Core Viewpoint - The successful IPO of Seres in Hong Kong marks a significant milestone, with a market capitalization nearing HKD 280 billion, surpassing that of Chery Automobile, and establishing it as the largest car company IPO in Hong Kong since 2025 [1][2]. Group 1: IPO Details - Seres' IPO was priced at HKD 131.50 per share, with a total global offering of approximately 109 million H-shares, achieving a subscription rate of 132.68 times for the Hong Kong public offering and 8.61 times for the international offering [2][4]. - Over 20 cornerstone investors participated in the IPO, collectively acquiring approximately 48.83 million H-shares, with the Chongqing Industry Fund receiving the largest allocation of 16.55 million shares [4][6]. Group 2: Fund Utilization - The IPO raised approximately HKD 142.83 billion, with a net amount of about HKD 140.16 billion earmarked for various initiatives, including 70% allocated to research and development [6][7]. - Specific allocations include around 40% for enhancing core technology capabilities and innovation, and 30% for expanding product development to enrich the product portfolio and enter international markets [6][7]. Group 3: Market Position and Performance - Seres aims to enhance its global visibility and penetrate the high-end automotive market through localized high-end brand models and continuous development of international electric vehicle models [7]. - In October 2025, Seres reported a total production of 52,600 electric vehicles, a year-on-year increase of 46.58%, and a total sales volume of 51,456 units, reflecting a growth of 42.89% compared to the previous year [7][9]. - For the first three quarters of 2025, Seres achieved a net profit attributable to shareholders of CNY 5.31 billion, marking a year-on-year increase of 31.56% [10][11].

Core Viewpoint - Seres (601127) has successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization close to HKD 280 billion, making it the largest IPO of a car company in Hong Kong in 2023 [2] Group 1: IPO Details - The IPO price was set at HKD 131.50 per share, with a total global offering of approximately 109 million H-shares [3] - The Hong Kong public offering was oversubscribed by 132.68 times, while the international offering was oversubscribed by 8.61 times [4][5] - Over 20 cornerstone investors participated in the IPO, with Chongqing Industry Fund receiving the largest allocation of 16.55 million shares [6] Group 2: Fundraising and Utilization - The IPO raised approximately HKD 142.83 billion, with a net amount of about HKD 140.16 billion [8] - Around 70% of the net proceeds will be allocated to research and development, with 40% aimed at enhancing core technology capabilities and 30% for expanding product development [8] Group 3: Sales and Financial Performance - In October 2025, Seres sold 51,456 electric vehicles, marking a year-on-year increase of 42.89%, with cumulative sales for the year reaching 356,085 units, a 0.95% increase [11] - For the first three quarters of 2025, the company reported a net profit attributable to shareholders of CNY 5.31 billion, a year-on-year increase of 31.56% [12] - The total revenue for the reporting period was CNY 48.13 billion, reflecting a 15.75% increase compared to the same period last year [13]

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]

转自：新华财经 新华财经上海11月5日电（李一帆）11月5日赛力斯港股上市首日，开盘价128.9港元／股，较发行价下 跌2%。截至发稿，该股报126.7港元／股，跌幅3.65%，总市值2207亿港元。 公告显示，赛力斯此次发售股份总数为1.08亿股H股，其中香港发售股份数为1086.19万股H股，国际发 售股份数为9775.71万股H股。最终发售价格为每股131.50港元，募集资金所得款项总额142.83亿港元， 所得款项净额140.16亿港元。此次配售共收到有效申请20.23万份，受理申请5.79万份，认购额达到 132.68倍。 乘联分会秘书长崔东树4日发文表示，汽车整车上市公司市值不仅是资本市场对企业当前经营成果的定 价，更是反映汽车行业趋势、技术变革与政策导向的"晴雨表"。其总结称，截至今年10月，资本市场显 示出新能源汽车仍是增长与估值的关键支撑，而部分传统燃油车企的稳健表现也为市场带来了多元化的 积极信号。 在企业层面，特斯拉的市值表现一枝独秀，截至10月规模已达10万亿元人民币，同比增幅高达88%。此 外，以零跑、小鹏、蔚来、赛力斯为代表的国产新势力，市值相较于去年同期也实现了飞跃，同比大幅 增 ...

Core Viewpoint - The article highlights the successful IPO of the Chinese electric vehicle company "Seres" on the Hong Kong Stock Exchange, marking it as the first A+H listed new energy vehicle company of the year, with a market capitalization reaching 220 billion HKD at launch [2][10]. Company Development Journey - Seres originated from a small spring factory founded by Zhang Xinghai and his brothers in 1986 with an initial capital of 8,000 CNY, evolving into a significant player in the automotive industry [4]. - The company transitioned from parts manufacturing to complete vehicle production in 1996, forming a joint venture with Dongfeng Motor, which provided essential production qualifications [5][11]. - After rebranding to Seres, the company focused on the new energy vehicle market, establishing a research center in Silicon Valley and investing heavily in smart manufacturing [6]. Financial Performance - Following a partnership with Huawei in 2021, Seres experienced a dramatic increase in stock price, reaching a peak market capitalization of over 850 billion CNY by mid-2021 [7]. - The company's revenue surged from 35.8 billion CNY in 2023 to 145.1 billion CNY in 2024, marking a year-on-year growth of 305.5%, with a net profit of 5.9 billion CNY in 2024, a 342.72% increase [7][8]. Strategic Partnerships and Investments - Dongfeng Motor, as a significant shareholder with 18.88% ownership, realized a profit of 41.5 billion CNY from its investment in Seres, highlighting the long-term strategic collaboration between the two companies [10][11]. - The Chongqing local government supported Seres through substantial investments, including a record 2.176 billion HKD from the Chongqing Industrial Mother Fund, facilitating the company's fundraising efforts [14]. Market Position and Product Success - Seres' models, particularly the AITO series, have achieved significant sales milestones, with the AITO M9 becoming the best-selling model in the 500,000 CNY segment in 2024, and the M7 leading the 300,000 CNY category [8][9]. - The company has established itself as a leader in the high-end electric vehicle market, contrasting with the broader trend of price reductions in the new energy vehicle sector [7][8]. Local Government Support - The Chongqing government has played a crucial role in Seres' development by providing resources and policy support, helping the company to establish a comprehensive supply chain and enhance production capabilities [14][15]. - The establishment of the Two Rivers Intelligent Factory exemplifies the government's commitment to facilitating rapid production timelines, significantly reducing the average industry setup time [15].

Group 1 - The core viewpoint of the article is that Seres Group has officially listed on the Hong Kong Stock Exchange, becoming a significant player in the automotive industry alongside other major companies like CATL and Chery Automobile [1][3]. - On the first trading day, Seres' H-shares experienced a decline, initially dropping over 6% and closing down 4.64% at HKD 125.4 [1]. - The net proceeds from the IPO will primarily be allocated to research and development, diversification of new marketing channels, overseas sales, and charging network services [1]. Group 2 - Seres initiated its IPO process on October 27 and set the final offering price at HKD 131.50 per share, excluding various transaction fees [3]. - The company has exercised part of its share issuance adjustment rights, expecting to issue an additional 8.40% of the total shares available for subscription [3]. - Since partnering with Huawei to develop the AITO brand, Seres has transitioned from a traditional automaker to a new force in smart electric vehicles, showing significant growth in sales and financial performance [3]. Group 3 - In 2024, Seres is projected to achieve vehicle sales of 497,000 units, representing a year-on-year increase of 96.98%, with revenue reaching CNY 145.176 billion, a growth of 305.04% [3]. - The net profit attributable to the parent company for 2024 is expected to be CNY 5.946 billion, making Seres the fourth global electric vehicle manufacturer to achieve annual profitability after Tesla, BYD, and Li Auto [3]. - For the first three quarters of 2025, Seres reported vehicle sales of 304,900 units, a year-on-year decrease of 3.82%, with revenue of CNY 110.534 billion, a growth of 3.67%, and a net profit of CNY 5.312 billion, reflecting a year-on-year increase of 31.56% [3].

Core Viewpoint - SERES has officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to achieve "A+H" dual listing, raising a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese car company to date and the largest global car IPO in Hong Kong since 2025 [5][7]. Group 1: IPO and Market Response - The IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times, raising over HKD 170 billion in financing [7]. - Approximately 70% of the funds raised will be allocated to R&D, while 20% will be used for diversified new marketing channels, overseas sales, and charging network services [7]. - The issuance attracted 22 cornerstone investors, indicating strong market recognition of SERES's high-quality development and growth potential, which will enhance the company's valuation and capital operation efficiency [7]. Group 2: Global Expansion and Market Position - SERES has established a global presence in Europe, the Middle East, the Americas, and Africa, with successful market penetration in key European regions such as Norway, Germany, the UK, and Switzerland [7]. - The dual capital platform will further drive SERES's technological innovation, brand value enhancement, and global market expansion [7]. Group 3: Product Development and Innovation - SERES focuses on high-end smart electric vehicles, having fully transitioned to the new energy vehicle sector in 2016 and launched the AITO brand in collaboration with Huawei in 2021 [8][10]. - The AITO brand has introduced four models: M9, M8, M7, and M5, with cumulative deliveries exceeding 800,000 units, reflecting strong market acceptance [8]. - SERES emphasizes software-defined vehicles and technological innovation, developing platforms such as the SERES Magic Cube Technology Platform and SERES Super Range Extender, establishing a solid technological moat [10].

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index down by 250.77 points, or 0.97%, at 25,701.63 points [1] - The Hang Seng Tech Index also opened lower, down 101.75 points, or 1.75%, at 5,716.54 points [2] Impact of US Market - Analysts indicated that the drop in the Hang Seng Index is primarily due to a significant decline in the US stock market the previous night, where the Dow Jones fell by 0.53% and the Nasdaq dropped over 2% [4] New Listings - The new energy vehicle company, Seres (09927.HK), faced a poor market debut, with its stock price falling nearly 10% from the issue price of 131.5 HKD to a low of 118 HKD [4] Sector Performance - The technology sector saw collective declines, with notable drops including Bilibili down over 5%, Kuaishou down over 3%, and Alibaba and Tencent both down over 2% [5] - Gold stocks continued to decline, with Zijin Mining International down over 3% [5] - The lithium battery sector also experienced declines, with Ganfeng Lithium down over 4% [5] Capital Flow Insights - According to CICC, the active performance of Hong Kong stocks this year is closely related to liquidity, driven by international funds seeking asset diversification and domestic funds looking for higher returns through southbound channels [6] - A noteworthy observation is that individual investors have played a significant role in the recent inflow of southbound funds, indicating potential variability in market impact [6] Regulatory Changes - UBS commented on the recent adjustment of the gold value-added tax deduction policy, suggesting it may lead to decreased liquidity in investment gold products and shift some demand towards gold ETFs [6] - The new tax costs in the gold jewelry consumption sector are expected to be largely passed on to consumers, potentially pressuring recent gold consumption demand [6]

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index at 25,701.63 points, down 250.77 points, a decline of 0.97% [1] - The Hang Seng Tech Index opened at 5,716.54 points, down 101.75 points, a decrease of 1.75% [1] Impact of US Market - Analysts noted that the drop in the Hang Seng Index was primarily influenced by a significant decline in the US stock market the previous night, where the Dow Jones fell by 0.53% and the Nasdaq dropped over 2% [3] New Listings - The new energy vehicle company, Seres (601127) (09927.HK), faced a poor market debut, with its stock price falling nearly 10% to a low of 118 HKD from the issue price of 131.5 HKD [3][4] Sector Performance - The technology sector saw collective declines, with Bilibili down over 5%, Kuaishou down over 3%, and Alibaba and Tencent both down over 2% [4] - Gold stocks continued to decline, with Zijin Mining International down over 3% [4] - The lithium battery sector also experienced declines, with Ganfeng Lithium (002460) down over 4% [4] Capital Flows - According to CICC, the active performance of Hong Kong stocks this year is closely related to liquidity, driven by international funds seeking asset diversification and domestic funds looking for higher returns through southbound channels [5] - Notably, individual investors have played a significant role in the recent inflow of southbound funds, indicating that personal investment potential may significantly impact future market trends [5] Regulatory Changes - UBS commented on the recent adjustment of the gold value-added tax deduction policy, suggesting it aims to enhance regulation of investment gold products, which may reduce liquidity and shift some investment demand towards gold ETFs [5] - The new tax costs in the gold jewelry consumption sector are expected to be largely passed on to consumers, potentially putting pressure on recent gold consumption demand [5]

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index at 25,701.63 points, down 250.77 points, a decline of 0.97% [1] - The Hang Seng Tech Index opened at 5,716.54 points, down 101.75 points, a drop of 1.75% [1] Impact of US Market - Analysts noted that the drop in the Hang Seng Index was primarily influenced by a significant decline in the US stock market the previous night, where the Dow Jones fell by 0.53% and the Nasdaq dropped over 2% [3] New Listings - The new energy vehicle company, Seres (09927.HK), faced a poor market debut, with its stock price falling nearly 10% to a low of 118 HKD from the issue price of 131.5 HKD [3][4] Sector Performance - Technology stocks collectively declined, with Bilibili down over 5%, Kuaishou down over 3%, and Alibaba and Tencent both down over 2% [4] - Gold stocks continued to fall, with Zijin Mining International down over 3% [4] - The lithium battery sector also saw most stocks decline, with Ganfeng Lithium down over 4% [4] Capital Flows - According to CICC, the active performance of Hong Kong stocks this year is closely related to liquidity, driven by international funds seeking asset diversification and domestic funds looking for higher returns through southbound channels [5] - Notably, individual investors have played a significant role in the recent inflow of southbound funds, indicating that while institutional capital may be limited, the potential and variability of individual investors could significantly impact the market [5] Regulatory Changes - UBS commented on the recent adjustment of the gold value-added tax deduction policy, suggesting it aims to enhance regulation of investment gold products, which may reduce liquidity and shift some investment demand towards gold ETFs [5] - The new tax burden is expected to be largely passed on to consumers in the gold jewelry sector, potentially putting pressure on recent gold consumption demand [5]