市。此举意味着赛力斯成为国 内首家"A+H"两地上市的豪华新能源车企，此次募资净额140.16亿港元，迄今为止规模最大的中国车企 IPO，也是2025年以来全球规模最大的整车企业IPO。 ...

"A+H"双资本平台赋能 加速全球化战略布局 智通财经APP获悉，11月5日，赛力斯(09927)在香港联合交易所主板正式挂牌上市。此举意味着赛力斯成为国内首家"A+H"两地上市的豪华新能源车企，此 次募资净额140.16亿港元，迄今为止规模最大的中国车企IPO，也是2025年以来全球规模最大的整车企业IPO。 此次港股顺利上市，不仅开辟了全新国际融资平台为公司注入长期发展动能，为未来全球化战略布局奠定坚实基础，更将为中国整车企业出海提供"技术 +资本"双轮驱动的全新范式。 赛力斯坚持软件定义汽车，深耕技术创新，以安全为底座，以智慧重塑豪华，坚定不移走高质量发展之路。依托高强度研发投入，公司相继推出了赛力斯魔 方技术平台、赛力斯超级增程、赛力斯智能安全等创新技术成果，构建起坚实的技术护城河。 此外，赛力斯与国内顶尖高校、科技企业共同探索具身智能等新兴领域，积极发挥在制造业领域和产业大脑的基础及创新优势，推动人工智能的产业化应用 落地，实现AI+具身智能有情感、更智慧、更安全、可信赖的移动智能体和生活伙伴。 未来，赛力斯将坚持以技术创新为引擎、以用户需求为导向、以全球市场为舞台，进一步扩大其在豪华新能源赛道的领 ...

11月5日，赛力斯（股票代码：09927.HK）在香港联合交易所主板正式挂牌上市。此举意味着赛力斯成为国内首家"A+H"两地上市的豪华新能源车企，此次募资净额140.16亿港元，是迄今为止 此次港股顺利上市，不仅开辟了全新国际融资平台为公司注入长期发展动能，为未来全球化战略布局奠定坚实基础，也将为中国整车企业出海提供"技术+资本"双轮驱动的全新范式。 自10月27日启动港股招股以来，赛力斯迅速引爆市场热情，认购热度持续高涨。赛力斯香港招股公开发售超额认购133倍，融资认购超1700亿港元。此次港股IPO募资所得约70%将用于研发投入 更值得关注的是，此次发行吸引了包括重庆产业母基金、林园基金、广发基金、施罗德、中邮理财、星宇香港等在内的22家基石投资者，凸显了资本市场对赛力斯高质量发展以及高成长价值的认 作为一家以新能源汽车为核心业务的技术科技型企业，赛力斯始终锚定高端智能电动汽车主航道。截至目前，问界品牌已推出问界M9、问界M8、问界M7、问界M5四款车型，问界系列累计交付超 在海外，目前赛力斯全球化版图已覆盖欧洲、中东、美洲及非洲的多个国家。其中，欧洲市场已成功拓展至挪威、德国、英国、瑞士等关键区域，标志 ...

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index starting at 25,701.63 points, down 250.77 points, a decline of 0.97% [2] - The Hang Seng Tech Index opened at 5,716.54 points, down 101.75 points, a drop of 1.75% [2] - Analysts attribute the drop in the Hang Seng Index to a significant decline in US stocks the previous night, with the Dow Jones falling by 0.53% and the Nasdaq dropping over 2% [2] New Listings - The new energy vehicle company, Seres (09927.HK), began trading but faced immediate challenges, with its stock price falling nearly 10% to a low of 118 HKD from an issue price of 131.5 HKD [2] Sector Performance - Technology stocks experienced a collective decline, with Bilibili down over 5%, Kuaishou down over 3%, and Alibaba and Tencent both down over 2% [2] - Gold stocks continued to decline, with Zijin Mining International falling over 3% [2] - The lithium battery sector saw most stocks decline, with Ganfeng Lithium down over 4% [2] Future Outlook - CICC suggests that the active performance of Hong Kong stocks this year is closely related to liquidity, driven by two main forces: international funds seeking asset diversification amid a global "de-dollarization" narrative, and domestic funds looking for higher returns through southbound channels [2] - UBS commented on the recent adjustment of the gold value-added tax deduction policy, indicating that it aims to strengthen regulation on investment gold products, which may lead to decreased liquidity for these products and shift some investment demand towards gold ETFs [2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 分析人士指出，今日恒指跳空下跌，主要与昨晚美股大幅走低有关。昨日，道琼斯指数下跌0.53%，纳斯达克指数更是跌超2%，美股的大跌对今日亚太市场 形成一定冲击。 新股方面，新能源车企赛力斯（09927.HK）上市交易，但"生不逢时"，上市即遭遇破发。截至发稿，赛力斯最低报118港元，较131.5港元的发行价跌近 10%。 | 赛力斯 (09927) CAS | | | | --- | --- | --- | | 125.100 4.87% | 4-6.400 | | | A股:赛力斯 149.20 -3.51% 溢价H/A: -23.11% | | + 4 | | 行情报价 | | | | 成交量 | 704万股 最高 128.900 今开 | 128.900 | | 成交额 | 9.08亿 最低 118.000 HER | 131.500 | | 买量 | 28700股 振幅 8.29% 换手 | 6.48% | | 卖量 | 7500股 均价 129.118 | | | 每股收益TTM 4.515 市盈率TTM | 27.71 每股净 ...