Seres Group Targets HK$13.2 Billion in Landmark Hong Kong IPO to Power Global EV Ambitions

Chinese automaker Seres Group is gearing up for one of Asia’s largest electric vehicle listings of 2025, aiming to raise up to HK$13.2 billion (US$1.7 billion) through its Hong Kong initial public offering (IPO).

The Chongqing-based company plans to issue over 100 million shares, with pricing set to be finalized by November 3 and trading expected to begin on November 5. Around 10% of the shares will be allocated to retail investors, while the rest will target institutional buyers.

According to its filing, Seres intends to use the proceeds to advance research and development in intelligent powertrains, artificial intelligence, and new vehicle platforms. A significant portion of the funds will also go toward expanding its international footprint and strengthening charging infrastructure across key global markets.

The IPO has already drawn strong institutional interest, with cornerstone investors such as Schroders, Mirae Asset Securities, Chongqing Industrial Parent Fund, and Huatai Capital Investment committing to more than 45% of the offering. These early commitments are seen as a vote of confidence in Seres’s long-term growth strategy and technological capabilities.

Founded in 1986, Seres began as a parts manufacturer before entering the new energy vehicle (NEV) sector in 2016. Today, it operates under its flagship Aito brand and collaborates closely with major suppliers like Huawei Technologies—which provides intelligent cockpit and driver-assistance systems—and Contemporary Amperex Technology (CATL), the world’s largest battery producer.

The company’s 2024 financial performance marked a major turnaround, with revenue reaching 145.1 billion yuan (US$20.3 billion)—a 306% increase year-on-year—and a net profit of 5.9 billion yuan (US$829 million) after losses in 2023.

Seres’s Hong Kong listing underscores the growing confidence of Chinese EV manufacturers seeking to expand beyond domestic borders and attract global investors. By strengthening its capital base, Seres aims to compete more aggressively with industry leaders such as BYD, Li Auto, and Tesla in both established and emerging markets.

With its sights set on scaling production capacity—currently around 600,000 units annually—and pushing deeper into Europe, the Middle East, and Africa, Seres is positioning itself as one of the few profitable Chinese EV makers ready to make a lasting mark on the international stage