Seres Group Ends Flat on Hong Kong Debut After HK$14.3 Billion Listing
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Workers on the production line of Aito SUVs at the Seres Group Co. Super Factory in Chongqing on Oct. 20, 2025. Photo: Bloomberg
Shares of Huawei-backed automaker Seres Group Co. Ltd. closed flat on their Hong Kong trading debut after opening below the issue price, raising HK$14.3 billion ($1.84 billion) in a secondary listing.
The stock opened at HK$128.9 per share, below the offer price of HK$131.5, before rebounding to finish the session unchanged. The final proceeds included the full exercise of the overallotment option, up from an initial fundraising target of HK$12.9 billion.
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- Seres Group raised HK$14.3 billion ($1.84 billion) in its Hong Kong secondary listing, with shares closing flat after opening below issue price.
- The company’s revival is tied to its Huawei partnership and the Aito brand, but faces investor caution and growing competition.
- For January–September 2025, Seres posted 110.5 billion yuan revenue and 5.3 billion yuan net profit; 60% of IPO funds are allocated to R&D.
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Who’s Who
- Seres Group Co. Ltd.
- Seres Group Co. Ltd. is a Huawei-backed automaker that recently had a secondary listing in Hong Kong, raising HK$14.3 billion. Founded in 1986, their fortunes revived through a partnership with Huawei, creating the Aito brand. Seres reported significant revenue and net profit for the first three quarters of 2025. The company plans to use the IPO proceeds for R&D, overseas market expansion, and marketing.
- Huawei Technologies Co. Ltd.
- Huawei Technologies Co. Ltd. is a tech giant whose electric vehicle unit partners with Seres Group Co. Ltd. This collaboration created the successful Aito brand, which revived Seres' fortunes. However, Seres' dependence on Huawei and Huawei's expanding automotive partnerships with other carmakers pose risks to Seres' brand premium.
- Chongqing Sokon Industrial Group Co. Ltd.
- "Chongqing Sokon Industrial Group Co. Ltd." is the original name of Seres Group Co. Ltd., founded in 1986. It began as a parts and motorcycle manufacturer before entering auto production in 2003.
- Dongfeng Motor Group Co. Ltd.
- Dongfeng Motor Group Co. Ltd. was part of a joint venture with Seres (formerly Chongqing Sokon Industrial Group Co. Ltd.) in 2003, which marked Seres' entry into auto production. This collaboration was a significant step in Seres' history, preceding its eventual focus on electric vehicles and its partnership with Huawei.
- Chongqing Industrial Investment Mother Fund
- The Chongqing Industrial Investment Mother Fund was one of 22 cornerstone investors in Seres Group Co. Ltd.'s Hong Kong IPO. It subscribed to HK$2.2 billion worth of shares during Seres's secondary listing.
- Lin Yuan Investment
- Lin Yuan Investment participated as one of the 22 cornerstone investors in Seres Group Co. Ltd.'s Hong Kong IPO. They, along with Chongqing Industrial Investment Mother Fund and GF Fund Management, supported Seres's secondary listing which raised HK$14.3 billion.
- GF Fund Management
- GF Fund Management (Guangfa Funds) is one of 22 cornerstone investors in Seres Group Co. Ltd.'s Hong Kong IPO. They participated in the secondary listing, which aimed to raise $1.84 billion.
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What Happened When
- 1986：
- Seres was founded as Chongqing Sokon Industrial Group Co. Ltd.
- 2003：
- Seres entered auto production through a joint venture with Dongfeng Motor Group Co. Ltd.
- 2016：
- Seres experienced a rocky start to its electric vehicle transition.
- 2021：
- Seres began collaborating with Huawei's electric vehicle unit, creating the Aito brand.
- 2021：
- Seres' performance rebounded with the launch of the Aito brand.
- 2025：
- The Hong Kong listing marked a major milestone for Seres.
- 2025：
- Seres published a prospectus highlighting reliance on Huawei and potential risks.
- 2025：
- Seres' Hong Kong IPO attracted 22 cornerstone investors.
- 2025：
- Seres planned to use about 60% of IPO proceeds for R&D, 10% for overseas models and localization, and 15% for marketing and sales expansion.
- Starting in 2025：
- Huawei began expanding its automotive partnerships with other carmakers.
- First three quarters of 2025：
- Seres reported revenue of 110.5 billion yuan and a net profit of 5.3 billion yuan.
- November 6, 2025：
- Seres Group Co. Ltd. closed flat on their Hong Kong trading debut after opening below the issue price.
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