Huawei Partner Seres Fuels Global EV Push with Massive $1.8 Billion Hong Kong Listing

Seres Group Co., the Chongqing-based electric vehicle manufacturer known for its collaboration with Huawei Technologies Co., has raised roughly $1.8 billion (HK$14.3 billion) through its initial public offering in Hong Kong. The sale, priced at the top of the indicated range and expanded through an additional allotment, underscores solid investor enthusiasm for both Seres and the region’s EV market.

The company, which produces the Aito series jointly with Huawei, allocated about 108.6 million shares to investors. Each share was priced at HK$131.50, a level that included 8.4 million extra shares added under the option to increase the offering by just over eight percent. Trading of these H-shares is scheduled to begin on Wednesday, November 5, under the stock code HKG: 9927.

At that price, the Hong Kong listing represents a 22 percent discount to Seres’ most recent closing price of 155.19 yuan on the Shanghai exchange. The offering ranks as the eighth IPO in Hong Kong this year to exceed $1 billion, contributing to total new-listing proceeds that have already surpassed the $26 billion target estimated by Bloomberg Intelligence for 2025. China International Capital Corp. and China Galaxy Securities Co. served as the joint sponsors for the transaction.

Founded in 1986, Seres originally manufactured automotive components such as shock absorbers and springs before moving into motorcycles and, later, electric vehicles. Its strategic alliance with Huawei has accelerated product innovation and boosted earnings potential. Market analysts project that the company’s net profit could rise by about 72 percent this year, reaching an estimated 10.2 billion yuan.

Financial results highlight continuing momentum: third-quarter revenue climbed to RMB 48.13 billion, up 15.75 percent year on year, while net income for the same period came to RMB 2.37 billion, reflecting a modest 1.74 percent decline from the prior year. Vehicle sales in October totaled 54,384 units, marking the second-highest monthly record in the company’s history—a 25 percent increase from a year earlier and more than 12 percent higher than in September. However, cumulative deliveries from January to October reached 395,034 units, about 4.3 percent lower than during the same period last year.

Proceeds from the share sale are expected to support research and development, expansion of charging infrastructure, and broader international market initiatives. These investments will strengthen Seres’ competitiveness and help advance future partnerships focused on intelligent driver-assistance technologies.