SERES(SH:601127) Mei Ri Jing Ji Xin Wen·2025-11-05 09:43Core Viewpoint - Company Cyberspace has successfully completed its IPO on the Hong Kong Stock Exchange, raising a record amount of capital and marking a significant milestone in its global expansion strategy [1][2]. Group 1: IPO Details - Cyberspace's IPO raised a net amount of HKD 14.016 billion, making it the largest IPO for a Chinese automotive company to date and the largest globally since 2025 [1]. - The stock debuted at HKD 131.5 per share, giving the company a market capitalization of HKD 229.07 billion [1]. - The public offering was oversubscribed by 133 times, with total financing subscriptions exceeding HKD 170 billion [2]. Group 2: Fund Allocation - Approximately 70% of the funds raised will be allocated to research and development, while 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [2]. Group 3: Global Strategy - The company aims to enhance its global presence by localizing high-end brands in overseas markets and developing international electric vehicle models that meet local standards [7][8]. - Cyberspace has established a presence in key regions including Europe, the Middle East, the Americas, and Africa, with successful market entries in countries like Norway, Germany, the UK, and Switzerland [8]. Group 4: Financial Performance - The company reported a revenue of approximately CNY 110.534 billion for the first three quarters of 2025, reflecting a year-on-year growth of 3.67%, with a net profit of CNY 5.312 billion, up 31.56% [11]. - Cyberspace achieved its first profit in 2024, with a net profit of approximately CNY 5.946 billion, after cumulative losses of about CNY 9.835 billion from 2020 to 2023 [12]. Group 5: Strategic Partnerships - The collaboration with Huawei has been pivotal, leading to the launch of the AITO brand and the successful delivery of over 800,000 vehicles [11]. - The company aims to sell one million AITO vehicles annually within five years, emphasizing the importance of this partnership for future growth [12].