Chinese new energy vehicle (NEV) maker Seres Group has filed for a secondary listing in Hong Kong, seeking to raise HK$13.18bn ($1.7bn).
According to its stock exchange filing, the company plans to offer 100.2 million shares, with a maximum price of HK$131.50 per share.
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Pricing is scheduled to be determined around 3 November, with trading expected to begin on 5 November.
Around 10% of the offer will be earmarked for retail investors, with the remainder allotted to institutional buyers.
The retail subscription window runs from today (27 October) to 31 October, with allocation results due on 4 November, the timetable showed.
Seres describes itself as a technology-focused enterprise engaged in the research and development, manufacturing, sales and services of new energy vehicles and key components.
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By GlobalDataThe group traces its origins to 1986 in springs and shock absorbers, later moving into motorcycle production.
It entered vehicle manufacturing in 2003 via a joint venture with Dongfeng Motor, and shifted into the NEV segment in 2016.
In 2021, the company launched the AITO brand, stating its positioning as “Intelligence Redefines Luxury”, and rolled out a series of models.
The group listed in Shanghai in 2016.
Seres said it is building an open ecosystem through long-term supplier partnerships, including with Huawei and Contemporary Amperex Technology.
Huawei provides intelligent cockpit and driving-assistance systems to the company.
Seres outlined planned use of proceeds, with roughly 70% will be dedicated to advancing research and development pipeline, supporting product innovation, technology upgrades, and long-term competitiveness.
Around 20% will be directed toward expanding and diversifying the go-to-market footprint, including new marketing channels, overseas sales initiatives, and charging network services, with the aim of strengthening global brand recognition.
The remaining 10% will be reserved for working capital and general corporate purposes to support day-to-day operations and organisational flexibility.
The company delivered a topline turnaround in 2024, with revenue surging to 145.1bn yuan ($20.37bn) from 35.8bn yuan.
Profitability also swung sharply into positive territory.
After posting a net loss attributable to shareholders of 2.4bn yuan in 2023, the company reported a net profit of 5.9bn yuan for full-year 2024.
Momentum continued into the current year, with net profit attributable to shareholders reaching 2.9bn yuan for the six months ended 30 June 2025.
