SERES(SH:601127) Sou Hu Cai Jing·2025-10-27 08:45Core Viewpoint - Company is set to launch its IPO in Hong Kong, aiming to become the first luxury new energy vehicle company listed in both A-share and H-share markets, enhancing its global presence and competitiveness in the high-end market [1][5]. Group 1: IPO Details - The IPO will have a base issuance of 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement, subject to adjustments [2]. - At the maximum offer price of HKD 131.50 per share, the expected net proceeds from the offering are approximately HKD 12.9249 billion, assuming no exercise of the over-allotment option [2]. - The IPO has attracted 22 cornerstone investors, including notable funds such as Chongqing Industry Mother Fund and Schroders, indicating strong market interest [2]. Group 2: Business Performance and Growth - The company has achieved significant sales milestones, with over 200,000 units of the high-end electric vehicle model, the Wanjie M9, delivered since its launch in collaboration with Huawei [3]. - For the fiscal year 2024, the company projects revenues of approximately CNY 145.114 billion, representing a year-on-year growth of 305.47%, with a net profit of CNY 5.946 billion and a gross margin of 23.8% [5]. - In the first half of 2025, the company anticipates revenues of CNY 62.359 billion and a net profit of CNY 2.941 billion, reflecting an 81.03% increase year-on-year [5].