On April 28, documents filed with the Hong Kong Stock Exchange show that SERES Group Co., Ltd. has submitted a listing application, planning to issue H-shares and go public on the Main Board, with a target of raising over US$1 billion. The joint sponsors are China International Capital Corporation (CICC) and China Galaxy International.
SERES first proposed its plan to list on the Hong Kong Stock Exchange in 2022, but due to market volatility, regulatory environment, and the company’s own strategic adjustments at that time, it was unable to proceed to the formal issuance stage.
On March 31, 2025, SERES once again announced that its board of directors had passed a resolution to officially start the issuance of H-shares and go public on the Main Board of the Hong Kong Stock Exchange, with a target of raising over US$1 billion.
According to the disclosed information, in 2024, SERES achieved a revenue of RMB 145.176 billion, an increase of 305.04% year-on-year. The net profit attributable to the parent company was RMB 5.946 billion, marking its first profit in five years. It has become the fourth profitable new energy vehicle company globally after Tesla, BYD, and Li Auto, with the gross margin of new energy vehicles rising to 26.21%.
SERES was formerly known as Kangsheng Shares, founded in 1986. It went public on the A-share market in 2016 and then initiated its transition to new energy. In 2021, it launched the AITO brand in cooperation with Huawei. It was renamed SERES in 2022.
In 2024, AITO’s sales accounted for 82% of the company’s total new energy vehicle sales, with a total delivery volume of 387,100 units throughout the year, a year-on-year increase of 268%.
So far, SERES has successfully launched four models: AITO M5, M7, M8, and M9. Among them, M9 has become the sales champion in the 500,000-yuan-level vehicle segment.
If this Hong Kong IPO proceeds smoothly, SERES will not only further broaden its financing channels but also accelerate its layout in the international capital market and enhance its global competitiveness.
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