赛力斯2150亿登陆香港IPO，开盘暴跌8%

Core Viewpoint - The largest domestic automotive IPO in China has successfully landed in Hong Kong, with the company Seres seeing its stock open at approximately HKD 120.5, down about 8.4% from the final issue price, resulting in a market capitalization of around HKD 215 billion, which is lower than its current A-share market value of approximately HKD 250 billion [1][2]. Group 1: IPO Details - Seres' final issue price was set at HKD 131.50 per share, consistent with the planned maximum issue price, and the public offering was oversubscribed by 132.68 times [2]. - The total fundraising amount reached HKD 14.283 billion, marking it as the largest automotive IPO in China for the year [2]. - The major shareholders include Chongqing Xiaokang Holdings with a 24.52% stake and Dongfeng Motor Corporation with a 20.04% stake [2][3]. Group 2: Financial Performance - Seres' projected vehicle sales from 2022 to 2024 are 267,200, 252,300, and 497,000 units respectively, with 2024's new energy vehicle sales expected to reach 426,900 units, a 182.84% increase from 2023 [4]. - The company reported revenues of CNY 34.056 billion and CNY 35.789 billion for 2022 and 2023, respectively, with a forecasted revenue of CNY 145.113 billion for 2024, representing a 305.5% year-on-year increase [7][10]. - The gross profit for 2022, 2023, and the first three quarters of 2024 is projected at CNY 27.28 billion, CNY 25.71 billion, and CNY 345.51 billion, respectively, with a significant increase in gross margin expected to exceed 20% in 2024 [10][11]. Group 3: Strategic Partnerships and Growth - The success of Seres is largely attributed to its collaboration with Huawei, which has significantly enhanced its market competitiveness [15][23]. - The company has invested CNY 11.5 billion to acquire a 10% stake in Huawei's subsidiary, indicating a deepening partnership [2][23]. - The introduction of the AITO brand and models like the M5 and M7 has led to a substantial increase in sales, with the M5 achieving record-breaking sales figures [20][21]. Group 4: Future Outlook and Investment Focus - Seres plans to allocate 70% of the IPO proceeds to research and development, 20% to new marketing channels and overseas sales, and the remaining 10% for operational expenses [27]. - The company is actively seeking to enhance its competitive edge through partnerships and innovative strategies, such as collaborating with ByteDance for smart technology [30].