大反转，赛力斯上市破发，股价暴跌

Core Viewpoint - Seres, a Chinese electric vehicle manufacturer, faces challenges after its IPO, with its stock price dropping below the issue price shortly after listing, highlighting concerns about its reliance on Huawei and declining sales performance [3][6][9]. Group 1: IPO Details - Seres listed on the Hong Kong Stock Exchange, raising approximately 14.016 billion HKD, marking the largest IPO for a Chinese car company to date and the largest global car IPO in Hong Kong since 2025 [6][9]. - The stock opened at 131.5 HKD but fell to 118 HKD, a drop of over 10%, and closed at 125.9 HKD, reflecting a decline of 4.26% [3][6]. Group 2: Financial Performance - In January, Seres sold 22,430 vehicles, a year-on-year decrease of 45.82%, with new energy vehicle sales down 51.39% [9]. - Despite a booming industry, Seres' performance lagged behind, as the overall new energy vehicle market in China saw production and sales nearing 7 million units, both growing over 40% [9]. Group 3: Dependency on Huawei - Seres' revenue heavily relies on its partnership with Huawei, with income from the "Aito" brand rising from 60% in 2022 to over 90% in the first half of 2025 [9][10]. - The company faces risks if its relationship with Huawei deteriorates, as highlighted in its prospectus [9][10]. Group 4: Strategic Initiatives - Seres plans to allocate 70% of its IPO proceeds to research and development, with 20% aimed at developing new energy vehicle models and 10% for enhancing overseas model adaptations [6][9][22]. - The company is also pursuing a partnership with ByteDance to explore embodied intelligence technology, indicating a shift towards reducing reliance on Huawei [22][24].