Chinese EV maker Seres' shares close unchanged in lacklustre Hong Kong debut

Company Overview - Seres Group's shares fell 3.7% to HK$126.60 on debut in Hong Kong, after an initial drop of 10.3% [2] - The company raised HK$14.3 billion (US$1.8 billion) from the IPO, with the IPO price set at HK$131.50, representing a 22% discount to its Shanghai-listed shares [2] - Founded in 1986, Seres transitioned from manufacturing springs and shock absorbers to new-energy vehicles in 2016, becoming one of the few profitable Chinese EV makers with a net income of 5.9 billion yuan (US$827.4 million) last year [6] IPO Details - The IPO was oversubscribed 132 times, with 10.86 million shares allocated to retail investors, accounting for about 10% of the total offering [3] - The international placement was 8.61 times oversubscribed, with 97.76 million shares allocated to institutional investors, making up the remaining 90% of the IPO [4] Market Performance - Seres' Aito M9 has become the bestselling luxury vehicle in China, surpassing established brands like BMW and Mercedes-Benz [8] - The company's Shanghai-listed shares have surged nearly 1,600% over the past five years since its listing in 2016 [7] Strategic Partnerships - Seres' partnership with Huawei Technologies has been crucial for its growth, providing intelligent cockpit systems and driving-assistance capabilities [8] - Cornerstone investors in the IPO include Schroders, Mirae Asset Securities, Huatai Capital Investment, and Sanhua Intelligent Controls [5]