Targowiska Tribune

The post EV maker Seres raised approximately $1. 8 billion in its Hong Kong IPO appeared com. Chinese mainland EV automaker Seres Group (HKG: 9927) raised $1. 8 billion in its HKSAR listing, expanding the offering by 8. 4%. The company sold 108. 6 million shares, which included an extra 8. 4 million shares, at the upper limit IPO price of HKD 131. 50 per share, after exercising an option to snowball the deal size. Seres filed for its Hong Kong listing in April, aiming to establish a platform for international capital operations, and has confirmed that the HK-listed stock will start trading on November 5 under the ticker HKG: 9927. It has been listed on the SSE (Shanghai Stock Exchange) since 2016 and has a market capitalization of nearly $35. 8 billion (RMB 254. 8B), gaining over 20% so far this year. The EV maker reportedly started gauging investor interest for the HK listing in October, with plans to raise between $1. 5 and $2 billion. The Huawei partner met the investors in mid-October and agreed that the deal size might change. Meanwhile, listing proceeds have already exceeded the four-year high of $26 billion projected for 2025. Seres offers IPO shares at a 22% discount Seres’ HK listing price represents a 22% discount to the $21. 8 (155. 19 Yuan) closing price on October 31 on the SSE. However, the company’s deal is reportedly Hong Kong’s eighth listing that raised over $1 billion this year. China Galaxy Securities Co. and China International Capital Group both co-sponsored the company’s HK listing. The EV maker’s partnership with Huawei is also reportedly beneficial to the continued growth and stability of its stock price, and it is expected to boost profits by up to 72% to a record 10. 2 billion Yuan in 2025. Meanwhile, the AITO brand maker’s Stock Connect eligibility and A-H share fungibility remain unclear, which could maintain price disparities between its Hong Kong and Shanghai listings. The.