2000亿，今年港股最大车企IPO来自重庆

Core Viewpoint - The article highlights the successful IPO of Seres on the Hong Kong Stock Exchange, marking it as the largest automotive IPO in Hong Kong this year, surpassing Chery's listing a month prior [2][3]. Group 1: IPO Details - Seres was listed at an issue price of HKD 131.5, raising approximately HKD 12.9 billion, with a current market capitalization of HKD 219 billion (approximately RMB 20.08 billion) [3]. - The IPO attracted 22 cornerstone investors, with total subscriptions reaching USD 826 million (approximately HKD 64.21 billion), accounting for nearly half of the total fundraising [4]. Group 2: Founder Background - Zhang Xinghai, the founder of Seres, started his entrepreneurial journey in the 1980s with a spring factory in Chongqing, which grew rapidly due to better products and lower prices compared to imported alternatives [6][7]. - He later ventured into the motorcycle parts market and eventually entered the automotive industry by partnering with Dongfeng Group to establish Dongfeng Xiaokang Automobile Co., which launched its first vehicle in 2005 [10][12]. Group 3: Transition to New Energy Vehicles - In 2016, after the successful A-share listing of Xiaokang Holdings, Zhang established SF Motors in Silicon Valley to focus on electric vehicles, although the venture faced challenges [13][14]. - The company pivoted to collaborate with Huawei in 2021, launching the "Aito" brand, which saw significant growth, with nearly 390,000 units delivered in 2024, a 268% year-on-year increase [14][17]. Group 4: Financial Performance - Seres achieved profitability in 2024, becoming the fourth global new energy vehicle company to do so, with a revenue of RMB 145.1 billion, a 306% increase year-on-year [20]. - The company reported a net profit of RMB 5.9 billion in 2024, recovering from a loss of RMB 2.4 billion in 2023, and continued to grow in 2025 with a 27% increase in net profit in the first three quarters [20]. Group 5: Strategic Partnerships - The collaboration with Huawei has been pivotal, with Seres increasing its procurement from Huawei from RMB 5.8 billion in 2022 to RMB 42 billion in 2024, making Huawei its largest supplier [18][22]. - Seres also engaged in a strategic investment in Huawei's subsidiary, acquiring a 10% stake for RMB 11.5 billion, enhancing their partnership [19]. Group 6: Industry Context - Chongqing has a rich industrial history, evolving from military manufacturing to a significant automotive hub, producing over 3 million vehicles at its peak [27][29]. - The local government has been promoting the transition to new energy vehicles, with Chongqing's production of new energy vehicles expected to exceed 950,000 units in 2024, reflecting a 90% year-on-year increase [31].