Seres Group (HKG: 9927), one of Huawei’s key automotive partners, completed its Hong Kong stock offering at the upper end of its price range, raising HK$14.3 billion ($1.8 billion).
The automaker set its Hong Kong IPO price at HK$131.50 per share, selling about 108.6 million shares, including 8.4 million additional shares that expanded the offering by about 8.4 percent, according to a stock exchange announcement yesterday.
Seres’ Hong Kong trading will commence on Wednesday, November 5, under the stock code HKG: 9927.
The company filed for its Hong Kong listing in April, aiming to advance its global expansion, establish an international capital operation platform, and enhance its overall competitiveness.
Originally named Chongqing Sokon Industrial Group Co Ltd, Seres changed its name to Seres Group Co Ltd in August 2022.
It was listed on the Shanghai Stock Exchange in June 2016 and currently has a market capitalization of RMB 254.8 billion ($35.8 billion).
Seres — owner of the Aito brand developed in partnership with Huawei — reported a net income of RMB 2.37 billion in the third quarter, a 1.74 percent year-on-year decrease, according to its earnings report released last week.
The company’s revenue totaled RMB 48.13 billion in the third quarter, marking a 15.75 percent year-on-year increase.
Seres sold 54,384 vehicles in October, marking its second-highest monthly sales figure on record, according to data released yesterday. This represents a 25.10 percent year-on-year increase and a 12.63 percent rise compared to September.
From January to October, Seres sold 395,034 vehicles, reflecting a 4.32 percent year-on-year decrease.
($1 = RMB 7.1174, $1=HK$7.7724)
Seres’ net income for the first three quarters totaled RMB 5.31 billion, representing a 31.56 percent increase compared to the same period last year.
