SERES (09927) has cleared its Hong Kong Exchange listing hearing on October 13 and launched its global offering from October 27-31. The company plans to issue 100.2 million H-shares globally, including 10.02 million shares in Hong Kong's public offering and approximately 90.18 million shares internationally. The final offer price was set at HK$131.50 per H-share on October 31, with trading expected to commence on November 5. Upon listing, SERES will become the first luxury new energy vehicle (NEV) manufacturer with dual A+H listings.
The Hong Kong IPO market has seen strong activity this year, with A-share industry leaders seeking global capital and more reasonable valuations. Following new exchange regulations in H2, IPO investments have entered a fervent cycle. Data shows 12 Hong Kong IPOs in H2 achieved over 2,000x subscription multiples, with notable first-day pops including DeepTech (01384) surging 150% and Bama Tea (06980) jumping 86%. SERES' listing injects a new blue-chip opportunity into the market.
As a global luxury NEV leader, SERES maintained the third-largest market share in 2024. Its AITO M7 and M9 models both rank among the top five luxury NEVs, with the M9 consistently leading China's RMB500,000+ segment. The April 2025-launched AITO M8 has dominated the RMB400,000 category. Since debuting the AITO brand in 2021, sales have skyrocketed: 77,900 units (29.15% of total) in 2022, 102,600 (40.67%) in 2023, 388,700 (78.21%) in 2024, and 152,000 (76.53%) in H1 2025. AITO now contributes 90.3% of H1 2025 revenue.
This success stems from four industry-leading technological advantages: the proprietary SERES Magic Cube platform, next-gen extended-range system, scenario-defined intelligent safety architecture, and advanced smart manufacturing facilities. Its deep collaboration with Huawei has created overwhelming competitive advantages. Beyond technology, SERES' vertical production-delivery system and premium after-sales service have built strong customer loyalty. The company operates three mega-factories ensuring delivery timelines, while optimizing its five-pillar service system (marketing, product ops, tech support, engineering, user development) across 400+ service centers and 700+ experience stores in 220+ Chinese cities.
AITO's hot sales drove 2024 revenue to double year-on-year, making SERES the world's fourth profitable NEV maker - a rare achievement in an industry where peers mostly report losses amid price wars squeezing margins. This performance reflects both consumer recognition of product quality (enabling premium pricing) and exceptional supply chain/expense management.
Market expectations remain high for SERES' listing performance. As China's premium NEV leader with established brand equity through AITO M8/M9, the company is poised to maintain dominance in the RMB400,000+ segment. Continued product cycle momentum should drive volume growth and solidify its luxury market leadership, supporting valuation upside through A+H synergy. Compared with recent IPOs, SERES stands out with its proprietary tech, Huawei-powered autonomous driving, and luxury NEV sales leadership - factors likely to attract strong investor demand. The A-share Seres Group (601127) has delivered 14x returns since 2020; with dual-listing synergies and growth prospects, the H-share debut could initiate another multi-bagger journey.