Seres sold 44,700 NEVs in September, up 19.4%, bringing year-to-date deliveries to 304,600 units.
Seres Group Co., Ltd. has passed a listing hearing with the Hong Kong Stock Exchange (HKEX), according to its filings on October 13, marking a key step toward its planned initial public offering. China International Capital Corporation (CICC) and Galaxy Securities are acting as joint sponsors.
The approval moves forward a process first initiated in April when Seres filed its IPO application. The company later disclosed in September that its proposed issuance of overseas-listed foreign shares (H shares) had been registered with the China Securities Regulatory Commission.
Seres’ push into Hong Kong comes on the back of robust performance from its Huawei-backed AITO brand. According to terminal delivery data, the AITO M5 set a record as the fastest new brand model to exceed 10,000 deliveries.
The M7 has remained a long-standing top seller in the RMB 300,000 ($42,200) segment, posting around 41,752 units in the first eight months of this year.
The flagship M9 has accumulated more than 240,000 deliveries, sustaining leadership in the RMB 500,000-plus ($70,300) price bracket for 18 consecutive months. The newly launched M8, introduced in April, surpassed 80,000 deliveries within four months.
According to LandRoad’s 2025 H1 New Energy Vehicle Brand Health Study, the AITO brand ranked first in the Brand Confidence Index for the first half of 2025. Meanwhile, the AITO M9 scored 85.2 points, securing the top position across all NEV models in terms of Net Promoter Score (NPS).
Seres currently operates annual production capacity of roughly 600,000 vehicles and has built more than 300 AITO user centers and over 670 experience stores across 210-plus cities in China.
According to Seres’ October 8 sales report, the company sold 44,700 NEVs in September, an increase of 19.4% year on year, with AITO contributing 41,200 units. Cumulative sales for the first nine months of 2025 have reached 304,600 units.
Financially, Seres generated RMB 62.36 billion ($8.77 billion) in revenue and RMB 2.94 billion ($413 million) in net profit attributable to shareholders in the first half of 2025, with its NEV gross margin rising to 26.5%.
Market sentiment toward Seres remains strong. Over the past six months, nearly 40 brokerage firms have issued “Buy” ratings on the company. With its listing hearing now cleared by the HKEX, Seres has taken a key step toward establishing a dual-capital-market presence.
As of market close on October 13, Seres had a market capitalization of approximately RMB 263.7 billion ($37.1 billion).
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