Group 1 - The core point of the article is that Seres (9927.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first domestic new energy vehicle company to achieve a dual listing in both A-share and H-share markets, raising a net amount of HKD 14.016 billion, setting a record for IPO scale among mainland car companies in Hong Kong [1] - The chairman of Seres, Zhang Xinghai, stated that this listing marks a significant step in the company's international capital strategy and lays a solid foundation for its future global strategic layout [1] - The company plans to allocate 70% of the raised funds for research and development, 20% for building a global marketing network and charging service system, and 10% for supplementing working capital, directly targeting the two core aspects of its globalization strategy [1] Group 2 - Seres was originally established as Chongqing Yu'an Automobile Industry Group Co., Ltd. in 2003, later renamed Chongqing Xiaokang Automobile Holdings Co., Ltd. in 2007, and underwent a complete change to Chongqing Xiaokang Industrial Group Co., Ltd. in 2011 [1] - In 2019, the company entered into a comprehensive cooperation agreement with Huawei to promote collaboration in the new energy vehicle sector [1] - The sales revenue of the AITO brand vehicles reached CNY 56.282 billion in the first half of 2025, accounting for 90.3% of Seres' total revenue, with the model sales representing approximately 76.52% of the total sales [3]

Core Insights - Seres officially listed on the Hong Kong Stock Exchange on November 5, becoming the first domestic new energy vehicle company to achieve dual listing in both A-share and H-share markets, raising a net amount of HKD 14.016 billion, setting a new record for IPO scale among mainland car companies in Hong Kong [1] - The chairman of Seres, Zhang Xinghai, emphasized the company's strategic shift towards becoming a technology-driven enterprise, focusing on the industrial application of "AI + mobile intelligent entities" [1] - The fundraising allocation includes 70% for R&D, 20% for global marketing and charging service network development, and 10% for working capital, aligning with the company's global strategy [1] Company Background - Seres originated from Chongqing Yua Automobile Industry Group, established in 2003, and underwent several name changes, becoming Chongqing Xiaokang Automobile Holdings in 2007 and later Chongqing Xiaokang Industrial Group Co., Ltd. in 2011 [2] - The company was listed on the Shanghai Stock Exchange in June 2016 under the stock code "601127" [2] - In 2019, Seres entered a comprehensive cooperation agreement with Huawei to advance the new energy vehicle sector, leading to the launch of the Huawei Smart Selection Seres SF5 in 2021 [2] Performance Metrics - In the first half of 2025, the sales revenue from the AITO brand reached CNY 56.282 billion, accounting for 90.3% of Seres' total revenue, with AITO models representing approximately 76.52% of total sales [2] - For the same period, Seres reported a total revenue of CNY 62.402 billion, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders was CNY 2.941 billion, reflecting an 81.03% year-on-year increase, with total sales volume reaching 198,600 units [2]