Core Viewpoint - The successful listing of Seres (09927.HK) on the Hong Kong Stock Exchange marks a significant milestone for the company, establishing it as a leading player in the high-end electric vehicle market and attracting substantial investor interest [2][3]. Group 1: IPO and Market Performance - Seres achieved a net fundraising amount of HKD 14.016 billion, making it the largest IPO by an automotive company in Hong Kong this year and the third largest overall for the year [2]. - The stock debuted with a trading volume of HKD 2.379 billion, closing at a market capitalization of HKD 227.964 billion, ranking second in the Hong Kong automotive sector, just behind BYD (01211.HK) [2]. - The public offering was oversubscribed by 132.68 times, while the international offering saw an oversubscription of 8.61 times, indicating strong market confidence [2]. Group 2: Investor Participation - Seres attracted 23 cornerstone investors, including notable companies and investment institutions, which collectively subscribed to 48.8287 million shares, amounting to HKD 6.42 billion at the issue price of HKD 131.50 per share [3]. - This strong backing from institutional investors underscores the positive outlook for Seres' growth prospects and its leading position in the smart vehicle sector [3]. Group 3: Business Overview and Product Line - Seres' business encompasses the research, manufacturing, sales, and service of electric vehicles and key components, with its high-end models including the Wenjie M5, M7, M8, and M9 series [4]. - The Wenjie brand achieved a Net Promoter Score (NPS) of 82%, ranking first in the electric vehicle reputation rankings, with total deliveries expected to reach 387,100 units in 2024, reflecting a year-on-year growth of 268% [4]. Group 4: Financial Performance and Global Expansion - From 2022 to 2024, Seres' revenue surged from CNY 30.456 billion to CNY 145.114 billion, with net profits of CNY 5.946 billion and CNY 2.941 billion for 2024 and the first half of 2025, respectively [6]. - The company has expanded its global footprint into key markets in Europe, the Middle East, the Americas, and Africa, with operations established in countries such as Norway, Germany, the UK, and Switzerland [6]. - The Hong Kong listing is expected to enhance Seres' capital structure and accelerate the development of overseas factories and smart manufacturing systems [6].

11月5日，赛力斯（601127）(股票代码：9927.HK)在香港交易所主板正式挂牌上市，成为首家"A+H"两地上市的豪华 新能源车企。 据公告，此次发售量调整权已获部分行使，赛力斯港股全球公开发售1.086亿股股份，募集资金净额为140.16亿港元。 此次募集的资金赛力斯将重点投入全球产品研发、营销服务和渠道建设，以及必要的全球生产能力建设。 此次上市不仅标志着赛力斯在资本国际化道路上迈出至关重要的一步，也为公司未来全球化战略布局奠定基础。 赛力斯此次港股成功上市，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。 赛力斯坚持"软件定义汽车"的技术路线和"用户定义汽车"的市场导向，坚持高端化、智能化、绿色化发展。业内人士 分析认为，此次港股上市，是赛力斯发展历程中的又一里程碑。不仅为公司提供国际资本支持，提升品牌全球影响 力，同时还将完善国际化治理结构，助力公司加速全球布局。 在当天的上市庆祝仪式上，赛力斯集团董事长(创始人)张兴海表示，将充分发挥香港国际金融枢纽以及高端人才优 势，持续跨界合作，激活长板优势资源，以全球智慧赋能中国智造高质量发展，提供符合全球用户期待、具有国 ...

证券代码：601127 证券简称：赛力斯 公告编号：2025-094 赛力斯集团股份有限公司 关于 H 股挂牌并上市交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 赛力斯集团股份有限公司（以下简称"公司"）正在进行发行境外上市外资 股（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以 下简称"本次发行上市"）的相关工作。 公司本次全球发售 H 股总数为108,619,000股（行使超额配售权之前），其 中，香港公开发售10,861,900股，约占全球发售总数的10.00%（行使超额配售权 之前）；国际发售97,757,100股，约占全球发售总数的90.00%（行使超额配售权 之前）。根据每股 H 股发售价131.50港元计算，经扣除全球发售相关承销佣金及 其他估计费用后，并假设超额配售权未获行使，公司将收取的全球发售所得款项 净额估计约为140.16亿港元。 经香港联交所批准，公司本次发行的108,619,000股 H 股股票（行使超额配 售权之前）于2025年11月5日在香港联交所主板挂牌并 ...

Core Viewpoint - The company, Seres (601127.SH), has received approval from the Hong Kong Stock Exchange to list 109 million H-shares, which will be traded on the main board starting November 5, 2025 [1]. Group 1 - The total number of H-shares to be issued is 109 million [1]. - The H-shares will be listed under the Chinese name "赛力斯" and the English name "SERES," with the stock code "9927" [1].

Core Viewpoint - Company Seres (601127.SH) has received approval from the Hong Kong Stock Exchange to list 109 million H-shares, which will commence trading on November 5, 2025 [1] Group 1 - The H-shares will be listed under the Chinese name "赛力斯" and the English name "SERES" with the stock code "9927" [1]

Core Viewpoint - The company announced a global offering of H-shares totaling 109 million shares, with a significant portion allocated for international sale, indicating a strategic move to enhance capital and market presence [1] Group 1: Offering Details - The total number of H-shares for global offering is 109 million shares, with 11 million shares (10%) allocated for public offering in Hong Kong and 98 million shares (90%) for international offering [1] - The estimated net proceeds from the offering, based on a share price of HKD 131.50, is approximately HKD 14.016 billion [1] Group 2: Listing Information - The 109 million H-shares are set to be listed on the Hong Kong Stock Exchange on November 5, 2025, under the stock code "9927" [1] Group 3: Shareholding Impact - Post-offering, the shareholding percentage of A-share shareholders will decrease to 93.76%, assuming the over-allotment option is not exercised, which will also affect the major shareholders like Chongqing Sokon Holding [1]

Core Viewpoint - SERES has officially listed its H-shares on the Hong Kong Stock Exchange on November 5, 2023, under the stock code "9927" [1] Group 1 - The H-shares of SERES are traded under the Chinese name "赛力斯" and the English name "SERES" [1]

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 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]