SERES(SH:601127) Ge Long Hui·2025-11-05 02:18Core Viewpoint - SERES has officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to achieve "A+H" dual listing, raising a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese car company to date and the largest global car IPO in Hong Kong since 2025 [5][7]. Group 1: IPO and Market Response - The IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times, raising over HKD 170 billion in financing [7]. - Approximately 70% of the funds raised will be allocated to R&D, while 20% will be used for diversified new marketing channels, overseas sales, and charging network services [7]. - The issuance attracted 22 cornerstone investors, indicating strong market recognition of SERES's high-quality development and growth potential, which will enhance the company's valuation and capital operation efficiency [7]. Group 2: Global Expansion and Market Position - SERES has established a global presence in Europe, the Middle East, the Americas, and Africa, with successful market penetration in key European regions such as Norway, Germany, the UK, and Switzerland [7]. - The dual capital platform will further drive SERES's technological innovation, brand value enhancement, and global market expansion [7]. Group 3: Product Development and Innovation - SERES focuses on high-end smart electric vehicles, having fully transitioned to the new energy vehicle sector in 2016 and launched the AITO brand in collaboration with Huawei in 2021 [8][10]. - The AITO brand has introduced four models: M9, M8, M7, and M5, with cumulative deliveries exceeding 800,000 units, reflecting strong market acceptance [8]. - SERES emphasizes software-defined vehicles and technological innovation, developing platforms such as the SERES Magic Cube Technology Platform and SERES Super Range Extender, establishing a solid technological moat [10].