SERES(SH:601127) Zhong Guo Zheng Quan Bao·2025-11-06 20:17Core Viewpoint - Seres Group has officially listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company to achieve dual listing in both A and H shares, raising a net amount of HKD 14.016 billion (approximately RMB 12.853 billion), marking the largest IPO for a mainland car company to date and the largest globally in 2025 [1] Group 1: Company Background and Transformation - Seres Group's entrepreneurial journey began in 1986 when Zhang Xinghai founded a spring factory with an initial capital of CNY 8,000, eventually capturing 90% of the domestic high-end spring market [2] - The first systematic transformation occurred in 2003 when the company partnered with Dongfeng Motor to establish Dongfeng Yuhan Vehicle Co., launching the Dongfeng Xiaokang brand, which quickly became a top player in the microcar market [3] - The second key transformation began in 2016, focusing on new energy vehicles, with significant investments in smart factories and technology development, leading to the company's listing on the A-share market [3] Group 2: IPO and Capital Strategy - The IPO in Hong Kong is a strategic move to enhance international capital operations and global business expansion, with the H-share issuance being oversubscribed by 133 times, raising a record net amount of HKD 14.016 billion [4] - The capital structure includes 22 cornerstone investors, with total subscription amounts reaching approximately HKD 64.21 billion, highlighting market confidence in Seres' "technology-driven + high-end" strategy [4] Group 3: Fund Utilization and Global Strategy - The company plans to allocate 70% of the raised funds to R&D, 20% to global marketing and charging service network development, and 10% for working capital, focusing on strengthening its competitive edge and expanding overseas [5] - Seres aims to establish 100 experience centers in Europe and the Middle East by 2026 and collaborate with Huawei to build a supercharging network covering 80% of overseas highways [5] Group 4: Future Outlook - The company is expected to leverage the dual capital platform to enhance brand growth and global competitiveness in the high-end new energy vehicle market [6] - As more domestic car companies adopt dual platform strategies, this approach is seen as a viable path for international financing and technology-driven growth for Chinese high-end new energy brands [6]