The AITO M9 was jointly developed by Seres and the Chinese technology giant Huawei. (Photo/Seres)

Chongqing - On November 5, Seres was listed on the Main Board of the Hong Kong Stock Exchange, becoming China's first luxury new energy vehicle (NEV) maker with dual A- and H-share listings. The IPO raised HK$14.016 billion (about 1.80 U.S. dollars), marking the largest ever for a Chinese automaker and the biggest global car IPO in Hong Kong since 2025. 

Since launching its Hong Kong share offering on October 27, Seres — the leading partner of Huawei's Harmony Intelligent Mobility Alliance — has sparked strong investor interest and market enthusiasm.

The company's Hong Kong public offering was oversubscribed by 133 times, raising over HK$170 billion in subscriptions. Approximately 70% of the IPO proceeds will go toward research and development, 20% toward diversifying marketing channels, overseas sales, and building a charging network.

Notably, the IPO attracted 22 cornerstone investors, underscoring the capital market’s strong confidence in Seres’ high-quality growth and long-term potential. Among them, the Chongqing Industrial Investment Fund subscribed HK$2.176 billion, setting a new record for the largest single cornerstone investment in a Hong Kong IPO in the second half of 2025.

As a leading player in China's premium NEV sector, Seres has expanded its global presence across Europe, the Middle East, the Americas, and Africa. Its European operations now cover key markets such as Norway, Germany, the United Kingdom, and Switzerland, marking significant progress in its globalization strategy. 

Seres said its successful Hong Kong listing has created a new international financing platform to support long-term growth and global expansion. The move also sets a new "technology + capital" model for Chinese automakers going global. With its dual A- and H-share platforms, Seres plans to keep driving innovation, strengthening its brand, and expanding worldwide.

Seres Q3 revenue up 15.75%, net profit down 1.74%

The listing came after Seres released its 2025 Q3 financial report, which showed steady revenue growth but a slight dip in net profit. The company recorded revenue of 48.13 billion yuan, up 15.75% year on year, while net profit edged down 1.74% to 2.37 billion yuan.

According to Minsheng Securities, Seres' revenue growth was primarily driven by higher average selling prices (ASP) of its vehicles. The company's ASP in Q3 reached 339,000 yuan, up 28,000 yuan from the same period last year, reflecting its strategic focus on higher-end models.

Seres' main source of income is its NEVs, with the high-end Aito series being the key contributor to sales. During Q1-Q3 2025, Seres sold a total of 304,629 NEVs, with 276,203 units of the Aito series, accounting for a dominant 90.6% of the total sales.

The Aito series consists of four models, with prices ranging from 200,000 yuan to 500,000 yuan. According to Minsheng Securities, the Aito M9 and Aito M8 models, priced between 400,000 yuan and 500,000 yuan, represented 77% of total deliveries in Q3.

Despite the revenue growth, Seres saw a decline in net profit for Q3. Minsheng Securities attributes this to an increase in the sales expense ratio.

The sales expense ratio refers to the proportion of sales expenses to revenue, reflecting the marketing costs the company incurs to generate sales. A higher sales expense ratio typically indicates increased investments in market expansion and brand promotion, which may temporarily affect profitability.

According to the financial report, Seres' sales expenses in Q3 surged to 7.049 billion yuan, with a 33.71% increase, outpacing the revenue growth. Minsheng Securities data shows that the sales expense ratio for Q3 stood at 14.6%, a 3.5% increase compared to the same period last year.

On a more positive note, during Q1-Q3 2025, Seres' net profit rose by 31.56% year-on-year, reaching 5.312 billion yuan. Seres attributes this increase to the further diversification of its product offerings and an improvement in gross margins, indicating sustained growth in profitability. The firm reported total revenue of 110.534 billion yuan, reflecting a 3.67% year-on-year increase.

Since focusing on the NEV sector in 2016, Seres experienced several years of losses. But after partnering with Huawei in 2021 to launch the AITO brand, based in Chongqing' s Liangjiang New Area, the company saw rapid growth. In 2024, Seres reported revenue of 145.18 billion yuan—a year-on-year increase of over 305%—marking its turnaround from loss to profit.