SERES(SH:601127) 智通财经网·2025-10-26 23:54Core Viewpoint - The company, Seres, is set to launch an initial public offering (IPO) of 100.2 million H-shares, with a price cap of HKD 131.50 per share, aiming to raise approximately HKD 12.925 billion for various strategic investments [1][3]. Group 1: IPO Details - The IPO will take place from October 27 to October 31, 2025, with 10% allocated for public sale in Hong Kong and 90% for international investors, along with a 15% over-allotment option [1]. - The expected trading start date for the H-shares is November 5, 2025 [1]. Group 2: Cornerstone Investment Agreements - The company has secured cornerstone investment agreements with multiple funds and investment firms, totaling approximately USD 826.5 million [2]. Group 3: Use of Proceeds - Approximately 70% of the net proceeds from the IPO will be allocated to research and development, 20% for diversifying marketing channels and enhancing global brand awareness, and 10% for working capital and general corporate purposes [3]. Group 4: Company Overview - Seres focuses on the research, development, manufacturing, sales, and service of electric vehicles and core components, leveraging nearly 40 years of industry experience [4]. - The company has launched several models under its core brand, "Wenjie," achieving significant sales milestones, including the Wenjie M5, M7, M8, and M9, with the M7 projected to deliver around 200,000 units in 2024 [4]. Group 5: Performance Metrics - The Wenjie brand achieved a total delivery of 387,100 units in 2024, representing a year-on-year growth of 268% [4]. - Financially, the company's revenue is expected to increase from RMB 35.8 billion in 2023 to RMB 145.1 billion in 2024, marking a growth of 305.5% [5]. - The gross margin is projected to rise from 7.2% in 2023 to 23.8% in 2024, an increase of 16.6 percentage points [5].