NewTimeSpace News | Down More Than 20% Below IPO Price: Seres (09927.HK) Hong-Kong Shares Break HK$100

Raised over HK$14 billion as 2025’s largest auto IPO in Hong Kong, yet the stock remains underwater.

On 5 November 2025 Seres (Seres) (09927.HK), flanked by 22 cornerstone investors and bathed in the halo of a premium new-energy-car maker, successfully landed on the Hong Kong Stock Exchange and completed its “A+H” dual listing. The shares opened below the offer price; although the greenshoe stabilisation lifted the first-day close back to the IPO price, it failed to stop the subsequent slide.

As of the 27 January close, Seres’ Hong-Kong shares have already fallen to HK$98.65.

Opened below IPO on Day 1; cumulative discount now exceeds 20%

Public information shows Seres is a technology-centric enterprise whose core business is new-energy vehicles; its main activities cover R&D, manufacture, sales and after-sales of NEVs and their core “3-E” systems—electric drive, power battery and electronic control.

For this Hong-Kong IPO Seres offered roughly 109 million shares worldwide at HK$131.50 each, raising about HK$14.283 billion in gross proceeds. A Method-B structure was adopted with no mandatory claw-back; the public tranche accounted for 10%. The placing tranche brought in 22 cornerstone investors who subscribed a combined HK$6.421 billion, equal to 44.95% of the global offering.

Allocation results show 202,300 applicants for the public tranche, which was covered 132.68 times; the placing tranche was covered 8.61 times.

Despite the red-hot public response, the shares opened below IPO and at one point dropped more than 10%; a late-session spike lifted the close back to the offer price, so the first-day finish was HK$131.50.

NewTimeSpace News learned that on the listing day CICC Hong Kong’s trading book carried heavy board-lot bids. The greenshoe stabilising agent is China International Capital Corporation; the greenshoe pool totals about HK$2.143 billion. According to LiveReport big-data estimates, roughly HK$820 million had been deployed by the first-day close, leaving HK$1.323 billion unused.

Although greenshee support helped the shares claw back to the IPO price at the close of Day 1, the next session the stock fell 7.99%, formally breaking issue. Since then it has drifted lower for more than two months.

On 26 January 2026 Seres closed at HK$98.65, down 24.98% from the offer price.

Star-studded cornerstone line-up subscribed nearly HK$6.5 billion

NewTimeSpace News learned that during the subscription and allocation period for the Hong-Kong IPO the company released its Q3 2025 results.

Data show that in 3Q 2025 Seres recorded revenue of RMB 48.133 billion, up 15.75% YoY; net profit attributable to shareholders was RMB 2.371 billion, down 1.74% YoY. For the first nine months of 2025 revenue reached RMB 110.534 billion, up 3.67% YoY; net profit attributable to shareholders was RMB 5.312 billion, up 31.56% YoY.

According to Seres’ own tally, cumulative deliveries of the entire AITO family have topped 800,000 units; among them the AITO M9, on sale for 21 months, has passed 250,000 units, setting a new delivery record for models priced above RMB 500,000.

On the back of these solid numbers, the IPO cornerstone roster was notably luxurious.

In the Hong-Kong listing Seres signed investment agreements with 22 cornerstone investors who, subject to certain conditions, agreed to subscribe, or cause their nominees to subscribe, for the relevant number of offer shares at the offer price, for an aggregate US$826 million (about HK$6.421 billion). Based on the offer price of HK$131.50, the cornerstones will receive 48.8287 million shares, and are locked up for six months.

NewTimeSpace News learned that these cornerstones include local-government industrial funds, a clutch of listed auto-industry-chain companies, and several well-known Hong Kong and international institutions.

Among them, the Chongqing Industry Mother Fund put in HK$2.176 billion, the largest single commitment. Second-tier subscribers Lin-Yuan Investment and Huatai Capital invested US$50 million each.

Tightly bound to Huawei—AITO brand brings in over 90% of revenue

Although the nine-month 2025 figures still look bright, the company is heavily dependent on the AITO brand.

NewTimeSpace News learned that in 2021 Seres teamed up with Huawei to launch the premium smart-NEV brand AITO. The M5, M7, M9 and M8 SUVs have since been rolled out, building a high-end product portfolio that covers several segments and gradually lifting Seres into the ranks of China’s top-tier premium NEV makers.

In 2024, thanks to the facelifted M7’s strong sales, Seres’ full-year revenue jumped to RMB 145.2 billion, more than four times the RMB 34.1 billion of 2022, and posted net profit of almost RMB 6 billion, making it the world’s fourth profitable NEV maker after Tesla, BYD and Li Auto.

The “AITO” brand created under Huawei’s HIMA (Harmony Intelligent Mobility Alliance) programme has become Seres’ core automotive marque.

Data show that in 2022, 2023, 2024 and 1H 2025, Seres’ revenue came mainly from AITO-badged vehicles. During those periods, AITO sales were RMB 20.5 billion, RMB 24.3 billion, RMB 131.9 billion and RMB 56.3 billion, accounting for 60.3%, 67.9%, 90.9% and 90.3% of total revenue respectively.

The prospectus anonymously discloses the top-five suppliers. Supplier A—principally engaged in IT, communications and hardware—supplies components, development services, sales-promotion services and other services. It is the only one among the top-five that provides sales-promotion services. Seres’ purchases from Supplier A were RMB 5.8 billion, RMB 7.2 billion, RMB 42.0 billion and RMB 20.0 billion in the reported periods, equal to 14.5%, 17.4%, 30.2% and 33.0% of total procurement.

At present the AITO brand is Seres’ absolute mainstay, yet Seres is not the only car maker inside Huawei’s HIMA ecosystem. Besides AITO, the platform also includes Zhijie, Xiangjie, Zunjie, Shangjie and others, all of which adopt Huawei’s smart-driving and cockpit core technologies for model development and market layout.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.