
Huawei-partnered Chinese EV maker opens at HK$128.9 after raising HK$13.5 billion via H-share listing
Shares of China’s electric-vehicle maker Seres Group, a partner of Huawei Technologies, fell about 2 per cent in their Hong Kong Stock Exchange debut on Wednesday, even though the company raised around US$1.84 billion through its initial public offering.
The stock, priced at HK$131.50, opened at HK$128.90 as market weakness weighed on investor enthusiasm.
Seres sold 108.6 million H-shares in the offering, increasing the share count during book-building due to strong demand ahead of its listing, according to its filings.
The retail tranche was nearly 133 times oversubscribed, and the institutional segment around nine times.
The listing marks one of the largest mainland delegations in Hong Kong this year and underscores the renewed appeal of the city’s capital markets for Chinese firms.
The funds raised will support Seres’ global expansion, charging-infrastructure growth and research and development in intelligent automotive technologies.
While the debut performance fell short of a jump, analysts say it reflects both broader market softness and investor caution around valuation levels in the competitive new-energy vehicle segment.
The listing also carries strategic significance: Seres is already listed on the Shanghai exchange and will become one of the first premier Chinese EV makers to execute an A-share and H-share dual listing, further enhancing its cross-border capital-market presence.
The opening drop highlights the challenge of translating strong subscription metrics into secondary trading gains, particularly in volatile investor climates.
Although the near-term price movement was modestly negative, Seres’ deeper significance as a capital-markets milestone and indicator of Hong Kong’s IPO revival remains prominent among industry watchers.
The stock, priced at HK$131.50, opened at HK$128.90 as market weakness weighed on investor enthusiasm.
Seres sold 108.6 million H-shares in the offering, increasing the share count during book-building due to strong demand ahead of its listing, according to its filings.
The retail tranche was nearly 133 times oversubscribed, and the institutional segment around nine times.
The listing marks one of the largest mainland delegations in Hong Kong this year and underscores the renewed appeal of the city’s capital markets for Chinese firms.
The funds raised will support Seres’ global expansion, charging-infrastructure growth and research and development in intelligent automotive technologies.
While the debut performance fell short of a jump, analysts say it reflects both broader market softness and investor caution around valuation levels in the competitive new-energy vehicle segment.
The listing also carries strategic significance: Seres is already listed on the Shanghai exchange and will become one of the first premier Chinese EV makers to execute an A-share and H-share dual listing, further enhancing its cross-border capital-market presence.
The opening drop highlights the challenge of translating strong subscription metrics into secondary trading gains, particularly in volatile investor climates.
Although the near-term price movement was modestly negative, Seres’ deeper significance as a capital-markets milestone and indicator of Hong Kong’s IPO revival remains prominent among industry watchers.







































