SERES(SH:601127) Xin Lang Cai Jing·2025-11-05 03:18Core Viewpoint - The successful IPO of Seres in Hong Kong marks a significant milestone, with a market capitalization nearing HKD 280 billion, surpassing that of Chery Automobile, and establishing it as the largest car company IPO in Hong Kong since 2025 [1][2]. Group 1: IPO Details - Seres' IPO was priced at HKD 131.50 per share, with a total global offering of approximately 109 million H-shares, achieving a subscription rate of 132.68 times for the Hong Kong public offering and 8.61 times for the international offering [2][4]. - Over 20 cornerstone investors participated in the IPO, collectively acquiring approximately 48.83 million H-shares, with the Chongqing Industry Fund receiving the largest allocation of 16.55 million shares [4][6]. Group 2: Fund Utilization - The IPO raised approximately HKD 142.83 billion, with a net amount of about HKD 140.16 billion earmarked for various initiatives, including 70% allocated to research and development [6][7]. - Specific allocations include around 40% for enhancing core technology capabilities and innovation, and 30% for expanding product development to enrich the product portfolio and enter international markets [6][7]. Group 3: Market Position and Performance - Seres aims to enhance its global visibility and penetrate the high-end automotive market through localized high-end brand models and continuous development of international electric vehicle models [7]. - In October 2025, Seres reported a total production of 52,600 electric vehicles, a year-on-year increase of 46.58%, and a total sales volume of 51,456 units, reflecting a growth of 42.89% compared to the previous year [7][9]. - For the first three quarters of 2025, Seres achieved a net profit attributable to shareholders of CNY 5.31 billion, marking a year-on-year increase of 31.56% [10][11].