Chinese electric vehicle manufacturer Seres Group is set to launch its initial public offering (IPO) in Hong Kong, with shares priced at up to $131.50 HKD (16.93 USD). Trading is expected to commence on November 5, marking one of Asia’s largest technology listings in 2025.
The company, which filed its listing application with the Hong Kong Stock Exchange on April 28, received approval on October 13. The international placement and Hong Kong public offering began on October 27, with the final pricing scheduled for November 3.
The IPO aims to raise approximately 1.7 billion USD, with 49% (826 million USD) already secured from 22 cornerstone investors, including prominent institutions such as Schroders, Mirae Asset from South Korea, Postal Savings Wealth Management, and Chongqing Yufu Capital.
Based on combined relative valuation (25-30x PE) and absolute valuation (DCF model), Seres’ target price range is set at 120-140 yuan (approximately 150-175 HKD), corresponding to a market value of 118.5-142.2 billion yuan (16.59-19.91 billion USD).
If successfully priced at 131.50 HKD, Seres’ market capitalisation would reach approximately 215 billion HKD (27.67 billion USD), positioning it alongside other major Chinese EV manufacturers such as Nio and Li Auto.
The company plans to allocate 70% of the net proceeds towards technology research and development, while 20% will fund overseas sales network and charging infrastructure expansion. The remaining 10% will supplement working capital.
Looking ahead, Seres aims to establish 100 experience centres across Europe and the Middle East by 2026. In collaboration with Huawei, the company plans to build a supercharging network covering 80% of major highways in key international markets.
Earlier this year, CATL got listed on the Hong Kong stock exchange, with its fundraising scale exceeding that of Seres’s current financing. In September, Chery was listed in Hong Kong, and Seres’s fundraising scale surpassed Chery’s.
About Seres
A few years ago, Seres was known as Dongfeng Sokon (DFSK), primarily producing vans and light trucks, competing with models like the Wuling Hongguang, and focusing on supporting low-cost entrepreneurship and poverty alleviation. However, with the rise of new energy vehicles, Dongfeng Sokon faced difficulties due to insufficient technological reserves.
Seres chose to collaborate with Huawei, a cross-industry partnership, but their first jointly launched vehicle, the Seres SF5, was a failure. Nevertheless, the subsequent Aito brand, co-created by them, has been a continuous bestseller. Among these, the Aito M9, has been the sales champion in China’s luxury market for vehicles priced above 500,000 yuan (70,000 USD) for a long time.
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