Seres Group fell in its Hong Kong trading debut on Tuesday after completing its share offering at the upper end of the pricing range. The decline came amid a broader market downturn for electric vehicle (EV) stocks listed in Hong Kong.
As of press time, Seres shares were down 4.79 percent at HK$125.20, giving the company a market capitalization of HK$217 billion ($27.9 billion). The automaker priced its initial public offering at HK$131.50 per share, selling 108.6 million shares, including 8.4 million new shares, to raise HK$14.3 billion. The stock opened at HK$128.90, down 1.98 percent from its offer price.
Seres’ market debut coincided with declines across Hong Kong-listed EV makers. BYD slipped 2.6 percent, Nio dropped 2.13 percent, Xpeng lost 4.33 percent, and Li Auto edged 0.32 percent lower. Seres, previously known as Chongqing Sokon Industrial Group Co Ltd, rebranded as Seres Group Co Ltd in August 2022 and has been listed on the Shanghai Stock Exchange since 2016.
The company, which co-develops the Aito brand with Huawei, reported RMB 2.37 billion in net income for the third quarter, down 1.74 percent year-on-year, while quarterly revenue rose 15.75 percent to RMB 48.13 billion.
Aito is the first brand under Huawei’s HIMA (Harmony Intelligent Mobility Alliance) program, offering SUV models such as the M5, M7, and M9. The flagship Aito M9, priced from RMB 469,800 ($65,900), recently marked its 250,000th delivery on October 28, just 21 months after launch—making it one of China’s most successful premium models.
