Huawei-backed Seres Group said it is moving forward with the issuance and listing of its H-shares on the Hong Kong Stock Exchange, with trading expected to begin on November 5. The final offering price is set at HK$131.50 per share (about RMB 120.5 / US$16.9), excluding commissions and related fees.
Seres is Huawei’s core automotive partner in the Harmony Intelligent Mobility Alliance (HIMA), through which Huawei provides smart cockpit, autonomous driving systems, and sales channel support for co-developed brands such as AITO. Seres first announced its H-share plan in April, submitted its listing application on April 28, passed the hearing on October 13, and launched international placement and the Hong Kong public offering on October 27.
The company reported 2024 revenue of RMB 145.18 billion (US$19.4 billion), up 305% year-on-year, with a net profit of RMB 5.95 billion (US$790 million) and an automotive gross margin of 26.21%. [TechNode reporting]
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