张兴海：“A+H”双平台开启全球化新程

Core Viewpoint - The listing of Seres Group on the Hong Kong Stock Exchange marks a significant milestone as it becomes the first luxury new energy vehicle company to be dual-listed in both A and H shares, raising a net amount of HKD 14.016 billion (approximately RMB 12.853 billion), the largest IPO for a mainland car company to date and the largest globally in 2025 [1][3] Group 1: Company Background and Transformation - Seres Group was founded in 1986 by Zhang Xinghai with an initial investment of 8,000 yuan, starting as a spring manufacturer and quickly capturing 90% of the domestic market by offering a cost-effective alternative to Japanese products [1][2] - The first major transformation occurred in 2003 when the company entered the automotive sector by forming a joint venture with Dongfeng Motor, launching the Dongfeng Xiaokang brand, which became a top player in the microcar market [2] - In 2016, the company made a second critical transformation by investing heavily in new energy vehicles, establishing a smart factory, and acquiring an American battery company, InEVit, despite industry skepticism [2][3] Group 2: Strategic Partnerships and Market Position - A pivotal moment for Seres came in 2021 when it partnered with Huawei, leading to the launch of the AITO brand, with models like the M5, M7, and M9 achieving significant sales success [3][4] - The company rebranded from Xiaokang to Seres in 2022, reflecting its shift to high-end new energy vehicles, and achieved a valuation of 126 billion yuan, ranking 76th in the Hurun China 500 [3][4] Group 3: Capital Strategy and Fund Utilization - The recent IPO in Hong Kong is part of Seres' strategy to leverage international capital for global expansion, with the H-share issuance being oversubscribed 133 times, raising a total of HKD 14.016 billion [3][4] - The company plans to allocate 70% of the raised funds to R&D, 20% to global marketing and charging infrastructure, and 10% for working capital, focusing on enhancing product competitiveness and expanding overseas channels [4][5] Group 4: Future Outlook and Challenges - Seres aims to utilize its dual capital platform to enhance brand growth and global competitiveness, with plans to establish 100 experience centers in Europe and the Middle East by 2026 [4][5] - Despite recent challenges, including a slight decline in net profit due to increased channel development and R&D costs, the company is exploring new growth avenues, such as partnerships in intelligent robotics [5]