SERES(SH:601127) Xin Lang Cai Jing·2025-11-05 21:07Core Viewpoint - Seres has officially listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company to achieve dual listing in both A-share and H-share markets, marking a significant step in its international capital strategy [1][3]. Group 1: Listing and Financials - The IPO is the largest for a Chinese car company to date and the largest globally since 2025, with a total of 108.6 million shares offered, raising a net amount of HKD 14.016 billion [3]. - The funds raised will be primarily allocated to global product research and development, marketing services, and channel construction [3]. Group 2: Product and Market Strategy - Seres emphasizes a "software-defined vehicle" technology approach and a "user-defined vehicle" market orientation, focusing on high-end, intelligent, and green development [3]. - The company has established a high-end product system with its AITO brand, which includes models M5, M7, M8, and M9, covering various market segments [3]. Group 3: User Engagement and Market Performance - The AITO brand has over 800,000 users, with the M9 model being the best-selling vehicle in the 500,000 RMB price segment in China for 19 consecutive months [4]. - AITO has achieved significant milestones in areas such as intelligent driving, safety, and manufacturing [4]. Group 4: Future Vision and Technological Integration - Seres aims to explore the industrial application of "AI+" mobile intelligent entities, transforming products into emotional, intelligent, safe, and reliable companions [4]. - The company plans to leverage its dual capital platform to enhance technological innovation and user experience, solidifying its brand growth in the high-end new energy vehicle market [4].