证券代码：601127 证券简称：赛力斯 公告编号：2025-094 赛力斯集团股份有限公司 关于 H 股挂牌并上市交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 赛力斯集团股份有限公司（以下简称"公司"）正在进行发行境外上市外资 股（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以 下简称"本次发行上市"）的相关工作。 公司本次全球发售 H 股总数为108,619,000股（行使超额配售权之前），其 中，香港公开发售10,861,900股，约占全球发售总数的10.00%（行使超额配售权 之前）；国际发售97,757,100股，约占全球发售总数的90.00%（行使超额配售权 之前）。根据每股 H 股发售价131.50港元计算，经扣除全球发售相关承销佣金及 其他估计费用后，并假设超额配售权未获行使，公司将收取的全球发售所得款项 净额估计约为140.16亿港元。 经香港联交所批准，公司本次发行的108,619,000股 H 股股票（行使超额配 售权之前）于2025年11月5日在香港联交所主板挂牌并 ...

Core Viewpoint - The company, Seres (601127.SH), has received approval from the Hong Kong Stock Exchange to list 109 million H-shares, which will be traded on the main board starting November 5, 2025 [1]. Group 1 - The total number of H-shares to be issued is 109 million [1]. - The H-shares will be listed under the Chinese name "赛力斯" and the English name "SERES," with the stock code "9927" [1].

Core Viewpoint - Company Seres (601127.SH) has received approval from the Hong Kong Stock Exchange to list 109 million H-shares, which will commence trading on November 5, 2025 [1] Group 1 - The H-shares will be listed under the Chinese name "赛力斯" and the English name "SERES" with the stock code "9927" [1]

Core Viewpoint - The company announced a global offering of H-shares totaling 109 million shares, with a significant portion allocated for international sale, indicating a strategic move to enhance capital and market presence [1] Group 1: Offering Details - The total number of H-shares for global offering is 109 million shares, with 11 million shares (10%) allocated for public offering in Hong Kong and 98 million shares (90%) for international offering [1] - The estimated net proceeds from the offering, based on a share price of HKD 131.50, is approximately HKD 14.016 billion [1] Group 2: Listing Information - The 109 million H-shares are set to be listed on the Hong Kong Stock Exchange on November 5, 2025, under the stock code "9927" [1] Group 3: Shareholding Impact - Post-offering, the shareholding percentage of A-share shareholders will decrease to 93.76%, assuming the over-allotment option is not exercised, which will also affect the major shareholders like Chongqing Sokon Holding [1]

Core Viewpoint - SERES has officially listed its H-shares on the Hong Kong Stock Exchange on November 5, 2023, under the stock code "9927" [1] Group 1 - The H-shares of SERES are traded under the Chinese name "赛力斯" and the English name "SERES" [1]

Core Viewpoint - The initial public offering (IPO) of Seres (09927.HK) on the Hong Kong Stock Exchange faced challenges, with a significant oversubscription of 133 times but a first-day drop in share price, indicating a disconnect between market enthusiasm and actual performance [2][5]. Group 1: IPO Performance - Seres experienced a first-day decline of 1.98% at opening, with intraday losses exceeding 10%, ultimately closing at HKD 131.5, equal to its issue price [2][4]. - The overall trend in the Hong Kong IPO market shows that over 20% of new listings in the past year have faced first-day declines, with more than half trading below their issue price within 20 days [2][9]. Group 2: Market Sentiment and Investor Behavior - High subscription rates reflect abundant market liquidity and speculative sentiment, but do not necessarily indicate the true value of the companies [3][11]. - Investors are increasingly facing uncertainty, as many anticipated "risk-free" returns are not materializing, leading to losses for some who engaged in leveraged investments [11]. Group 3: Financial Performance of Seres - For the first three quarters of the year, Seres reported revenues of HKD 110.53 billion, a year-on-year increase of 3.67%, and a net profit of HKD 5.31 billion, up 31.56% [5]. Group 4: Broader Market Trends - The Hong Kong IPO market has seen 68 new listings in the first three quarters, raising a total of HKD 182.45 billion, with 98% of these new stocks being oversubscribed [7]. - Despite the high subscription rates, several popular new stocks have also faced first-day declines, indicating a trend where investor enthusiasm does not always translate into sustained market performance [8][10].

Core Viewpoint - The successful listing of Seres Group on the Hong Kong Stock Exchange enhances its international financing channels and brand image, establishing a dual-platform structure that supports diversified capital and R&D investments [9][11]. Company Overview - Seres Group, listed under the stock code 09927, aims to leverage its H-shares to optimize its capital structure and increase R&D investments, with approximately 70% of the funds raised allocated for cutting-edge technology development [3][9]. Financial Performance - In 2024, Seres Group's revenue reached 145.176 billion, a year-on-year increase of 305.04%, with a net profit of 5.946 billion, marking a turnaround to profitability [11]. - For the first three quarters of 2025, revenue continued to rise to 110.534 billion, with a net profit of 5.312 billion, reflecting a growth of 31.56% [11]. - The company's total assets exceeded 121.506 billion, and net assets reached 27.803 billion, representing increases of 28.76% and 126.70% respectively [11]. Product and Market Strategy - The Wanjie brand serves as a core growth engine, with cumulative deliveries exceeding 800,000 units by September 2025, setting records in the luxury electric vehicle segment [12]. - Seres is focused on building a strong technological moat, investing in advanced technologies such as the Magic Cube technology platform and intelligent safety systems, aligning with the trend of "software-defined vehicles" [14]. Capital Market Engagement - The H-share listing has restructured the valuation system towards global standards, connecting with global investors and establishing a new valuation paradigm of "Chinese innovation + international capital" [11]. - The company secured commitments from 22 cornerstone investors, raising approximately 826 million USD (around 64.21 billion HKD) [15]. Future Outlook - Seres plans to expand its overseas network through various strategies, including joint ventures and acquisitions, focusing on markets in the Middle East, Europe, Central America, and South America [16]. - The company aims to enhance its global brand influence and establish a comprehensive service system covering sales and charging networks [16].

Core Viewpoint - The successful IPO of Seres (9927.HK) on November 5, 2025, is a significant milestone for both the company and the Chinese new energy vehicle (NEV) industry, marking a strong signal of the industry's overall upgrade [1][2]. Group 1: IPO Details - Seres raised a net amount of HKD 14.016 billion, making it the largest IPO for a Chinese car company to date and the largest globally in 2025 [2]. - The IPO involved the issuance of 100.2 million H shares, with a maximum offer price of HKD 131.50 per share [9]. - The offering attracted 22 cornerstone investors, with total subscriptions amounting to approximately USD 826 million, representing 49% of the total offering [9][11]. Group 2: Global Strategy - Seres is implementing an "A+H" dual-platform strategy to accelerate its global expansion and showcase the core competitiveness of "Chinese manufacturing" in the high-end NEV sector [6][7]. - The funds raised will be allocated as follows: approximately 70% for R&D, 20% for diversified marketing channels and overseas sales, and 10% for working capital [9]. Group 3: Financial Performance - In 2024, Seres achieved a revenue of CNY 145.114 billion, a year-on-year increase of 305.47%, with a net profit of CNY 5.946 billion and a gross margin of 23.8% [13]. - For the first three quarters of 2025, the company reported a revenue of CNY 110.534 billion and a net profit of CNY 5.312 billion, reflecting a year-on-year growth of 31.56% [13]. Group 4: Technological Innovation - Seres has established a robust technological foundation, including the Seres Super Range Extender and the Seres Magic Cube technology platform, which enhances its competitive edge [15]. - The company has significantly increased its R&D investment, reaching CNY 5.198 billion in the first half of 2025, a 154.9% increase year-on-year [14]. Group 5: Market Positioning - The brand "Wenjie" is positioned as "China's Mercedes-Benz and BMW," reflecting its dual advantages in luxury and technology [15]. - Seres plans to establish 100 brand experience centers in Europe and the Middle East by 2026, along with a comprehensive charging network [15]. Group 6: Industry Impact - Seres' IPO is seen as a pivotal moment for the Chinese NEV industry, indicating a shift towards profitability and competitiveness in the global market [13][16]. - The company's success serves as a model for the transformation of China's manufacturing sector, emphasizing innovation, sustainability, and high-quality development [18][21].

Core Viewpoint - The article highlights the current supply constraints in the battery market, particularly focusing on CATL's high-nickel battery products, which are in high demand due to the upcoming reduction in subsidies for new energy vehicles in China. Group 1: Supply and Demand Dynamics - Several Chinese automakers are rushing to secure battery capacity from CATL before the subsidy cuts take effect in January 2024, leading to a competitive environment for battery procurement [4][9] - Unlike the battery shortages experienced in 2021-2022, the current supply limitations are primarily on high-end products used in mid to high-end vehicles priced above 300,000 yuan [4] - CATL's battery system capacity utilization rate was close to 90% in the first half of the year and has further increased by October [4] Group 2: Market Trends and Production Challenges - The surge in demand for batteries is driven by several factors, including the unexpected high sales of certain vehicle models and the preemptive actions of automakers to secure batteries ahead of subsidy reductions [4] - CATL is prioritizing large-volume orders from major automakers, which has led to some second-tier battery manufacturers reaching over 110% capacity utilization [9] - In October, over 20% of CATL's shipments were for energy storage batteries, with significant demand emerging from South America and the Middle East [9] Group 3: Future Expansion Plans - CATL is expanding its production capacity across various locations in China and is also developing facilities in Hungary, Spain, and Indonesia, with the Hungarian plant expected to be completed by the end of 2025 [9] - However, these long-term expansion plans do not address the immediate supply issues, and there is a risk of overexpansion if the market cools down after the current demand surge [10]

Core Viewpoint - The article discusses the phenomenon of high subscription rates for IPOs in the Hong Kong market, exemplified by the case of Saisir, which experienced a significant drop in share price on its first trading day despite a 133 times oversubscription, indicating a disconnect between market enthusiasm and actual stock performance [3][4][8]. Group 1: IPO Performance - Saisir's stock opened down 1.98% on its first day and hit a low of 118 HKD, ultimately closing at 131.5 HKD, equal to its issue price [3][7]. - In the first three quarters of the year, 98% of new Hong Kong IPOs were oversubscribed, but over 20% of these stocks experienced a drop on their first trading day [3][10]. - The overall IPO market in Hong Kong raised 182.45 billion HKD in the first three quarters, with 68 new stocks listed [10]. Group 2: Market Sentiment and Investor Behavior - High subscription rates reflect ample market liquidity and speculative sentiment, but do not necessarily correlate with the intrinsic value of the companies [4][8]. - Investors are increasingly facing uncertainty, as many are experiencing losses despite the high demand for new shares [11][12]. - The phenomenon of "leveraged IPO investing" is contributing to investor losses, as individuals incur costs regardless of whether they receive shares [13]. Group 3: Company-Specific Concerns - Saisir's revenue structure is heavily reliant on a single brand, with the "Wen Jie" series accounting for over 90% of total revenue, raising concerns about its business model [8]. - The company's financial performance showed a revenue of 110.53 billion CNY in the first three quarters, with a net profit increase of 31.56% to 5.31 billion CNY [7]. Group 4: Historical Context - The current IPO failure rate is at a historical low, with only 24% of new stocks experiencing a drop on their first day, the lowest since 2017 [13]. - Despite the high subscription rates, the market has seen a significant number of stocks drop below their issue price within 20 trading days [12][13].