SERES(SH:601127) Sou Hu Cai Jing·2025-10-27 08:05Core Viewpoint - The announcement of Seres Group's IPO on the Hong Kong Stock Exchange marks a significant milestone as it becomes the first luxury electric vehicle company in China to be listed in both A-shares and H-shares, indicating a new phase in its capital development [1] Group 1: IPO Details - Seres plans to issue approximately 100.2 million H-shares, with the subscription period ending on October 31, and the final issue price to be determined on November 3 [3] - The entry fee for investors is approximately HKD 13,282.6 for a lot of 100 shares, based on a maximum issue price of HKD 131.50 per share [3] - A strong base of 22 institutional investors has committed to subscribing for approximately USD 826.5 million worth of shares, reflecting confidence in Seres' business model and growth potential [3] Group 2: Fund Utilization - The net proceeds from the IPO are expected to be around HKD 12.9 billion to HKD 13 billion, with about 70% allocated for technology research and development [5] - Approximately 20% of the funds will be used to expand overseas markets and enhance the charging network, supporting Seres' international brand presence [5] - The remaining 10% will be allocated to supplement working capital for daily operations [5] Group 3: Financial Performance - In 2024, Seres achieved revenue of HKD 145.11 billion, a year-on-year increase of 305%, and a net profit of HKD 5.946 billion, marking its transition to profitability [5] - This positions Seres among the few profitable electric vehicle companies globally, alongside Tesla and BYD, breaking the industry's previous trend of losses [5] Group 4: Strategic Partnerships - The collaboration with Huawei has been pivotal, leading to the successful launch of the AITO brand and its popular models, which have significantly impacted market demand [6] - The partnership combines Huawei's technological capabilities with Seres' manufacturing strengths, creating a powerful market presence [6] Group 5: Future Implications - The IPO will provide Seres with a new international financing channel to support its R&D and global market expansion [7] - The dual listing structure (A+H) will enhance Seres' visibility and influence in international capital markets, attracting a diverse range of global investors [7] - The entry of Seres as the first A+H stock in the Chinese electric vehicle sector will reshape the competitive landscape, with capital, technology, and globalization being key growth drivers [7]