SERES(SH:601127) Sou Hu Cai Jing·2025-11-05 04:16Core Viewpoint - Seres has officially listed on the Hong Kong Stock Exchange, becoming the first luxury new energy 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 global IPO for a complete vehicle manufacturer 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 financing subscriptions exceeding HKD 170 billion [3]. - Approximately 70% of the funds raised will be allocated to research and development, while 20% will be directed towards diversifying new marketing channels, overseas sales, and charging network services [3]. - The issuance attracted 22 cornerstone investors, including notable funds, 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 and Market Presence - Seres has established a global presence in various regions, including Europe, the Middle East, the Americas, and Africa, with successful market penetration in key European countries 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 transformed into the new energy vehicle sector since 2016, launching the "Wenjie" brand in collaboration with Huawei in 2021 [4]. - The Wenjie brand has introduced four models, achieving over 800,000 cumulative deliveries, reflecting strong market acceptance [4]. - The company emphasizes software-defined vehicles and has developed several innovative technologies, including the Seres Magic Cube technology platform and Seres Super Range Extender, establishing a solid technological moat [6]. Group 4: Future Outlook - Seres aims to leverage technological innovation as a driving force, prioritize user needs, and expand its presence in the global market, reinforcing its leading position in the luxury new energy vehicle sector and guiding the Chinese automotive industry towards higher quality development [9].