Shanghai (Gasgoo)- On Oct. 27, Seres Group Co., Ltd. ("SERES") announced plans to launch a global offering of 100.2 million H-shares in Hong Kong, with an issue price capped at HK$131.50 per share. Trading is expected to commence on November 5, 2025, marking SERES' debut on the Hong Kong Stock Exchange and making it one of the few Chinese new energy vehicle (NEV) makers to achieve dual listings in both Shanghai and Hong Kong.
According to the company's filing, the offering will comprise approximately 10.02 million shares for the Hong Kong public and 90.18 million for international investors. The subscription period will run from October 27 to October 31, with pricing expected on November 3. The minimum lot size is 100 shares, and the joint sponsors of the offering are CICC and CGS International Holdings Limited. The shares are scheduled to begin trading on November 5.
If the overallotment option is not exercised and the offer price is set at the maximum of HK$131.50 per share, SERES expects to raise net proceeds of approximately HK$12.93 billion from the global offering.
The company plans to allocate around 70% of the proceeds to research and development, particularly in advancing its intelligent and electric vehicle technologies. About 20% will be used to expand marketing channels, strengthen overseas sales operations, and build charging infrastructure to raise global brand visibility. The remaining 10% will go toward working capital and general corporate purposes.
SERES first disclosed plans for an H-share issuance on March 31 this year. It formally submitted its application to the Hong Kong Stock Exchange on April 28, followed by the publication of its prospectus on the exchange's website the same day. On September 25, the company received confirmation from the China Securities Regulatory Commission ("CSRC") that its overseas listing filing had been approved. The listing hearing was subsequently held on October 9 by the Listing Committee of the Stock Exchange of Hong Kong Limited.
According to its prospectus, SERES reported revenue of 145.114 billion yuan in 2024, up 305.47% year-on-year, under International Financial Reporting Standards ("IFRS"). Net profit attributable to shareholders reached 5.946 billion yuan, while the company's gross margin for NEVs rose to 23.8%. In the first half of 2025, SERES recorded 62.359 billion yuan in revenue and 2.941 billion yuan in net profit, representing year-on-year growth of 81.03%.
In September, SERES sold 44,678 NEVs, marking a 19.4% year-on-year increase. However, total sales for the first nine months of 2025 reached around 304,600 units, a slight 3.8% decline from the same period last year, reflecting intensified competition in the domestic NEV market.
