SERES(SH:601127) Ge Long Hui·2025-10-26 23:49Core Viewpoint - The company, Seres (09927.HK), is planning a global offering of 100.2 million H-shares, with a maximum price of HKD 131.50 per share, aimed at enhancing its capital for research and development, marketing, and operational needs [1][4]. Group 1: Company Overview - Seres is a technology-driven enterprise focused on the electric vehicle (EV) sector, involved in the research, manufacturing, sales, and service of EVs and core components [1]. - The company has a history of nearly 40 years, starting from its initial venture in springs and shock absorbers, expanding into motorcycles, and eventually transitioning to the EV market in 2016 [1]. Group 2: Product and Market Performance - The company emphasizes a "user-defined car" market approach and a "software-defined car" technology route, aiming to provide sustainable and iterative product experiences [2]. - The core brand, "Wenjie," has seen rapid sales growth since its launch, with models like Wenjie M5, M7, M8, and M9 achieving significant market success [2]. - Wenjie M5 set a record for the fastest delivery of over 10,000 units for a new brand in its launch year, while Wenjie M7 became the best-selling model in the 300,000 RMB price range in China [2]. Group 3: Investment and Financials - The company has secured cornerstone investment agreements totaling approximately USD 826 million (around HKD 64.21 billion), with cornerstone investors committing to purchase 48.83 million shares at the maximum offering price [3]. - Assuming no adjustments to the offering and a share price of HKD 131.50, the estimated net proceeds from the global offering would be around HKD 12.925 billion, with planned allocations of 70% for R&D, 20% for marketing and global brand enhancement, and 10% for working capital [4].