SERES(SH:601127) Zheng Quan Shi Bao Wang·2025-11-05 03:30Core Viewpoint - Seres has officially listed on the Hong Kong Stock Exchange, becoming the first luxury electric vehicle company in China to achieve a dual listing in both A-share and H-share markets, raising a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese car company to date and the largest globally since 2025 [1][3]. Group 1: IPO and Market Response - The IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times, resulting in total financing subscriptions exceeding HKD 170 billion [3]. - Approximately 70% of the funds raised will be allocated to research and development, while around 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [3]. - The issuance attracted 22 cornerstone investors, indicating strong market recognition of Seres' high-quality development and growth potential, which will enhance the company's valuation and capital operation efficiency [3]. Group 2: Global Expansion Strategy - Seres has established a global presence, covering multiple countries 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 [3]. - The dual capital platform is expected to further drive Seres' technological innovation, brand value enhancement, and global market expansion [3]. Group 3: Technological Innovation and Product Development - Seres focuses on high-end smart electric vehicles and has launched the "Aito" brand in collaboration with Huawei, establishing a strong market presence with over 800,000 cumulative deliveries across four models [4][6]. - The company emphasizes software-defined vehicles and has developed several innovative technologies, including the Seres Magic Cube technology platform and Seres Super Range Extender, creating a robust technological moat [6]. - Seres collaborates with top domestic universities and tech companies to explore emerging fields like embodied intelligence, aiming to integrate AI into practical applications for safer and more intelligent mobility solutions [6].