Huawei’s EV partner Seres said to gauge interest for US$2 billion Hong Kong listing: sources
The company is meeting investors this week; deal size may still change
[HONG KONG] Chinese electric-vehicle maker Seres Group has started gauging investor interest for a Hong Kong listing that may raise US$1.5 billion to US$2 billion, according to people familiar with the matter.
The company, Huawei Technologies’ EV partner, is meeting investors this week, the people said, asking not to be named because the matter is private. Deliberations are ongoing, and the size of the deal may change, the people added. A representative for Seres declined to comment.
The Chongqing-based firm’s stock is already listed on the Shanghai Stock Exchange. Shares have gained about 20 per cent so far this year, exceeding the benchmark CSI 300’s 15 per cent rise.
Seres is among the latest to join Hong Kong’s buoyant IPO market, where proceeds are projected to reach a four-year high of over US$26 billion in 2025, according to Bloomberg Intelligence estimates.
Construction-machinery maker Sany Heavy Industry has also recently started conducting so-called investor-education meetings.
These deals will test investor appetite for Chinese companies, arriving as the broader equity market’s bull run faces fresh uncertainties from a ramp-up in US trade tensions.
Seres was founded in 1986, initially producing springs and shock absorbers before expanding into motorcycle manufacturing and more recently entering the EV market. It posted a net profit of 2.9 billion yuan (S$528.4 million) for the first half of the year, an 81 per cent increase from the same period in 2024.
China International Capital Corp and China Galaxy Securities are joint sponsors of the Hong Kong listing, according to documents submitted to the exchange. BLOOMBERG
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