Futu News reported on November 5 that $SERES (09927.HK)$ the stock opened lower on its first day, down 1.98%. As of the time of writing, it was trading at HKD 128.9, with a total market capitalization of HKD 223.457 billion. With each lot consisting of 100 shares, and excluding handling fees, investors holding one lot would incur a loss of HKD 260.
Source of market data: Futu Securities
According to previous reports, in the pre-market trading session on Futu's platform during the last trading day, Seris closed up 0.15% at HKD 131.7, with a total market capitalization of HKD 228.311 billion.
Additionally, according to previously disclosed information, during the public offering phase, Seris received 132.68 times subscription, with the final number of shares allocated for public offering amounting to 10.8619 million shares, representing approximately 10% of the total shares offered. A total of approximately 202,300 valid applications were received, with 57,928 accepted applications. The percentage of shares allocated per application relative to the total applied shares was approximately 10%.
Moreover, during the international placement phase, Seris received 8.61 times subscription, with the final number of international placement shares amounting to 97.7571 million shares, equivalent to 90% of the total shares offered.
Company Overview
SERES is a technology-driven enterprise with a core focus on new energy vehicles (NEVs), covering the research, development, manufacturing, sales, and service of NEVs and their key three-electric components. Leveraging nearly four decades of industry experience and operational optimization, the company has achieved several business milestones. In 1986, it embarked on its first entrepreneurial journey by entering the spring and shock absorber business, later expanding into motorcycles; in 2003, it seized the opportunity presented by the rise of domestic automobile brands and entered the whole vehicle manufacturing sector through a joint venture with Dongfeng Motor; in 2016, it fully transitioned to the NEV field, launching the AITO brand in 2021, which established the brand positioning of 'Redefining Luxury with Intelligence,' along with a series of models.
To date, the company has successfully launched four AITO models: the M5, M7, M8, and M9. Among them, the M5 set the fastest record for a new brand's single model to exceed 10,000 deliveries in its debut year; the M7 became the best-selling domestic brand model in China’s 300,000-yuan segment, delivering approximately 200,000 units in 2024; the M9 emerged as the sales champion in China’s 500,000-yuan segment, delivering over 150,000 units in 2024; the M8, released in April 2025, also gained significant market traction, with pre-orders surpassing 30,000 units within just 24 hours of its official launch. According to a Frost & Sullivan report, the AITO brand ranked first in reputation among NEV brands in the second half of 2024 with an NPS score of 82%, while its total deliveries reached 387,100 units in 2024, representing a 268% year-on-year increase.
Financial Overview
SERES’ revenue increased by 305.5% from CNY 35.8 billion in 2023 to CNY 145.1 billion in 2024. Revenue from vehicle sales surged by 314.0% from CNY 33.6 billion in 2023 to CNY 138.9 billion in 2024, primarily driven by NEV sales, which grew from CNY 28.9 billion in 2023 to CNY 135.5 billion in 2024.
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Editor/Joe
