Core Viewpoint - Seres is preparing for an IPO in Hong Kong, having received approval from the China Securities Regulatory Commission, with plans to issue up to 331 million shares and raise over $1 billion for various strategic initiatives [1][2]. Group 1: IPO Details - Seres plans to issue no more than 331 million ordinary shares for its overseas listing on the Hong Kong Stock Exchange [1]. - The company aims to raise over $1 billion, with 70% of the net proceeds allocated for R&D, 20% for diversifying marketing channels and enhancing global brand awareness, and 10% for working capital and general corporate purposes [2]. Group 2: Financial Performance - Seres reported a net profit of 5.946 billion yuan last year, marking its first profit in five years [3]. - The company's total liabilities reached 82.458 billion yuan, a year-on-year increase of 87.22%, with a debt ratio of 87.38% [4]. Group 3: Strategic Initiatives - The company is focusing on expanding its international market presence by localizing high-end brands and developing international electric vehicle models that meet local standards [3]. - Seres has been actively acquiring assets, including the purchase of the AITO brand and related patents for 2.5 billion yuan, and investing 11.5 billion yuan for a 10% stake in Shenzhen Yiwang Intelligent Technology [4].

Group 1 - The core viewpoint of the article emphasizes the shift in focus of the "anti-involution" policy towards regulating local government behavior, contrasting with the previous emphasis on supply-side structural reforms in 2015 [1][8][84] - The recent "anti-involution" competition is characterized by local governments creating policy gaps, blindly launching projects, and setting market barriers, which has led to a significant increase in local government involvement in economic activities [1][15][84] Group 2 - The current "involution" competition involves industries where demand is generally improving or stable, with sectors like electrical machinery showing better revenue and fixed asset growth from 2021 to 2024 compared to 2017 to 2020 [2][84] - The automotive industry has experienced a dramatic regional shift, with traditional production areas declining while new energy vehicle production in provinces like Guangdong and Anhui has surged [22][84] Group 3 - Local governments are under pressure to find new growth drivers due to the downturn in the real estate market, with national commodity housing sales down 39.7% and real estate investment down 27.3% from 2021 to 2024 [3][28][84] - The reliance on land finance has decreased, leading local governments to focus on high-tax industries such as manufacturing and wholesale retail, which accounted for 32% and 14% of total tax revenue in 2021, respectively [3][36][84] Group 4 - The "anti-involution" measures may include short-term central government actions to clean up illegal policies and long-term guidance for local governments to establish correct performance views [4][78][85] - Local governments are competing through tax incentives and other policies to attract industries, resulting in significant disparities in manufacturing tax burdens across provinces, with the overall manufacturing tax burden in 2023 being 17.4% [6][69][84]

Core Viewpoint - The launch of the fourth-generation CS55PLUS by Changan Automobile aims to redefine product value through intelligent cockpit and driving assistance systems, rather than competing directly with other brands [1] Product Details - The official price range for the fourth-generation CS55PLUS is between 92,900 yuan and 109,900 yuan [1] - The dimensions of the vehicle are 4550mm in length, 1868mm in width, and 1675mm in height [1] - The vehicle features the Changan Tian Shu intelligent driving assistance system, 540-degree high-definition panoramic imaging, and 18 intelligent warning and braking functions [1] - It incorporates an AI voice model connected to DeepSeek, allowing for free dialogue and encyclopedic Q&A [1] - The vehicle is powered by the new Blue Whale engine [1] Market Positioning - The CS55 series has undergone four generations over the past eight years, maintaining a user-centric approach [1] - The CS55 series is present in 55 countries globally, with production bases established in 9 countries, and has achieved cumulative global sales exceeding 1 million units [1] - As part of Changan's "Haina Baichuan" and "Beidou Tian Shu" global strategy, the CS55 series is the best-selling and most widely covered model for Changan in overseas markets [1]

Core Viewpoint - Chery Automobile Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the largest IPO for an automotive company in Hong Kong since 2025, and indicating its entry into the international capital market [2][4]. Summary by Sections IPO Details - Chery's IPO involved a global offering of 297 million H-shares at an issue price of HKD 30.75 per share, raising approximately HKD 9.145 billion [4]. - The listing attracted 13 cornerstone investors, including notable institutions such as Hillhouse Capital and Jinglin Asset, reflecting strong confidence in the company's future [4]. - On the first trading day, Chery's shares opened at HKD 34.2, representing an increase of 11.22% from the issue price [4]. Leadership Statements - Chairman Yin Tongyue expressed gratitude to various stakeholders during the listing celebration, emphasizing the collective support that has driven Chery's growth from humble beginnings to a publicly listed company [6][9]. - He highlighted that the IPO represents a new starting point for Chery, aiming not only for commercial success but also for social value contributions [9]. Future Strategy and Growth - Chery plans to leverage capital to accelerate technological innovation and enhance its global presence, with a commitment to becoming a leader in the intelligent mobility ecosystem [9]. - The company aims to foster the growth of other enterprises, contributing to the vitality of the industry ecosystem [9]. Performance Metrics - Since its establishment in 1997, Chery has focused on industry innovation and international market penetration. It is projected that Chery's passenger vehicle sales will grow by 49.4% year-on-year in 2024, leading among the top twenty global passenger car companies [9][10]. - Chery has maintained its position as the top exporter of passenger vehicles among Chinese brands for 22 consecutive years, with strong sales in Europe, South America, and the Middle East [10]. Fund Utilization - The funds raised from the IPO will be allocated as follows: 35% for developing various passenger vehicle models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital [11]. - This funding strategy reflects Chery's focus on increasing R&D investment, particularly in new energy and smart technologies, while solidifying its status as a leading exporter [11]. Financial Growth - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with net profit increasing from CNY 5.806 billion to CNY 14.334 billion during the same period [11]. - In Q1 2025, Chery reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion, reflecting a substantial year-on-year growth of 90.9% [11]. Market Positioning - The successful listing on the Hong Kong Stock Exchange provides Chery with a long-term capital channel, enabling it to seize opportunities in the global automotive industry transformation and strive to enter the ranks of world-class brands [12].

中经记者 曹驰 何莎莎 北京报道 9月23—24日，由《中国经营报》主办的"绿色引领 重塑未来——2025中国企业可持续发展行动大会"在 北京举行。 2025年是"绿水青山就是金山银山"理论提出20周年，在习近平生态文明思想的指引下，聚焦保护生态环 境，践行绿色发展的强大共识和坚定行动自觉，我国生态文明建设取得了举世瞩目的成就。20年来，中 国企业将可持续发展融入到经营管理和价值塑造的全过程，也取得了不凡的成果。 新时期，在包括"双碳"目标和高质量发展的顶层设计之下，在新一轮科技革命和产业变革的浪潮当中， 企业该如何更广泛地聚焦可持续发展，更深入地实现可持续发展的实践，是考验企业智慧的重大议题。 本次大会上，来自产界、业界、学界和媒体界的多位专家和企业家，围绕实现经济增长与生态保护的协 同增效，推动资源密集型行业向绿色、安全、高效方向转型等话题展开探讨，共同书写中国企业可持续 发展的新篇章。 统一股份总经理、统一石化CEO李嘉表示，要想降碳，能源管理体系必须够精准，单位产值的能源消耗 持续在降，碳才能降。单位产值的能源消耗持续在降，运营成本就将大幅降低。 中关村建投公司副总经理、中发展智源公司董事长许昊指出， ...

Core Viewpoint - Chery Automobile Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the largest IPO for an automotive company in Hong Kong since 2025, and indicating its entry into the international capital market [1][2] Group 1: IPO Details - Chery's IPO involved a global offering of 297 million H-shares at an issue price of HKD 30.75 per share, raising approximately HKD 9.145 billion [1] - The stock opened at HKD 34.2 per share on the first day of trading, reflecting an increase of 11.22% from the issue price [1] - The IPO attracted 13 cornerstone investors, including notable institutions such as Hillhouse Capital and Jinglin Asset, demonstrating strong confidence in the company's future [1] Group 2: Future Strategy and Goals - The company aims to leverage capital to accelerate technological innovation, deepen global expansion, and strengthen its core automotive business while contributing to social value [2] - Chery aspires to become a leader in the intelligent mobility ecosystem, driven by innovation and global trust, contributing to the high-quality development of China's automotive industry [2] Group 3: Performance and Growth - Since its establishment in 1997, Chery has focused on industry innovation and international market penetration, with a projected 49.4% year-on-year increase in passenger car sales for 2024, ranking it among the top twenty global passenger car companies [2][3] - Chery has maintained its position as the top exporter of passenger cars among Chinese brands for 22 consecutive years, with strong sales in Europe, South America, and the Middle East [3] Group 4: Fund Utilization - The funds raised from the IPO will be allocated as follows: 35% for developing various passenger car models, 25% for next-generation vehicles and advanced technology, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital [4] - This funding strategy reflects Chery's focus on increasing R&D investment, particularly in new energy and smart technology, while accelerating its global expansion [4] Group 5: Financial Performance - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with net profit increasing from CNY 5.806 billion to CNY 14.334 billion [4] - In Q1 2025, the company reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion, marking a significant year-on-year growth of 90.9% [4]

Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, marking a significant milestone as it aims to enhance its market position and expand its operations globally [2]. Group 1: IPO Details - Chery's IPO was officially listed on September 25, with an opening price of HKD 34.2 per share [2]. - The funds raised will be allocated for new vehicle development, next-generation automotive technology, overseas market expansion, and upgrading production facilities in Wuhu [2]. - Chery plans to use up to 3.69 million shares (approximately 6.74% of total shares) for employee incentives, priced at HKD 3.4 per share, with a six-year lock-up period [2]. Group 2: Sales Performance - In 2024, Chery achieved a global sales volume of 2.295 million vehicles, ranking among the top twenty car manufacturers worldwide, with a year-on-year growth rate of 49.4%, the highest in this category [2]. - The company reported a 56% year-on-year increase in domestic passenger car sales for 2024, with a remarkable 277.3% growth in new energy vehicle sales, leading the top ten domestic passenger car manufacturers [3]. - Chery's market share in China increased from 11.8% in 2023 to 14.0% in 2024, ranking second among domestic brands [3]. Group 3: Product and Brand Performance - Chery has five major automotive brands, with projected sales in 2024: Chery brand at 1.52 million, Jetour at 530,000, Exeed at 130,000, iCAR at 60,000, and Zhijie at 38,500 [3]. - The Tiggo 8 series ranked first in global sales of self-owned brand fuel vehicles in 2024, while the Jetour X70 series ranked fourth in global B-class SUV sales [3]. Group 4: International Expansion - Chery has been the top exporter of self-owned brand passenger cars in China for 22 consecutive years, with products sold in over 100 countries and regions, totaling over 13 million vehicles sold globally [3]. - In 2024, overseas revenue accounted for 37.4% of total revenue, with Chery ranking first in Europe, South America, the Middle East, and North Africa for self-owned brand passenger car sales, and second in North America and other Asian regions outside China [3][4]. - The collaboration with EV MOTORS in Barcelona marks Chery as the first Chinese self-owned brand to achieve localized production in Europe, with a total of 1,075 overseas dealers by the end of 2024 [4]. Group 5: Financial Performance - Chery's revenue for 2022, 2023, and 2024 was reported at CNY 92.618 billion, CNY 177.056 billion, and CNY 269.897 billion respectively, with net profits of CNY 5.806 billion, CNY 9.949 billion, and CNY 14.334 billion [4]. - In the first quarter of 2025, Chery reported revenue of CNY 68.223 billion and a net profit of CNY 4.726 billion [4].

（编辑 任世碧） 证券日报网讯 9月25日晚间，赛力斯发布公告称，公司于近日收到中国证券监督管理委员会（简称"中 国证监会"）出具的《关于赛力斯集团股份有限公司境外发行上市备案通知书》（国合函〔2025〕1645 号）（简称"备案通知书"）。备案通知书主要内容如下：一、公司拟发行不超过331，477，235股境外 上市普通股并在香港联合交易所上市。二、自备案通知书出具之日起至本次境外发行上市结束前，公司 如发生重大事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系统报告。 三、公司完成境外发行上市后15个工作日内，应通过中国证监会备案管理信息系统报告发行上市情况。 公司在境外发行上市过程中应严格遵守境内外有关法律、法规和规则。四、公司自备案通知书出具之日 起12个月内未完成境外发行上市，拟继续推进的，应当更新备案材料。 ...

Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange on September 25, 2025, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market since 2025, despite facing challenges in its transition to electric vehicles and maintaining profitability [1][21]. Group 1: Company Performance - Chery's stock opened at HKD 34.2, a rise of 11.22% from the issue price of HKD 30.75, with a market capitalization exceeding HKD 200 billion at one point, closing at HKD 31.92 and a market cap of HKD 184.09 billion [1]. - In 2024, Chery was the fastest-growing brand among the top ten passenger car companies in China and the only company in the global top twenty to achieve over 25% growth in new energy, fuel vehicles, and both domestic and international markets [1]. - Chery's overseas sales reached 1.145 million units in 2024, accounting for nearly 40% of its revenue, with a significant presence in Russia, especially after the outbreak of the Russia-Ukraine conflict [2][4]. Group 2: Financial Metrics - Chery's revenue from overseas sales was reported at CNY 291.5 billion in 2022, CNY 745.3 billion in 2023, CNY 978.7 billion in 2024, and CNY 196.4 billion in Q1 2025, maintaining a stable contribution of around 40% to its total revenue [4]. - The company's overall gross margin was below industry standards, with figures of 13.8%, 16%, 13.5%, and 12.4% from 2022 to Q1 2025, compared to competitors like BYD and Geely, which had gross margins of 20.1% and 15.9%, respectively [7][11]. Group 3: Challenges and Strategic Shifts - Chery's reliance on fuel vehicles remains high, with over 60% of its passenger car revenue coming from fuel vehicles in Q1 2025, while the penetration rate of new energy vehicles in China exceeded 55% [10]. - The company has initiated significant reforms to address its "偏科" (specialization) issues, including restructuring its brand strategy and focusing on electric and hybrid vehicle development [17][19]. - Chery's R&D investment has been relatively low, with a rate of only 3.3% in Q1 2025, compared to BYD's 8.3%, raising concerns about its technological capabilities in the electric vehicle sector [13][14]. Group 4: Future Plans and Funding Utilization - The funds raised from the IPO will be allocated as follows: 35% for developing various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, 10% for enhancing production facilities, and 10% for working capital [21]. - Chery aims to accelerate its transition to electric and intelligent vehicles while consolidating its advantages in overseas markets, marking the IPO as a new starting point for its transformation [21].

Core Viewpoint - Company Cyberspace has received approval from the China Securities Regulatory Commission (CSRC) for its overseas listing of H-shares, aiming to issue up to approximately 331 million shares on the Hong Kong Stock Exchange [1][3]. Group 1: Listing and Fundraising - The company plans to use 70% of the net proceeds from the IPO for research and development, 20% for diversifying new marketing channels, overseas sales, and charging network services, and 10% for working capital and general corporate purposes [3]. - The issuance of H-shares is intended to advance the company's global strategy, enhance its international capital operation platform, and improve its overall competitiveness [3][4]. Group 2: Global Expansion Strategy - The company aims to localize its high-end brand in overseas markets and continuously develop international new energy vehicles that meet local user needs and technical standards [5]. - The company plans to gather high-quality global industrial resources and explore various methods for overseas network construction, including self-built, joint ventures, strategic partnerships, and mergers and acquisitions [5]. - As of now, the company's electric vehicles have covered 62 countries across Europe, America, and Africa, with established operations in several countries including Norway, Germany, the UK, and Switzerland [5].