刚刚，今年最大造车IPO敲钟

Core Viewpoint - The successful IPO of Seres Group on the Hong Kong Stock Exchange marks a significant milestone as it becomes the first luxury electric vehicle company to be listed in both A and H shares, achieving a market capitalization exceeding HKD 220 billion [3][4]. Group 1: IPO and Investment Highlights - Seres Group's IPO attracted a record 22 cornerstone investors, with Chongqing Industrial Investment Fund committing HKD 2.176 billion, setting a new benchmark for cornerstone investments in the Hong Kong IPO market [3][6]. - The IPO was oversubscribed by over 130 times in the retail segment, indicating strong investor confidence in Seres' future prospects [5][6]. - The cornerstone investors included a mix of local and international funds, showcasing a broad interest in Seres' growth potential [6][7]. Group 2: Strategic Partnerships and Growth - The partnership with Huawei in 2021 was pivotal for Seres, transitioning from a traditional car manufacturer to a key player in the electric vehicle sector [4][5]. - Chongqing Industrial Investment Fund played a crucial role in Seres' development by investing approximately HKD 3.3 billion to establish a "super factory," enabling Seres to enhance its production capabilities without significant capital expenditure [5][9]. - The "super factory" has allowed Seres to produce the successful model, the Wanjie M9, with a projected delivery of 150,000 units in 2024, contributing to an expected revenue of over CNY 145 billion [5][9]. Group 3: Regional Economic Impact - The establishment of the Chongqing Industrial Investment Fund, with a total scale of CNY 200 billion, has been instrumental in supporting local industries and fostering a robust manufacturing ecosystem [8][10]. - The fund has invested in various projects, including Seres, and has significantly contributed to the development of the smart connected vehicle and electronic information manufacturing sectors in Chongqing [8][9]. - By the end of October 2025, the fund had invested approximately CNY 214 billion, achieving a leverage effect of over seven times through strategic investments in key industries [8][10]. Group 4: Future Outlook and Industry Development - Chongqing aims to establish itself as a major advanced manufacturing center, focusing on smart connected vehicles and integrated circuits, as part of its "33618" modern manufacturing cluster initiative [11][12]. - The city has seen a substantial increase in R&D investment, exceeding CNY 80 billion, and has doubled the number of high-tech enterprises since 2020, indicating a strong commitment to innovation and industrial upgrading [12][13]. - The successful IPO of Seres and the growth of the Chongqing Industrial Investment Fund exemplify a model for regional economic development and industrial transformation in China [9][12].