China EV Maker Seres Plans to Raise Up to $1.7 Billion in Hong Kong Offer
By P.R. Venkat
Chinese automaker Seres Group aims to raise up to $1.70 billion in a Hong Kong stock offering, joining the ranks of companies looking to list in one of the world's most active equity fundraising markets.
The company, focused on new energy vehicles, is planning to sell 100.20 million shares at a maximum offer price of 131.50 Hong Kong dollars, equivalent to $16.92 per share, Seres said Monday.
Seres, which is already listed on the Shanghai Stock Exchange, expects to finalize the offer price by Nov. 3, with shares expected to start trading on the Hong Kong exchange from Nov. 5
Hong Kong's equities market has emerged as one of the most active for listings this year. Funds raised through initial public offerings and secondary offerings in the first nine months of 2025 totaled HK$182.9 billion, a sharp increase from the HK$55.6 billion raised in the same period last year, according to Hong Kong stock exchange data.
The EV company has already secured commitments from cornerstone investors who have agreed to subscribe to over 45% of the offer size.
Some of the cornerstone investors include state-owned Chongqing Industrial Parent Fund, Hong Kong-listed China MeiDong Auto, a unit of the U.K.-listed Schroders, and South Korea's Mirae Securities.
Securing cornerstone investors before a listing lets companies market their offerings more effectively to institutional and retail investors. That is especially important during periods of heightened market volatility.
Seres is a technology company focused on new energy vehicles, including research and development, manufacturing, sales, and services.
Its revenue in 2024 was 145.1 billion yuan, equivalent to $20.37 billion, a 306% increase from a year earlier. Additionally, Seres turned profitable in 2024, reporting net income of CNY5.9 billion.
CICC and China Galaxy International are acting as joint sponsors for Seres's Hong Kong offer.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
October 26, 2025 20:15 ET (00:15 GMT)
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