SERES(SH:601127) Sou Hu Cai Jing·2025-11-05 10:06Core Viewpoint - The successful IPO of Seres Group on the Hong Kong Stock Exchange marks a significant milestone, raising HKD 14.016 billion, the largest IPO record for a Chinese automotive company [1][7]. Group 1: IPO Details - Seres Group officially listed on the Hong Kong Stock Exchange on November 5, 2025, with an opening price of HKD 128.9, down 2% from the issue price of HKD 131.50 [1]. - The IPO was highly sought after, with a subscription rate of 132.68 times for the public offering and 8.61 times for the international offering, leading to an additional issuance of 8,419,000 shares [2][3]. - A total of 19 cornerstone investors participated, collectively subscribing to 48,828,700 shares, accounting for 44.95% of the total global offering [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, Seres reported a revenue of CNY 110.534 billion, with a net profit of CNY 5.312 billion, reflecting a year-on-year growth of 31.56% [4][5]. - In Q3 alone, the company achieved a revenue of CNY 48.133 billion, a 15.75% increase year-on-year and an 11.3% increase quarter-on-quarter [4][5]. Group 3: Sales and Market Position - From January to September 2025, Seres sold a total of 304,629 electric vehicles, with cumulative deliveries of the "Wenjie" series surpassing 800,000 units [6]. - The high-end models M8 and M9 accounted for 77% of total deliveries in Q3, contributing to a gross margin of 29.9%, an increase of 4.4 percentage points year-on-year [6]. Group 4: Use of Proceeds and Strategic Focus - The net proceeds from the IPO, approximately HKD 14.016 billion, will be primarily allocated to R&D in smart electric vehicle technology, capacity enhancement, and international market expansion [7]. - The company emphasizes strengthening investments in new energy and intelligence to solidify its competitive position in the global smart automotive market [7][8].