SERES(SH:601127) Zheng Quan Ri Bao Wang·2025-11-05 06:45Core Viewpoint - The successful listing of Seres (601127) on the Hong Kong Stock Exchange marks it as the first luxury new energy vehicle company in China to achieve "A+H" dual listing, raising a net amount of HKD 14.016 billion, the largest IPO for a Chinese car company to date and the largest globally since 2025 [1][2]. Group 1: IPO and Market Response - Seres' IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times and total financing subscriptions exceeding HKD 170 billion [2]. - 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 [2]. - The IPO 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 [2]. Group 2: Global Expansion Strategy - 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 [2]. - The dual capital platform "A+H" will further drive Seres' technological innovation, brand value enhancement, and global market expansion [2]. Group 3: Technological Innovation and Product Development - 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 [3]. - The AITO brand has introduced four models, achieving over 800,000 cumulative deliveries, reflecting strong market acceptance [3]. - 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 [3]. - 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 reliable smart mobility solutions [3].