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Seres targets $1.7 billion Hong Kong IPO, leveraging Huawei partnership
Chinese electric vehicle (EV) manufacturer Seres Group is set to launch one of Asia's largest tech IPOs of 2025, aiming to raise up to $1.7 billion in Hong Kong. The move underscores the company’s strategic partnership with Huawei and its ambitions to fund global expansion and technological innovation.
The Chongqing-based automaker plans to offer 100.2 million shares at a maximum price of HK$131.50 each. Trading is expected to commence on November 5, with the retail offer running until October 31 and final pricing set for November 3.
Strong investor appetite signals market confidence
The IPO has already garnered significant institutional support, with 22 cornerstone investors committing approximately $826.5 million, representing nearly 49% of the offering’s total size at the top price range. Key backers include the state-owned Chongqing Industrial Parent Fund, which pledged HK$2.18 billion, along with notable entities like Schroders, Mirae Asset, and China MeiDong Auto.
This robust interest reflects growing confidence in China’s EV market, particularly in companies with established technology partnerships. Seres has carved out a competitive edge through its collaboration with Huawei under the Aito brand, where Huawei provides advanced in-car systems, driver-assistance technology, and other innovations, while Seres focuses on manufacturing.
Huawei partnership drives financial turnaround
The partnership with Huawei has been transformative, turning Seres from a struggling commercial vehicle producer into a profitable EV player. In 2024, the company delivered 426,900 new energy vehicles, a 183% increase year-on-year, and reported a net profit of 5.9 billion yuan, marking its first profitable year in five. This momentum continued into the first half of 2025, with net earnings of 2.94 billion yuan, up 81% year-on-year.
The Aito brand has excelled in the luxury EV segment in China. Its flagship model, the Aito M9, has dominated the premium SUV market above 500,000 yuan for 17 consecutive months, while total Aito sales exceeded 800,000 units by late 2025. Seres plans to allocate 70% of IPO proceeds to technological research and development, 20% to international expansion, and the rest to building charging infrastructure.
Market context and global ambitions
The IPO comes as Hong Kong reclaims its position as the world’s top IPO destination in 2025, with $23.9 billion raised across 66 offerings in the first three quarters, a 192% year-on-year increase. This marks Hong Kong’s strongest IPO performance since 2021, driven largely by Chinese firms seeking capital for global growth.
Seres is positioning itself for international expansion, with plans to establish 100 experience centers across Europe and the Middle East by 2026. Together with Huawei, it aims to develop a supercharger network covering 80% of major highways in key international markets. Following its debut at the IAA Mobility show in Munich, the Aito brand is preparing for initial launches in the Middle East and Europe.