SERES(SH:601127) Sou Hu Cai Jing·2025-10-28 01:13Core Viewpoint - Seres has launched its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 12.92 billion (around RMB 11.83 billion) with a base offering of 100.2 million H-shares, marking a significant milestone for the company and potentially becoming the largest car company IPO in Hong Kong this year [1][4]. Group 1: IPO Details - The IPO period runs from October 27 to October 31, with the listing date set for November 5 under the stock code "9927" [1]. - The offering includes 10.02 million shares for public sale in Hong Kong and approximately 90.18 million shares for international placement, subject to adjustments [1][3]. - The maximum offer price is set at HKD 131.50 per share, with expected net proceeds of HKD 12.92 billion if the over-allotment option is not exercised [1]. Group 2: Financial Performance - In 2024, Seres achieved total revenue of RMB 145.11 billion, a year-on-year increase of 305.47%, with a net profit attributable to shareholders of RMB 5.946 billion [4]. - The company reported a gross margin of 23.8% for its electric vehicles, making it the fourth profitable electric vehicle manufacturer globally after Tesla, BYD, and Li Auto [4]. - For the first half of 2025, Seres recorded total revenue of RMB 62.36 billion, with a net profit of RMB 2.941 billion, reflecting an 81.03% year-on-year growth [4]. Group 3: Strategic Investments and Partnerships - The IPO has attracted 22 cornerstone investors, including notable funds such as Chongqing Industry Mother Fund and Schroders, indicating strong market interest [3]. - The funds raised from the IPO will be allocated to R&D, new marketing channels, overseas sales, charging network services, and general corporate purposes [3]. - In June 2023, Seres completed a strategic investment round totaling RMB 5 billion, further strengthening its financial position [5].