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Huawei-backed Seres Group to list H-shares in Hong Kong on November 5
Huawei-backed Seres Group will list H-shares on the Hong Kong Stock Exchange starting November 5, with a final price of HK$131.50 per share. As Huawei's core automotive partner, Seres has shown significant financial growth, reporting a 305% revenue increase in 2024 to RMB 145.18 billion and a net profit of RMB 5.95 billion.
Key points
- Seres Group is listing H-shares in Hong Kong on November 5.
- Final offering price is HK$131.50 (approximately US$16.9).
- Seres is partnered with Huawei in the Harmony Intelligent Mobility Alliance (HIMA).
- The H-share plan was announced in April and the listing application submitted on April 28.
- Seres experienced a 305% revenue increase in 2024, totaling RMB 145.18 billion.
- Net profit for 2024 was RMB 5.95 billion with a gross margin of 26.21%.
Why it matters
- This listing aligns with current trends in the automotive sector, emphasizing smart technology and electric vehicles.
- Huawei's involvement in autonomous driving and smart cockpit technology positions Seres favorably among competitors.
- The successful H-share issuance may provide insights into China's growing IPO market and its impact on global investment patterns.
The H-share listing by Seres Group represents Huawei's significant investment in smart mobility, underscoring the company's growing influence in the automotive technology sector and contributing to the ongoing trends in electric and autonomous vehicle markets.