Seres Group Co., Ltd. (09927.HK) has launched its Hong Kong IPO, with the offering period from October 27 to October 31, 2025. The company plans to offer 100,200,000 H-shares globally, with a 15% over-allotment option. The maximum offer price per share is HKD 131.50, with 100 shares per board lot, and an entry fee of approximately HKD 13,282.62. The shares are expected to be listed on the Main Board of the Hong Kong Stock Exchange on November 5, 2025. The joint sponsors are China International Capital Corporation (CICC) and China Galaxy International.

Seres: A Rapidly Growing New Energy Vehicle Manufacturer

Offering Ratio: Approximately 10% (10,020,000 H-shares) for Hong Kong Public Offering, and about 90% (90,180,000 H-shares) for International Offering.

Offer Price: Up to HKD 131.50 per share; 100 shares per lot; entry fee approximately HKD 13,282.62.

Offering Period: October 27 to October 31, 2025 (Pricing Date: November 3, 2025).

Listing Date: November 5, 2025.

Joint Sponsors: China International Capital Corporation (CICC) and China Galaxy International.

Company Overview

Seres is a technology-driven company focused on new energy vehicles (NEVs). The company covers the R&D, manufacturing, sales, and services of NEVs and key components like batteries, motors, and controllers. Its brand, Wenjie, has created a product lineup that includes the Wenjie M9, M8, M7, and M5 models, which target different market segments. According to a Frost & Sullivan report, Wenjie ranked first in terms of customer satisfaction with an 82% NPS (Net Promoter Score) in the second half of 2024, and Wenjie’s total deliveries in 2024 reached 387,100 units, representing a 268% year-on-year growth.

Financial Information

The IPO prospectus reveals that Seres' revenue from 2022 to 2024 was approximately RMB 34.056 billion, RMB 35.789 billion, and RMB 145.114 billion, respectively. During the same period, net losses were approximately RMB 5.221 billion, RMB 4.157 billion, and net profit of RMB 4.740 billion. In the first half of 2025, revenue was approximately RMB 62.359 billion, with a net profit of approximately RMB 3.077 billion. At the maximum offer price of HKD 131.50 per share, assuming no over-allotment, the company expects to raise a net amount of approximately HKD 12.924 billion. The proceeds will be used for R&D (about 70%), new marketing channel development and overseas sales/charging network services (about 20%), and working capital/general corporate purposes (about 10%).

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This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Seres via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to new public offerings. After logging in, tap “Trade” at the bottom-right, select “IPO Subscription,” choose Seres , tap “Public Offer,” enter the subscription quantity, and submit your order.

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