Core Viewpoint - The IPO of Seres in the Hong Kong market faced significant challenges, including high valuation concerns, performance pressures, and diminishing influence from its partnership with Huawei, leading to a precarious debut on November 5, 2025, where the stock nearly fell below its issue price [1][10]. Valuation and Market Demand - Seres' IPO was priced at HKD 131.50 per share, reflecting a 22.7% discount compared to its A-share closing price of RMB 155.19, which raised questions about its valuation [3][4]. - Despite a high subscription rate of 8.6 times, the actual exercise of the issuance adjustment right was only about 56%, indicating weak institutional demand [5][12]. Financial Performance - For the first three quarters of 2025, Seres reported revenue of RMB 110.5 billion, a modest year-on-year growth of 3.7%, while net profit was RMB 5.3 billion, showing a decline of 1.7% in the third quarter [6][9]. - The company is projected to achieve a total revenue of RMB 178.2 billion for 2025, but as of the third quarter, it had only completed 60% of this target [6][9]. Competitive Landscape - The competitive environment in the electric vehicle market is intensifying, with Seres experiencing a 4.3% decline in cumulative sales in the first ten months of 2025 [7][10]. - Compared to competitors like BYD and others, Seres' valuation remains high, with a projected PE ratio of 44.8 for 2024, significantly above the industry average [8][10]. Market Sentiment and Investor Behavior - The first-day trading volatility reflected a divided sentiment among institutional investors, with major foreign brokerages like Morgan Stanley and UBS net selling shares, indicating a lack of confidence in Seres' valuation and performance [11][12]. - The reliance on Huawei for competitive advantage is seen as a risk, as the market favors companies with independent capabilities and profitability [10][13].

Core Viewpoint - The successful IPO of Seres Group on the Hong Kong Stock Exchange marks a significant milestone, raising HKD 14.016 billion, the largest IPO record for a Chinese automotive company [1][7]. Group 1: IPO Details - Seres Group officially listed on the Hong Kong Stock Exchange on November 5, 2025, with an opening price of HKD 128.9, down 2% from the issue price of HKD 131.50 [1]. - The IPO was highly sought after, with a subscription rate of 132.68 times for the public offering and 8.61 times for the international offering, leading to an additional issuance of 8,419,000 shares [2][3]. - A total of 19 cornerstone investors participated, collectively subscribing to 48,828,700 shares, accounting for 44.95% of the total global offering [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, Seres reported a revenue of CNY 110.534 billion, with a net profit of CNY 5.312 billion, reflecting a year-on-year growth of 31.56% [4][5]. - In Q3 alone, the company achieved a revenue of CNY 48.133 billion, a 15.75% increase year-on-year and an 11.3% increase quarter-on-quarter [4][5]. Group 3: Sales and Market Position - From January to September 2025, Seres sold a total of 304,629 electric vehicles, with cumulative deliveries of the "Wenjie" series surpassing 800,000 units [6]. - The high-end models M8 and M9 accounted for 77% of total deliveries in Q3, contributing to a gross margin of 29.9%, an increase of 4.4 percentage points year-on-year [6]. Group 4: Use of Proceeds and Strategic Focus - The net proceeds from the IPO, approximately HKD 14.016 billion, will be primarily allocated to R&D in smart electric vehicle technology, capacity enhancement, and international market expansion [7]. - The company emphasizes strengthening investments in new energy and intelligence to solidify its competitive position in the global smart automotive market [7][8].

Core Viewpoint - The company, Seres Group, is set to raise approximately $1.7 billion through its IPO in Hong Kong, positioning itself as a significant player in the high-end electric vehicle market in China, akin to Tesla, BMW, and Mercedes-Benz [1][2]. Group 1: IPO Details - Seres plans to issue around 100 million shares at a price of HKD 131.50 per share, aiming for a total fundraising of approximately HKD 12.9 billion (around $1.66 billion), making it the third-largest IPO in Hong Kong this year [2]. - The IPO has seen an oversubscription rate of 133 times, with total subscription amounts exceeding HKD 120 billion [2]. Group 2: Market Position and Growth - The electric vehicle market in China has rapidly grown, with new energy vehicles accounting for half of passenger car sales, and Seres is emerging as a new contender in this space [1]. - The company's AITO brand has gained traction, with projected deliveries of over 200,000 units of the AITO M7 in 2024, making it the best-selling model in the 300,000 yuan price segment [1]. Group 3: Financial Performance - Seres has shown strong financial growth, with revenue increasing from 34.1 billion yuan (approximately $4.8 billion) in 2022 to an expected 145 billion yuan in 2024, marking a nearly fourfold increase [4]. - The sales volume of the AITO series is projected to reach 387,100 units in 2024, representing a year-on-year increase of 268% [4]. - Despite a slight revenue decline in the first half of the year, the company rebounded in the second quarter with a 10.8% year-on-year growth following the launch of the AITO M8 [6]. Group 4: Profitability and Margins - Seres is one of the few profitable companies in the competitive Chinese electric vehicle market, achieving a gross margin increase from 7.2% in 2023 to 26.5% in the first half of this year [6]. - The net profit for the first half of the year reached 2.94 billion yuan [6]. Group 5: Strategic Partnerships - A key aspect of Seres' appeal is its collaboration with Huawei, which supplies critical components for the intelligent cockpit and driver assistance systems across the AITO model range [7].

据悉，赛力斯此次IPO募资净额高达140.16亿港元，是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车企IPO。截至记者发稿，赛 力斯今日港股的收盘价为131.5港元/股，市值2290.7亿港元。 募资70%用于研发投入 11月5日，赛力斯在香港联合交易所主板正式挂牌上市，股票代码"9927"。这也意味着，历经近9个月，赛力斯实现了"A+H"两地上市。 官方数据显示，自10月27日启动港股招股以来，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。 图片来源：赛力斯公告 10月27日，赛力斯开启港股招股，全球发售H股基础发行股数为1.002亿股，初步安排香港公开发售1002万股（可予重新分配及视乎发售量调整权行使与 否而定），约占全球发售总数的10%；国际发售约9018万股（以上可予重新分配、视乎发售量调整权及超额配股权行使与否而定），约占全球发售总数 的90%。 据招股书披露，赛力斯本次发行吸引了22家基石投资者，其中包括重庆产业母基金、林园基金、广发基金、星宇香港等。"此次港股IPO募资所得约70% 将用于研发投入，约20%用于多元化新营销渠道投入、海外销售及充电网络 ...

Core Viewpoint - Hu Guang Co., Ltd. (605333.SH) announced that on October 27, 2025, Seres published its global offering document on the Hong Kong Stock Exchange, with a final offering price of HKD 131.50 per share, and will be listed on the main board of the Hong Kong Stock Exchange on November 5, 2025, with stock code 9927 [1] Summary by Relevant Sections - Investment Details - As of the announcement date, Hu Guang Hong Kong has used its own funds amounting to USD 19.8537 million, equivalent to the amount in Hong Kong dollars (excluding brokerage commissions, related transaction fees, and charges), to anchor its identity as an investor by subscribing to 1.173 million shares of Seres, representing approximately 0.07% of the total share capital after the global offering is completed (assuming the over-allotment option is not exercised) [1] - Lock-up Period - According to relevant regulations, the shares subscribed in this offering do not have a lock-up period [1]

Core Viewpoint - Company Cyberspace has successfully completed its IPO on the Hong Kong Stock Exchange, raising a record amount of capital and marking a significant milestone in its global expansion strategy [1][2]. Group 1: IPO Details - Cyberspace's IPO raised a net amount of HKD 14.016 billion, making it the largest IPO for a Chinese automotive company to date and the largest globally since 2025 [1]. - The stock debuted at HKD 131.5 per share, giving the company a market capitalization of HKD 229.07 billion [1]. - The public offering was oversubscribed by 133 times, with total financing subscriptions exceeding HKD 170 billion [2]. Group 2: Fund Allocation - Approximately 70% of the funds raised will be allocated to research and development, while 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [2]. Group 3: Global Strategy - The company aims to enhance its global presence by localizing high-end brands in overseas markets and developing international electric vehicle models that meet local standards [7][8]. - Cyberspace has established a presence in key regions including Europe, the Middle East, the Americas, and Africa, with successful market entries in countries like Norway, Germany, the UK, and Switzerland [8]. Group 4: Financial Performance - The company reported a revenue of approximately CNY 110.534 billion for the first three quarters of 2025, reflecting a year-on-year growth of 3.67%, with a net profit of CNY 5.312 billion, up 31.56% [11]. - Cyberspace achieved its first profit in 2024, with a net profit of approximately CNY 5.946 billion, after cumulative losses of about CNY 9.835 billion from 2020 to 2023 [12]. Group 5: Strategic Partnerships - The collaboration with Huawei has been pivotal, leading to the launch of the AITO brand and the successful delivery of over 800,000 vehicles [11]. - The company aims to sell one million AITO vehicles annually within five years, emphasizing the importance of this partnership for future growth [12].

Core Viewpoint - Seres has successfully listed on the Hong Kong Stock Exchange, marking a significant step in its international capital strategy and laying a solid foundation for its future global expansion [3][4]. Group 1: Company Overview - Seres has evolved over nearly 40 years, transitioning from automotive parts to high-end intelligent manufacturing, and has become a leader in China's high-end new energy vehicle market [4]. - The company has made significant strides since its transformation to new energy vehicles in 2016, including a partnership with Huawei to launch the high-end smart electric vehicle series, AITO [4][10]. Group 2: IPO Details - The company plans to issue 100.2 million H-shares, aiming for a net fundraising of approximately HKD 14.016 billion (about RMB 12.85 billion), which would be the largest IPO for a Chinese car company to date and the largest globally since 2025 [4][5]. - The IPO attracted 22 cornerstone investors, including notable institutions, collectively subscribing for approximately HKD 8.26 billion (about RMB 7.5 billion), reflecting strong market confidence in Seres' long-term value [5]. Group 3: Sales and Financial Performance - In October, Seres sold 51,456 new energy vehicles, a year-on-year increase of 42.89%, setting a new monthly sales record [6]. - Cumulatively, from January to October, the company sold 356,085 vehicles, with the AITO brand achieving a delivery milestone of over 800,000 units by September 2025 [6]. - Revenue for Seres was reported at RMB 340.56 billion in 2022 and RMB 357.89 billion in 2023, with a projected revenue of RMB 1,451.76 billion in 2024, marking a year-on-year increase of 305.04% [7]. Group 4: Profitability and Margins - Seres turned a profit in 2024 with a net profit of RMB 47.4 billion, becoming the fourth global new energy vehicle company to achieve profitability [9]. - The gross profit margin improved significantly from 7.2% in 2023 to 23.8% in 2024, indicating a strong enhancement in profitability quality [8]. Group 5: Product Strategy and R&D - The company has established a comprehensive product matrix with models M9, M8, M7, and M5, catering to diverse consumer needs in the luxury segment [12]. - Seres has invested over RMB 14 billion in R&D from 2022 to mid-2025, increasing its R&D expenditure as a percentage of revenue from 3.9% to 4.7% [12]. Group 6: Global Expansion and Partnerships - Seres is expanding its global footprint, planning to open 100 experience centers in Europe and the Middle East by 2026, and is collaborating with Huawei to build a network of supercharging stations [17]. - The company has formed strategic alliances with tech giants like ByteDance to enhance its AI capabilities, focusing on intelligent robotics and decision-making technologies [18].

Market Overview - On November 5, the Shanghai Composite Index rose by 0.23%, the Shenzhen Component Index increased by 0.37%, the ChiNext Index climbed by 1.03%, and the CSI 300 Index gained 0.19% [1] - Among the tradable A-shares, 3,379 stocks increased, accounting for 62.19%, while 1,905 stocks declined [1] Capital Flow - The main capital experienced a net outflow of 8.638 billion yuan, marking five consecutive trading days of net outflows [1] - The ChiNext saw a net outflow of 2.915 billion yuan, the STAR Market had a net outflow of 2.056 billion yuan, and the CSI 300 constituents experienced a net outflow of 2.576 billion yuan [1] Industry Performance - Out of the 28 first-level industries classified by Shenwan, 20 industries saw an increase, with the leading sectors being Electric Equipment and Coal, which rose by 3.40% and 1.39%, respectively [1] - The sectors with the largest declines were Computer and Non-Bank Financials, which fell by 0.97% and 0.49%, respectively [1] Industry Capital Inflow and Outflow - Eleven industries had net capital inflows, with Electric Equipment leading at a net inflow of 14.608 billion yuan and a daily increase of 3.40% [1] - The Coal industry followed with a daily increase of 1.39% and a net inflow of 1.092 billion yuan [1] - Twenty industries experienced net capital outflows, with the Computer industry leading at a net outflow of 6.363 billion yuan and a daily decline of 0.97% [1] - The Electronics sector had a net outflow of 4.616 billion yuan and a daily decrease of 0.19% [1] Individual Stock Performance - A total of 2,127 stocks had net capital inflows, with 777 stocks seeing inflows exceeding 10 million yuan, and 105 stocks with inflows over 100 million yuan [2] - The stock with the highest net inflow was Sungrow Power Supply, which rose by 7.11% with a net inflow of 1.501 billion yuan [2] - Other notable inflows included TBEA and CATL, with net inflows of 1.199 billion yuan and 977 million yuan, respectively [2] - Conversely, 111 stocks had net outflows exceeding 100 million yuan, with the largest outflows from Seres, Fulongma, and BYD, amounting to 1.231 billion yuan, 1.053 billion yuan, and 722 million yuan, respectively [2]

Group 1 - A-shares opened lower but rebounded, with the Shanghai Composite Index and ChiNext Index closing up by 0.05% and 0.17% respectively, while the Shenzhen Component Index fell by 0.15% [1] - The market turnover was 1.15 trillion yuan, a decrease of over 80 billion yuan compared to the previous trading day [1] - Sectors such as Hainan Free Trade Port, ultra-high voltage, and charging piles saw strong performance, with over 16 billion yuan of net inflow into the power equipment industry [1] Group 2 - Seres made its debut on the Hong Kong Stock Exchange on November 5, becoming the first "A+H share" luxury new energy vehicle company [2] - On its first trading day, Seres experienced a decline, with a minimum price of 118 HKD, nearly 10% lower than the issue price of 131.5 HKD, and a closing drop of nearly 3% [2] - The IPO raised a net amount of 14.016 billion HKD, marking it as the largest IPO for a Chinese car company to date and the largest global car company IPO in Hong Kong since 2025 [2] - The global offering consisted of 108.6 million H shares, with public offerings accounting for 10%, and the offering was oversubscribed by 133 times, raising over 170 billion HKD [2] - In 2023, 83 new stocks were listed on the Hong Kong Stock Exchange, with a first-day decline rate of 20% based on closing prices, and 36.59% based on intraday lows [2]

Core Viewpoint - Company Seres has successfully listed on the Hong Kong Stock Exchange (HKEX) with an issue price of HKD 131.5, becoming a dual-listed company in both A-shares and H-shares markets, joining other Chinese automotive companies like NIO and BYD [2][27]. Financial Performance - On its first trading day, Seres' stock opened at HKD 128.9, a 2% drop from the issue price, with a maximum decline exceeding 5% [6]. - For Q3 2025, Seres reported a revenue increase of 15.75% year-on-year, but net profit decreased by 1.74% [8]. - In the first three quarters of 2025, total revenue reached CNY 110.5 billion, a 3.67% increase, while net profit was CNY 53.12 billion, up 31.56% [8][14]. Market Position and Strategy - Seres is uniquely positioned in the Chinese electric vehicle (EV) market due to its long-standing partnership with Huawei, which has significantly benefited its performance [10]. - The company achieved a remarkable revenue growth of 305.5% in 2024, reaching CNY 145.1 billion, and turned a net profit of CNY 59 billion, marking a turnaround from a loss of CNY 2.4 billion in 2023 [11]. - Despite a challenging start in 2025, with Q1 revenue down 27.91%, Seres is focusing on product development and market expansion, including plans for new models and increased R&D investment [13][19]. R&D and Innovation - In the first half of 2025, Seres invested CNY 5.198 billion in R&D, a 154.9% increase, and secured 6,826 patents, reflecting a commitment to innovation [19]. - The company has developed several advanced technologies, including a high-efficiency electric drive system and a new technology platform showcased at the 2025 China Automotive Engineering Society conference [20]. International Expansion - Seres aims to enhance its international presence, having already begun deliveries of its SERES 5 model in Europe and planning to expand into various global markets [29]. - The company is also focusing on localizing production and operations in international markets, with plans to introduce new models under the AITO brand [30][32]. Brand Development - The AITO brand is positioned to lead Seres' international expansion, although challenges exist in gaining recognition in overseas markets compared to its domestic success [33]. - Seres has seen increasing brand recognition, with its AITO models receiving high scores in brand confidence and customer recommendations [22]. Production Capacity - To support the growth of the AITO brand, Seres has established a highly automated super factory, enhancing production capabilities and achieving significant delivery milestones for its models [25]. - The company has delivered over 800,000 vehicles across its AITO brand, with notable sales figures for the AITO M9 and M8 models [25]. Conclusion - Overall, Seres is navigating a complex landscape of financial performance, market positioning, and international expansion, with a focus on innovation and brand development as it seeks to solidify its place in the global automotive market [26][29].