On October 13, according to information from the Hong Kong Stock Exchange website, Seres has passed the listing hearing for the main board of the Hong Kong Stock Exchange. The joint sponsors are CICC and China Galaxy International. This announcement signifies that Seres is one step closer to listing on the Hong Kong stock market and may go public soon.
Seres first announced its plan to list on the Hong Kong Stock Exchange’s main board in March of this year. The aim was to advance its global strategy, create an international capital operation platform, and enhance its comprehensive competitiveness. According to the prospectus at that time, the funds raised through Seres’ IPO would primarily be used for R&D investment, including both technology and product development; investments in diversified new marketing channels, overseas sales, and charging network services to enhance the company’s global brand recognition; and general working capital for the company. On April 28, Seres announced that it had submitted an application to the Hong Kong Stock Exchange for the issuance of H-shares and for listing on the main board. On September 25, Seres confirmed it had received the China Securities Regulatory Commission’s notification regarding the overseas issuance and listing of its shares, planning to issue up to 331,477,235 H-shares for listing on the Hong Kong Stock Exchange.
Of course, Seres’ rapid development in recent years has been greatly supported by Huawei. Seres Group was initially Chongqing Xiaokang Industrial Group Co., Ltd., founded in September 1986. In April 2021, Xiaokang Group and Huawei teamed up to launch their first cooperative model, the Seres Huawei Smart Selection SF5, a medium-sized coupe SUV with a price range of 218,000-246,800 yuan. To increase exposure for the SF5, Huawei also listed the car for online sales on its official website and displayed it in Huawei stores and flagship stores. However, despite the collaboration, the SF5’s sales were not particularly strong. According to data, the total sales of Seres SF5 in 2021 amounted to 8,169 units. In an effort to boost sales, the two companies launched the AITO Wenjie new energy brand, with the Wenjie M5 EV and Wenjie M7 models being released. Following the establishment of the Wenjie brand, Seres saw a significant increase in sales, with the total sales of Seres new energy vehicles reaching 135,100 units in 2022, a 225.9% year-on-year increase. Of these, Wenjie accounted for 75,000 units, making up more than half of Seres’ total sales.
After 2023, new models such as the Wenjie M9, new Wenjie M7, new Wenjie M5, and Wenjie M8 were introduced, covering price ranges from 200,000 to 600,000 yuan. As the model lineup expanded, Seres’ position in the market continued to improve.
In addition to the growth in sales, Seres also achieved profitability for the first time, turning a profit. Data shows that in 2024, Seres achieved revenue of 145.176 billion yuan, a 305.04% increase compared to the previous year, setting a new record. The net profit attributable to shareholders was 5.946 billion yuan, reversing the previous loss, and the net profit attributable to shareholders excluding non-recurring gains and losses was 5.573 billion yuan. The company attributed these results to the rapid growth in new energy vehicle sales and the improved profitability of its products.
In the first half of 2025, Seres continued to grow, with revenue of 62.402 billion yuan and a total profit of 3.725 billion yuan, a 119.22% year-on-year increase. The net profit attributable to shareholders was 2.941 billion yuan, up by 81.03%, while the net profit excluding non-recurring gains and losses was 2.474 billion yuan, reflecting a 72.14% year-on-year increase.
Industry insiders have pointed out that with Seres’ impressive sales and revenue data, choosing this time to go public in Hong Kong is advantageous for strengthening its financial position and easing financial pressure. It will also help raise the brand’s global recognition and support its internationalization.
