EV Maker Seres Group Targets to Raise Up to $1.7 Billion in Hong Kong Listing
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Seres targets a Hong Kong IPO of ~$1.7B; 49% pre-committed by cornerstones. Proceeds: 70% R&D, 20% overseas buildout, 10% working capital.
Chinese new-energy vehicle maker Seres Group is moving ahead with a Hong Kong IPO that could raise about $1.7 billion, with 22 cornerstone investors committing to purchase approximately 49% of the offer (about $826 million), according to the company’s filing and marketing terms. At the indicated top price of HK$131.50 per share, Seres would debut with a market capitalization of roughly HK$215 billion (about $27.6 billion).
Seres said 70% of the net proceeds are earmarked for R&D—including powertrain, intelligent driving and vehicle architecture—while 20% will fund overseas sales networks and charging infrastructure, and the remaining 10% will go to working capital. The company plans to establish about 100 experience centers across Europe and the Middle East by 2026, and to co-build a supercharging network with a partner, targeting coverage of 80% of major highways in key international markets.
Marketing materials also reference valuation ranges based on relative P/E and DCF analyses, implying a target equity value consistent with large domestic NEV peers if the deal prices near the top of guidance. Final pricing, the exact offer size and the trading date will depend on investor demand and market conditions.
