Chinese mainland EV automaker Seres Group (HKG: 9927) has successfully raised $1.8 billion through its Hong Kong Special Administrative Region (HKSAR) listing, expanding the offering by 8.4%. The company sold 108.6 million shares, which included an additional 8.4 million shares, at the upper limit IPO price of HKD 131.50 per share. This followed the exercise of an option to increase the deal size.
Seres initially filed for its Hong Kong listing in April with the aim of establishing a platform for international capital operations. The company confirmed that its Hong Kong-listed stock will begin trading on November 5 under the ticker HKG: 9927. Seres has been listed on the Shanghai Stock Exchange (SSE) since 2016 and currently has a market capitalization of nearly $35.8 billion (RMB 254.8 billion), having gained over 20% so far this year.
The EV maker reportedly began gauging investor interest for the Hong Kong listing in October, with plans to raise between $1.5 and $2 billion. Seres met with investors in mid-October and agreed that the deal size might be adjusted accordingly. Meanwhile, listing proceeds from such deals have already exceeded the four-year high of $26 billion projected for 2025.
**Seres Offers IPO Shares at a 22% Discount**
The IPO price for Seres’ Hong Kong listing represents a 22% discount to the $21.8 (155.19 Yuan) closing price on October 31 on the SSE. Despite this discount, the company’s deal is reported to be Hong Kong’s eighth listing this year to raise over $1 billion.
China Galaxy Securities Co. and China International Capital Group co-sponsored the company’s Hong Kong listing. Seres’ partnership with Huawei is also seen as beneficial for the continued growth and stability of its stock price. The collaboration is expected to boost profits by up to 72%, reaching a record 10.2 billion Yuan in 2025.
However, the Stock Connect eligibility and A-H share fungibility for Seres remain unclear, which may maintain price disparities between its Hong Kong and Shanghai listings. Nevertheless, the fresh capital is anticipated to strengthen the company’s global expansion efforts.
With this Hong Kong listing, Seres will become the first luxury new energy vehicle (NEV) maker to achieve an A+H listing — meaning it will be listed both in Hong Kong and mainland China.
**AITO Models Exceed 800,000 Deliveries to Date**
Seres’ AITO brand has reportedly surpassed 800,000 units in deliveries across all its models to date. The company has accelerated its product development in 2024, launching several new models including the AITO M5 and M7, the family-oriented M8, and the M9 2025 edition.
According to Seres, the AITO M9 alone has sold over 250,000 units in at least 84 weeks, setting a record for EVs in the 500,000 RMB price category. The M9 achieved an overall Net Promoter Score (NPS) of 85.2, ranking it at the top among NEV models.
Meanwhile, the AITO M8 has maintained its position as the brand’s bestseller for four consecutive months, surpassing 100,000 deliveries in the 400,000 RMB price range. The M7 also quickly gained market traction, achieving over 200,000 deliveries within just 36 days of its launch.
The AITO brand was ranked first in the 2025 H1 Brand Development Confidence Index, according to Landroads Consulting’s First Half New Energy Vehicle Brand Health study. The research, which covered 67 NEV brands and collected data from over 7,800 NEV owners, highlighted NPS as a key measure of customer loyalty.
**Strong Financial Performance and Market Recognition**
Seres’ Q3 earnings report revealed revenue of 110.53 billion RMB, with net profit attributable to shareholders for the first three quarters of 2025 reaching 5.31 billion RMB. This represents a robust year-over-year growth of 31.56%.
This strong performance is reflected in Seres’ latest ranking among China’s top 500 companies, where the automaker jumped 270 places to 190th position. It was named one of the fastest-growing companies on the 2024 Golden Bull Most Valuable Investment Award list.
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