Chinese EV maker Seres Group, known as Huawei’s key automotive partner, has cleared the Hong Kong Stock Exchange listing hearing, paving the way for an H-share IPO. The company first filed in April with CICC and China Galaxy International as joint sponsors. In September, Seres said its offshore H-share issuance was filed with China’s securities regulator.
Seres reported 2024 revenue of RMB 145.176 billion, up 305.04% year-on-year, and a net profit of RMB 5.946 billion, swinging from losses. New energy vehicle gross margin reached 26.21%, while R&D spending rose 58.9% to RMB 7.053 billion. [IThome, in Chinese]
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