Core Viewpoint - Seres Group has officially listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to achieve "A+H" share listing, with an opening market value of HKD 220 billion [1]. Financing and Expansion - The successful listing on H-shares provides Seres with a broader financing platform to support its technological research and overseas expansion, marking a significant achievement in the collaboration model of "state-owned capital + local car companies" in Chongqing's development of a world-class intelligent connected new energy vehicle industry cluster [3][4]. Investment Strategy - Over the past eight years, nearly CNY 10 billion has been invested to support Seres' transformation from a traditional fuel vehicle manufacturer to a national benchmark brand in new energy luxury vehicles. This investment strategy includes a combination of "counter-cyclical layout + pro-cyclical expansion" [7][8]. Ecosystem Development - The investment efforts extend beyond Seres, aiming to build a billion-level automotive industry ecosystem that reduces supply chain costs. This includes investments in core components and software services, creating a closed-loop ecosystem around complete vehicles, core components, and intelligent driving [9][10]. Capital Linkage - The development of Seres is characterized by a "leading enterprise, extended chain, and collective progress" model. The role of state-owned capital is not merely to provide funding but to create a "capital link" that connects technology, production capacity, and market access [11].