The main welding line at the Seres factory processes automotive components. (Photo/Seres)

Chongqing - Chinese automakers have been making moves in the Hong Kong stock market recently. Seres Group, a new energy vehicle (NEV) maker, has successfully passed the Hong Kong Stock Exchange (HKEX) mainboard listing hearing.

The HKEX Listing Committee approved Seres’ listing hearing on October 9, and the company released its Post Hearing Information Pack (PHIP) on October 13 for public and investor reference.

According to the HKEX listing process, the hearing marks the final step of the exchange’s review. Next, Seres will conduct a global roadshow, confirm cornerstone investors, complete the public offering, and secure subscriptions before its official listing.

Given the typical HKEX listing timeline, Seres is likely to debut in Q4 2025, becoming the second Chinese NEV company to list in Hong Kong this year after Chery Automobile. Meanwhile, Dongfeng Group, a major state-owned automaker, has chosen to delist from Hong Kong and list its NEV brand, Voyah, instead.

Seres has been listed on the Chinese mainland since 2016. In March 2025, the company announced its plan to list in Hong Kong. In April, Seres submitted its application for the issuance of foreign-listed H-shares and listing on the HKEX mainboard.

The Hong Kong listing will help Seres expand globally. According to its PHIP, part of the IPO proceeds will accelerate product R&D, enhance its portfolio, and expand international markets. The funds will also support overseas sales channels and delivery capabilities, strengthening Seres' global competitiveness.

Seres' global strategy focuses on localizing high-end brands and developing NEV models that meet the standards of different countries and regions. Through global partnerships, the company aims to expand into markets like the Middle East, Europe, Australasia, Central America, and South America.

Visitors experience the Aito M7 model at the Aito booth during a car show that kicks off in Chongqing. (Photo/Huxin Luo)

The growth in the NEV sector of Seres is driven by its partnership with Huawei. In 2021, they launched the Aito brand, headquartered in Chongqing Liangjiang New Area, and targeting the family car market during 200,000 yuan (28,008 U.S. dollars) to 500,000 yuan. 

To date, the Aito M9 has delivered over 240,000 units, leading the 500,000-yuan category, while the M8 has surpassed 100,000 units, dominating the 400,000-yuan segment.

According to data from Seres, in September 2025, the peak season of China's automotive market, it sold 44,678 NEVs, representing a year-on-year increase of 19.44%. Of this, the Aito series accounted for 41,249 units.

The growth of NEVs has driven Seres' overall revenue upwards. In 2025 H1, the company achieved a revenue of 62.402 billion yuan, with a net profit attributable to shareholders of 2.941 billion yuan, marking an 81.03% year-on-year increase.

Seres has continued deepening its technological cooperation with Huawei. In August 2024, Seres announced it had acquired a 10% stake in Huawei’s fully-owned smart car technology firm, Yinwang Intelligent Technology, for 11.5 billion yuan in cash. On September 29, 2025, Seres announced it had completed the third payment of 3.45 billion yuan as stipulated in the equity transfer agreement, officially becoming one of the top three shareholders of Yinwang.

Yinwang, established in January 2024, is widely regarded as the company that undertakes Huawei's car intelligence technology and business. In addition to Seres, another Chongqing-based NEV company, Avatr Technology, also acquired a 10% stake in Yinwang, further strengthening the collaboration between these companies and Huawei.