Chinese EV Maker Seres Raises $1.8 Billion in Record Hong Kong IPO
5th November 2025, Kathmandu
Electric-vehicle maker Seres Group Co. raised HK$14.3 billion ($1.8 billion) after pricing its Hong Kong listing at the upper limit it had set and exercising an option to increase its deal size.
Chinese EV Maker Seres Raises
The Chongqing-based company, an EV partner of Huawei Technologies Co., sold about 108.6 million shares at HK$131.50 each, according to a statement on Sunday.
That includes 8.4 million additional shares that expanded the offering by about 8.4%.
The listing price reflects a 22% discount to the 155.19 yuan closing price on Friday in Shanghai, where Seres’ stock already trades.
Seres’ Hong Kong-listed shares are due to start trading on Wednesday.
The deal is Hong Kong’s eighth listing this year that raised more than $1 billion. Listing proceeds in the city have already topped the $26 billion Bloomberg Intelligence had forecast for 2025.
Founded in 1986, the company initially produced springs and shock absorbers before expanding into motorcycles and later to EVs.
The partnership with Huawei has been a boon for Seres, which is expected to see profits surge 72% to a record 10.2 billion yuan this year, according to the average analyst estimate compiled by Bloomberg.
China International Capital Corp. and China Galaxy Securities Co. are joint sponsors of the Seres listing.
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