Davis Polk, King & Wood Mallesons, Cooley, Haiwen & Partners and Han Kun Law Offices have assisted new energy vehicle manufacturer Seres Group’s debut on the HKEX, raising HKD14.28 billion (USD1.83 billion). This is the largest carmaker IPO in Hong Kong this year, and the third-largest listing in 2025, following CATL and Zijin Mining International.
Seres issued 109 million H shares at HKD131.5 per share, valuing it at HKD220 billion when trading began.
Davis Polk acted as the issuer’s Hong Kong and US legal counsel, with partners He Li, Jason Xu and Li Ran leading the team. King & Wood Mallesons advised Seres on PRC law and international sanctions law, led by Beijing office managing partner Gong Mulong, and partners Su Zheng, Huang Xiaoxue and Wang Ning. Partners Dai Menghao, Wu Han and Sun Yuji are also members of the multidisciplinary team.
Cooley advised joint sponsors CICC, China Galaxy International Securities and other underwriters on Hong Kong and US laws, with partners Michael Yu and Will Cai leading the team. Haiwen & Partners advised on PRC law, led by partners Xu Qifei and Ding Feng.
The IPO attracted 22 cornerstone investors, including government funds and financial institutions. Among them, Chongqing Industrial Investment Master Fund invested HKD2.18 billion, the largest single cornerstone investment in the Hong Kong IPO market in the second half of 2025. Han Kun counselled Chongqing Industrial.
Seres began its transformation from a traditional carmaker to a new energy vehicle manufacturer in 2016 and launched the high-end intelligent EV brand AITO in partnership with Huawei in 2021. Its business covers the R&D, manufacturing, and sales and servicing of new energy vehicles and core electric systems.
In 2024, Seres sold 497,000 vehicles, up 97% year on year, with a net profit attributable to shareholders of RMB5.95 billion (USD820 million), becoming the world’s fourth new energy vehicle manufacturer to achieve full-year profitability.
According to its prospectus, the IPO proceeds will be used to fund R&D investment, expand marketing channels, develop overseas markets and improve charging network services, to enhance its technological capabilities, production efficiency and brand recognition.
