SERES(SH:601127) Sou Hu Cai Jing·2025-10-26 23:40Core Viewpoint - Seres is set to launch its IPO on the Hong Kong Stock Exchange, with a total issuance scale of approximately $1.7 billion, marking it as one of the largest tech IPOs in Asia for 2025 [3][4] Group 1: IPO Details - Seres submitted its listing application to the Hong Kong Stock Exchange on April 28, 2023, and passed the hearing on October 13, 2023 [3] - The international placement and public offering began on October 27, 2023, with the final issue price expected to be determined on November 3, 2023, and trading to commence on November 5, 2023 [3] - The issuance scale is approximately $1.7 billion, with 49% or $826 million already subscribed by 22 cornerstone investors, including Schroders and Mirae [3] Group 2: Valuation and Market Position - The target price range for Seres' shares is set between 120-140 RMB (approximately 150-175 HKD), corresponding to a market capitalization of 118.5-142.2 billion RMB [3] - If priced at 131.50 HKD, Seres' market capitalization would reach approximately 215 billion HKD, placing it alongside other new energy vehicle companies like NIO and Li Auto [3] Group 3: Fund Utilization - 70% of the net proceeds from the fundraising will be allocated to technology research and development, 20% to overseas sales networks and charging infrastructure, and 10% for working capital [3] Group 4: Expansion Plans - Seres plans to establish 100 experience centers in Europe and the Middle East by 2026 and collaborate with Huawei to build a supercharging network aimed at covering 80% of major international highways [4]