SERES(SH:601127) Sou Hu Cai Jing·2025-10-29 07:21Core Viewpoint - Company Saisir is set to launch its IPO on the Hong Kong Stock Exchange, aiming to become the first luxury electric vehicle company listed in both A-share and H-share markets, breaking the previous record held by Chery Automobile for the largest IPO of a car company in Hong Kong this year [1][4]. IPO Details - Saisir plans to issue 100.2 million H-shares, with 10.02 million shares available for public sale in Hong Kong and approximately 90.18 million shares for international placement, subject to adjustments based on demand [4]. - The expected net proceeds from the IPO, assuming the maximum offer price of HKD 131.50 per share and no exercise of the over-allotment option, is approximately HKD 12.9249 billion [4]. Investor Interest - The IPO has attracted 22 cornerstone investors, including notable funds such as Chongqing Industry Mother Fund, Linyuan Fund, and Schroders, indicating strong institutional interest [5]. Business Strategy and Market Position - Saisir focuses on high-end smart electric vehicles, having launched the premium smart electric brand "Wenjie" in collaboration with Huawei, with a product matrix that includes models M9, M8, M7, and M5 [5]. - According to Frost & Sullivan, Wenjie ranks fifth in the Chinese new energy passenger vehicle market with a market share of 3.7% and third in the high-end new energy passenger vehicle segment [5]. Financial Performance - For 2024, Saisir expects to achieve revenues of CNY 145.114 billion, a year-on-year increase of 305.47%, with a net profit of CNY 5.946 billion and a gross margin of 23.8%, making it the fourth global electric vehicle company to achieve profitability [6]. - 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% year-on-year growth [6]. Global Expansion - Saisir has begun its international expansion, entering markets in Europe, the Middle East, the Americas, and Africa, with established operations in countries such as Norway, Germany, the UK, and Switzerland [5]. - The upcoming IPO is expected to enhance Saisir's global resource integration, technological collaboration, and brand value, showcasing the competitiveness of Chinese electric vehicle manufacturers in the high-end market [6].