Seres raises $1.8B in Hong Kong IPO after bumping up offering by 8.4%

Chinese mainland EV automaker Seres Group (HKG: 9927) raised $1.8 billion in its HKSAR listing, expanding the offering by 8.4%. The company sold 108.6 million shares, which included an extra 8.4 million shares, at the upper limit IPO price of HKD 131.50 per share, after exercising an option to snowball the deal size.

Seres filed for its Hong Kong listing in April, aiming to establish a platform for international capital operations, and has confirmed that the HK-listed stock will start trading on November 5 under the ticker HKG: 9927. It has been listed on the SSE (Shanghai Stock Exchange) since 2016 and has a market capitalization of nearly $35.8 billion (RMB 254.8B), gaining over 20% so far this year. 

The EV maker reportedly started gauging investor interest for the HK listing in October, with plans to raise between $1.5 and $2 billion. The Huawei partner met the investors in mid-October and agreed that the deal size might change. Meanwhile, listing proceeds have already exceeded the four-year high of $26 billion projected for 2025.

Seres offers IPO shares at a 22% discount

Seres’ HK listing price represents a 22% discount to the $21.8 (155.19 Yuan) closing price on October 31 on the SSE. However, the company’s deal is reportedly Hong Kong’s eighth listing that raised over $1 billion this year. China Galaxy Securities Co. and China International Capital Group both co-sponsored the company’s HK listing.  

The EV maker’s partnership with Huawei is also reportedly beneficial to the continued growth and stability of its stock price, and it is expected to boost profits by up to 72% to a record 10.2 billion Yuan in 2025.  

Meanwhile, the AITO brand maker’s Stock Connect eligibility and A-H share fungibility remain unclear, which could maintain price disparities between its Hong Kong and Shanghai listings. The fresh capital, however, is expected to strengthen the company’s global expansion. The HK listing will also make the company the first luxury NEV maker to achieve an A+H listing (listed in both Hong Kong and mainland China).

AITO models exceed 800,000 deliveries to date

The EV maker’s deliveries across all AITO models have reportedly exceeded 800,000 units to date. Seres has stepped up its product development this year, launching several new models, including the AITO M5 and M7, the family-oriented M8, and the M9 2025 edition.

According to Seres, the AITO M9 alone has sold over 250,000 units in at least 84 weeks, apparently setting the record for EVs in the 500,000 RMB price category. The M9 also recorded an overall NPS (Net Promoter Score) of 85.2, ranking it at the top of the list of NEV models. 

Meanwhile, the AITO M8 has reportedly maintained its position as the brand’s bestseller for four straight months, surpassing 100,000 deliveries in the 400,000 RMB price range. The M7 also quickly stood out in the market, achieving over 200,000 deliveries within 36 days of its launch.

AITO, the brand, ranked first in the 2025 H1 Brand Development Confidence Index, as per Landroads Consulting’s First Half New Energy Vehicle Brand Health study. The research covered 67 NEVS brands and collected data from over 7,800 NEV owners, highlighting NPS as a key measure of customer loyalty. 

Seres’ Q3 earnings report showed revenue of 110.53 RMB, and the net profit attributable to shareholders in the first three quarters of 2025 reached 5.31 billion RMB, representing a 31.56% YoY growth. The growth was reflected in the latest ranking of China’s top 500 companies, with Seres jumping 270 places to 190th, becoming one of the fastest-growing companies of the 2024 Golden Bull Most Valuable Investment Award list.