On October 27, Seres announced that it had officially launched its Hong Kong IPO. The subscription period will run until October 31, and the company plans to be listed on the Main Board of the Hong Kong Stock Exchange on November 5 under the stock code “9927.” Once listed, Seres will become the first luxury new energy vehicle (NEV) manufacturer to achieve dual “A+H” listings in both Mainland China and Hong Kong.
According to the announcement, Seres plans to issue 100.2 million H shares in total for this IPO, including 10.02 million H shares for the Hong Kong public offering and approximately 90.18 million H shares for the international offering (subject to reallocation, adjustment, and the exercise of the over-allotment option). Based on the maximum offer price of HK$131.50 per share and assuming that the adjustment and over-allotment options are not exercised, the expected net proceeds will be approximately HK$12.9249 billion. The funds raised will be used for R&D investment, expansion of diversified new marketing channels, overseas sales and charging network services, as well as working capital and general corporate purposes.
Since partnering with Huawei in 2021 to launch the high-end intelligent NEV brand AITO, Seres has introduced four models: AITO M5, M7, M8, and M9. Supported by Huawei’s advanced technology, the AITO models have gained significant popularity and become the main sales driver of the Harmony Intelligent Mobility Alliance. While Huawei’s technology and brand influence have brought Seres tremendous growth opportunities, they have also made Seres somewhat dependent on Huawei. As Huawei collaborates with an increasing number of automakers, Seres faces the challenge of maintaining its unique advantages within Huawei’s ecosystem and ensuring Huawei’s continued support and investment in the AITO lineup. Market concerns are also growing that Huawei may distribute its resources more evenly across multiple partners, potentially weakening AITO’s competitive edge.
Throughout this year, AITO has launched the all-new M7 and expanded its product lineup — all models now offer both range-extended and pure electric versions, giving consumers more options. Currently, most AITO sales come from the M8 and M9. Whether the updated M7 can continue its strong sales performance remains to be seen. Data shows that in the first three quarters of 2025, Seres sold a total of 276,200 vehicles, a 5.72% year-on-year decline, with September sales reaching 41,200 units, up 15.14% year-on-year. Retail data indicates that during the same period, AITO M8 and M9 sales both exceeded 90,000 units (99,529 and 93,102 respectively), while the M7 sold 47,722 units and the M5 sold 28,731 units, bringing total AITO sales to 269,100 units.
Industry analysts note that Seres currently shows strong sales and revenue performance. Choosing to list in Hong Kong at this time will help enhance its financial strength, ease funding pressures, and raise global brand recognition — an important step toward internationalization.
In September, Chery Automobile also successfully listed in Hong Kong, priced at the upper limit of its offer range at HK$30.75 per share, raising HK$9.14 billion. As of today’s market close, Chery’s stock stood at HK$32.74 per share, with a total market capitalization of HK$190.07 billion.
