赛力斯（601127）今日（27日）开启港股招股，并拟于11月5日登陆港交所主板。 本次赛力斯港股发行规模为1.002亿股，最高发售价为每股131.50港元，未考虑超配的预计募资额约130 亿港元。 借助与华为的深度合作，2021年以来赛力斯、问界系列蝶变向新、屡创佳绩，如今已形成包括问界 M9、问界M8、问界M7和问界M5的完整产品矩阵，差异化、智慧化、高端化特色鲜明，市场优势不断 扩大。 值得指出的是，赛力斯本次发行吸引了多达22家基石投资者，其中包括重庆产业母基金、林园基金、广 发基金、施罗德、中邮理财、星宇香港等，机构集聚态势显著。 截至10月24日收盘时，赛力斯A股股价为160.01元/股。（全景网） ...

Core Viewpoint - Company is set to launch its IPO on the Hong Kong Stock Exchange, becoming the first luxury electric vehicle company to be listed in both A-share and H-share markets, highlighting its ambition in the high-end smart electric vehicle sector [2][3] Group 1: IPO Details - The IPO period runs from October 27 to October 31, with plans to officially list on November 5 under the stock code "9927" [2] - The company plans to issue 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement [2] - At the maximum offering price of HKD 131.50 per share, the expected net proceeds from the IPO are approximately HKD 12.9249 billion, assuming no exercise of the over-allotment option [2] Group 2: Investor Interest and Fund Utilization - The IPO has attracted 22 cornerstone investors, including notable funds such as Chongqing Industry Mother Fund and Schroders [2] - The raised funds will be allocated towards R&D, diversified marketing channels, overseas sales, charging network services, and general corporate purposes [2] Group 3: Business Performance and Growth - The company has experienced significant growth, projecting revenues of CNY 145.114 billion for 2024, a year-on-year increase of 305.47%, with a net profit of CNY 5.946 billion [3] - The gross margin for electric vehicles is expected to rise to 23.8%, positioning the company as the fourth globally profitable electric vehicle manufacturer [3] - For the first half of 2025, the company anticipates revenues of CNY 62.359 billion and a net profit of CNY 2.941 billion, reflecting an 81.03% year-on-year growth [3] Group 4: Strategic Implications - The Hong Kong listing is expected to enhance the company's global resource integration, technology collaboration, and brand value, showcasing the core competitiveness of Chinese electric vehicle manufacturers in the high-end market [3]

Core Viewpoint - Seres has initiated its Hong Kong IPO, aiming to become the first luxury new energy vehicle company listed in both A-share and H-share markets, with the listing date set for November 5 under the stock code "9927" [1][3]. Group 1: IPO Details - The IPO will involve a base issuance of 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement, subject to adjustments based on demand and over-allotment options [3]. - The IPO has attracted 22 cornerstone investors, including notable entities such as Chongqing Industry Mother Fund, Linyuan Fund, GF Fund, Schroders, and China Post Life [3]. Group 2: Business Strategy and Growth - Seres focuses on high-end smart electric vehicles, having launched the premium smart new energy brand "AITO" in collaboration with Huawei since 2021, with products like AITO M9 and M8 contributing to significant sales growth [3]. - According to the prospectus, Seres is projected to achieve revenues of 145.114 billion yuan in 2024, representing a year-on-year growth of 305.47%, with net profit attributable to shareholders expected to increase significantly [3]. Group 3: Market Positioning - The Hong Kong listing is expected to enhance Seres' global resource integration, technology R&D collaboration, and brand value, showcasing the core competitiveness of Chinese new energy vehicle companies in the high-end market [3].

Group 1 - The automotive sector underperformed the broader market this week, with the CSI 300 index rising by 3.24% while the automotive sector increased by 2.92%, ranking 10th among A-share Shenwan first-level industries [2] - The SW passenger vehicle index rose by 0.63%, with Jianghuai Automobile and BAIC Blue Valley leading the gains [2] - The SW commercial vehicle index increased by 3.00%, with King Long Automobile and Dongfeng Motor leading the gains [2] - The SW automotive parts index saw a rise of 4.04%, with Biaobang Co. and Aolian Electronics leading the gains [2] Group 2 - Key industry news includes: 1. The number of applications for the national vehicle trade-in subsidy exceeded 10 million by 2025 [2] 2. In September, the monthly delivery volume of functional unmanned vehicles in Shenzhen surpassed 1 million [2] 3. Xinwangda launched a new generation solid-state battery with an energy density of 400 Wh/kg [2] 4. New Stone Technology completed over $600 million in Series D financing [2] 5. The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" was released [2] 6. SAIC Volkswagen and Neura Robotics are developing cognitive robotic systems for automotive manufacturing [2] 7. CATL plans to establish over 2,500 chocolate battery swap stations by 2026 [2] 8. Qijing's first model is scheduled for launch in mid-next year [2] 9. Meituan's unmanned vehicles have achieved large-scale deployment in Shenzhen [2] 10. Pony.ai and Stellantis are collaborating to develop L4 autonomous vehicles for promotion in Europe next year [2] 11. Leju Robotics completed nearly 1.5 billion yuan in Pre-IPO financing [2] Group 3 - Recommendations for vehicle manufacturers include: BYD, Great Wall Motors, Leap Motor, Seres, BAIC Blue Valley, Jianghuai Automobile, Li Auto-W, Xpeng Motors-W, Geely, GAC Group, and Changan Automobile [3] - For commercial vehicles, recommended companies include China National Heavy Duty Truck Group, FAW Jiefang, Weichai Power, Tianrun Industrial, and Foton Motor [3] - In the automotive parts sector, recommended companies include Songyuan Safety, Senqilin, Aikedi, Junsheng Electronics, Zhejiang Xiantong, Fuyao Glass, Bertley, Weichai Power, Wuxi Zhenhua, China Automotive Research, Desay SV, Huguang Co., Shuanghuan Transmission, Songyuan Co., Top Group, Best, Sanhua Intelligent Control, Debang Lighting, Changshu Automotive Trim, New Spring Co., Baolong Technology, Jingzhu Technology, Kabeiyi, Jifeng Co., Shanghai Yanpu, Tenglong Co., Mingxin Xuteng, and Longsheng Technology [3]

Core Viewpoint - Company is set to launch its IPO on the Hong Kong Stock Exchange, aiming to become the first luxury electric vehicle manufacturer listed in both A-share and H-share markets, enhancing its global presence and competitiveness in the high-end market [1][4]. Group 1: IPO Details - The IPO will have a base issuance of 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement, subject to adjustments [3]. - The expected net proceeds from the IPO, assuming the maximum offer price of HKD 131.50 per share and no exercise of the over-allotment option, is estimated at HKD 12.9249 billion [3]. Group 2: Investor Interest - The IPO has attracted interest from 22 cornerstone investors, including notable funds such as Chongqing Industry Mother Fund, Linyuan Fund, and Schroders, indicating strong market confidence [3]. Group 3: Business Performance - The company reported a projected revenue of CNY 145.114 billion for 2024, representing a year-on-year growth of 305.47%, with a net profit of CNY 5.946 billion and a gross margin of 23.8% in the electric vehicle segment [4]. - For the first half of 2025, the company anticipates revenue of CNY 62.359 billion and a net profit of CNY 2.941 billion, reflecting an 81.03% increase year-on-year [4]. Group 4: Strategic Goals - The funds raised from the IPO will be allocated towards R&D, diversified marketing channels, overseas sales, charging network services, and general corporate purposes, positioning the company for future growth [3][4]. - The listing is expected to enhance the company's ability to integrate global resources, collaborate on technology development, and elevate brand value, showcasing the competitiveness of Chinese electric vehicle manufacturers in the high-end market [4].

Group 1: Automotive Industry Overview - The automotive industry is experiencing continuous growth in production and sales, with effective consumer policies boosting the passenger car market, while the commercial vehicle market remains relatively weak [1] - New energy vehicles and complete vehicle exports are performing well, and the market share of Chinese brands remains high, indicating initial success in addressing market competition [1] - Challenges include slow domestic demand growth, inventory pressure, sustained pressure on industry profitability, risks from price wars, and geopolitical impacts on supply chain stability [1] Group 2: Inventory and Sales Data - As of the end of September 2025, the national passenger car inventory stood at 3.28 million units, an increase of 120,000 units from the previous month and 260,000 units from September 2024 [2] - The inventory level supports a sales forecast of 39 days, down from 50 days in September 2023 and 45 days in September 2024, indicating a significant reduction in overall inventory pressure [2] Group 3: Tax and Subsidy Policies - The China Automobile Industry Association calls for a gradual exit from the vehicle purchase tax reduction policy, proposing a 3% reduction in 2026 and 7% in 2027 [1] - Chery Automobile announced a subsidy plan to cover the tax difference for eligible users, with a maximum subsidy of 15,000 yuan per vehicle for certain models [3] Group 4: Company Developments - NIO's subsidiary, Ladao, reported cumulative deliveries of 30,000 units of the L90 model within 86 days of its launch [4] - Seres plans to globally issue approximately 100 million H-shares, with a maximum price of 131.5 HKD per share, expected to begin trading on November 5, 2025 [5] - Unity China and Leap Motor signed a strategic cooperation agreement to develop next-generation smart cockpit interactive experiences [6] - Faraday Future established an automotive finance company to accelerate new vehicle sales, offering financing solutions including car loans and long-term rentals [7]

Portfolio Strategy Research 24 October 2025 | 9:56PM HKT CHINA WEEKLY KICKSTART Markets rebounded 3-4% led by Tech; 4th Plenum largely in line with expectations; We expect Chinese equities to gain ~30% by end-2027 MXCN/CSI300 rebounded 4.0/3.2%, with Tech outperforming (ChiNext/STAR50/HSTECH +8.0%/+7.3%/+5.2%). The 4th Plenum of the CCPCC concluded on Oct 23 and policymakers approved the proposal of the 15th Five-Year Plan. The Plenum highlighted technology, security, and people's livelihood, largely in lin ...

Core Viewpoint - Company Seres is launching its IPO in Hong Kong, aiming to become the first luxury new energy vehicle company listed in both A-share and H-share markets, with a focus on high-end smart electric vehicles [1][5] Group 1: IPO Details - The IPO period runs from October 27 to October 31, with the listing date set for November 5 under the stock code "9927" [1] - Seres plans to issue 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement [3] - The estimated net proceeds from the IPO, assuming the maximum offering price of HKD 131.50 per share and no exercise of the over-allotment option, is expected to be HKD 12.9249 billion [3] Group 2: Investor Interest and Fund Utilization - The IPO has attracted 22 cornerstone investors, including notable funds such as Chongqing Industry Mother Fund and Schroders [3] - The raised funds will be allocated for R&D, diversified marketing channels, overseas sales, charging network services, and general corporate purposes [3] Group 3: Financial Performance - According to the prospectus, Seres is projected to achieve revenue of CNY 145.114 billion in 2024, representing a year-on-year growth of 305.47%, with a net profit of CNY 5.946 billion [4] - For the first half of 2025, the company expects to continue its growth trajectory with revenue of CNY 62.359 billion and a net profit of CNY 2.941 billion, marking an 81.03% increase year-on-year [4] Group 4: Strategic Implications - The Hong Kong listing is anticipated to enhance Seres' global resource integration, technology collaboration, and brand value, showcasing the core competitiveness of Chinese new energy vehicle companies in the high-end market [5]

Core Viewpoint - Company Cybers (601127) plans to go public on the Hong Kong Stock Exchange on November 5, 2025, with a maximum offer price of HKD 131.50 per share, aiming to issue 100.2 million H-shares [1] Group 1: Company Overview - Cybers has nearly 40 years of experience in the industry, focusing on the research, development, manufacturing, sales, and service of new energy vehicles and core electric products [1] - The company fully transitioned to the new energy vehicle sector in 2016 and launched the "Wenjie" brand in 2021, positioning itself as "Intelligent Redefinition of Luxury" [1] Group 2: Sales Performance - The Wenjie brand has seen rapid sales growth, with models M5, M7, M9, and M8 achieving significant market success [1] - In the second half of 2024, the Wenjie brand is expected to rank first in the new energy vehicle reputation list with a Net Promoter Score (NPS) of 82%, and the total annual delivery volume is projected to reach 387,100 units, representing a year-on-year increase of 268% [1] Group 3: Financial Aspects - The company has signed agreements with several cornerstone investors, including the Chongqing Industrial Mother Fund, with a total subscription amount of USD 826 million [1] - Cybers expects to net approximately HKD 12.925 billion from the global offering, with the proceeds primarily allocated to research and development (70%), new marketing channels and overseas market expansion (20%), and working capital and general corporate purposes (10%) [1]

Core Viewpoint - The company, Seres, is set to begin accepting investor subscriptions for its Hong Kong IPO as early as next Monday, with the potential to raise between 1.5 billion to 2 billion USD [1] Group 1 - The IPO is anticipated to attract significant investor interest due to the substantial fundraising target [1] - The fundraising range of 1.5 billion to 2 billion USD indicates a strong market position and growth potential for the company [1]