Chinese electric vehicle maker Seres, a key partner of Huawei, has filed for a Hong Kong stock exchange listing as it seeks to expand its international footprint and strengthen capital operations, according to a preliminary prospectus published on Thursday.
The Chongqing-based company did not disclose the size or terms of the offering in its initial filing. The listing is being sponsored by China International Capital Corporation (CICC) and China Galaxy International.
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Seres, formerly known as Chongqing Sokon Industrial Group, said the listing would support its globalization strategy, enhance its international capital platform, and boost overall competitiveness. The company rebranded as Seres Group in August 2022 and was first listed on the Shanghai Stock Exchange in 2016. It currently has a market capitalization of 207.8 billion yuan ($28.4 billion).
The company’s partnership with Huawei began in April 2021, when the Seres SF5 became the first vehicle sold through Huawei’s consumer electronics channels. In December of that year, the two companies jointly launched the Aito brand—short for “Adding Intelligence to Auto”—under Huawei’s Harmony Intelligent Mobility Alliance (HIMA).
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Aito’s SUV lineup, which includes the M5, M7, M8, and M9, has significantly boosted Seres’ growth. The company delivered 387,100 Aito-branded vehicles in 2024, a 268% increase from the previous year, contributing to record revenues of 145.1 billion yuan, up more than 300% from 2023. Gross margin improved to 23.8% from 7.2% a year earlier, while net income reached 5.9 billion yuan, making Seres the world’s fourth most profitable new energy vehicle (NEV) maker, according to its filing.