Chongqing is about to witness a 260-billion-yuan IPO.
Another A-share enterprise has launched an IPO bid on the Hong Kong Stock Exchange.
On September 25th, Seres Group (hereinafter also referred to as "Seres") issued an announcement stating that the company's application for the issuance of overseas-listed foreign shares (H shares) and listing on the Hong Kong Stock Exchange has been filed with the China Securities Regulatory Commission. According to the filing notice, Seres plans to issue no more than 331 million overseas-listed common shares.
This news quickly triggered a positive reaction in the market. On September 26th, Seres' stock price once hit the daily limit, reaching a record high of 163.52 yuan per share. As of the close of trading that day, Seres' stock price was reported at 157.22 yuan per share, with a total market value of approximately 260 billion yuan.
Seres has a clear purpose in promoting its listing on the Hong Kong Stock Exchange. As it previously stated, "To deeply promote the global strategic layout, build an international capital operation platform, and improve comprehensive competitiveness." According to the announcement, the funds raised from Seres' Hong Kong IPO this time will be mainly used for R & D investment, investment in diversified new marketing channels, overseas sales and charging network services to enhance the company's global brand awareness, as well as for working capital and general corporate purposes.
It is worth mentioning that Seres' IPO in Hong Kong this time also conforms to the trend of many leading enterprises listing in Hong Kong in 2025. Choosing this time point to list in Hong Kong benefits from the fundamental support of the company's improved performance on the one hand, and seizes the window period when the new energy vehicle sector is favored by the capital market on the other hand.
Interestingly, on the same day that Seres obtained the CSRC's filing, Chery Automobile, an established automaker with a market value of approximately HK$200 billion, officially listed on the Hong Kong Stock Exchange, winning the title of "the largest automaker IPO of the year" with an IPO fundraising of HK$9.145 billion. Now, this "record" is expected to be refreshed in a short time.
A Veteran Entrepreneur Going for Another IPO
Seres is no stranger to consumers and is often associated with "Huawei". However, as an established automaker in Chongqing, Seres' story starts with Zhang Xinghai, the low - key leader behind Seres.
Zhang Xinghai, born in 1963, has childhood memories filled with the roar of machines along the Jialing River. In 1986, at the age of 23, Zhang Xinghai founded the Phoenix Electric Spring Factory in his hometown, Fenghuang Town, with 8,000 yuan he gathered. It produced electrical springs and seat cushion springs for mini - vehicles. Although the springs were small, they were indispensable components for household appliances such as refrigerators, TVs, and washing machines. Before that, most of the commonly used springs in China relied on imports from Japan, which were costly and prone to damage. The Phoenix Electric Spring Factory overcame the technical difficulties in less than a year, producing high - quality and low - cost substitutes, reducing the spring price from US$1 to less than 1 yuan, and quickly capturing 90% of the national market share.
Zhang Xinghai's vision didn't stop there. He soon turned his attention to the field of shock absorbers for automobile and motorcycle accessories. During this period, Zhang Xinghai's shock absorbers were not only recognized in the domestic market but also successfully entered the overseas market.
However, Zhang Xinghai was not satisfied with being a "behind - the - scenes supporting role". In 2003, Zhang Xinghai seized the opportunity when Dongfeng Group was changing its joint - venture partner and jointly established Dongfeng Yu'an Vehicle Co., Ltd. (later renamed Chongqing Xiaokang Automobile Group Co., Ltd.) with Dongfeng Motor Corporation and Dongfeng Industrial Co., Ltd. In May 2005, the first Dongfeng Xiaokang minivan was launched. With its high cost - performance and durability, Dongfeng Xiaokang mini - vehicles once ranked among the top three in the national mini - vehicle market and remained in the "top three" in the industry for 10 consecutive years.
The real test came after 2010. With the over - capacity of the domestic automobile industry and the slowdown of the fuel - vehicle market growth, Zhang Xinghai keenly sensed the new energy trend. In 2016, Zhang Xinghai decided to bet on new energy and led the enterprise to start its third transformation. In June of the same year, Xiaokang Co., Ltd., which is mainly engaged in the R & D, production, and sales of complete vehicles and their parts, listed on the A - share market.
Looking back, 2016 was also a turning point in Seres' development history.
In this year, Seres began to systematically explore and develop intelligent electric vehicles from a high starting point. "We have observed that a new round of scientific and technological revolution is driving the comprehensive reconstruction of the automobile industry. Software - defined vehicles have become a trend, the integration of intelligent and electric technologies has become inevitable, cross - border cooperation has become the norm, and the industrial boundaries are gradually blurring in the process of continuous expansion. We are more determined to transform and upgrade," Zhang Xinghai said. Especially in 2021, Seres and Huawei pioneered the cross - border integration of the automobile industry and the ICT industry, leveraging each other's strengths and exploring the "new luxury" concept of car - making of "wisdom reshaping luxury".
The cooperation between Seres and Huawei is not a traditional supplier relationship but a full - link mutual empowerment from R & D, technology, manufacturing to sales and service. At the end of 2021, AITO, a brand of their in - depth cooperation, was officially launched. Subsequently, AITO series models were successively introduced, and the 100,000th vehicle rolled off the production line in only 15 months, setting a record for the fastest time to reach 100,000 vehicles at that time.
In 2022, Xiaokang Co., Ltd. changed its company name to "Seres Group Co., Ltd.", and at the same time, the stock abbreviation "Xiaokang Co., Ltd." was changed to "Seres", which marked the full focus of the strategic center on new energy.
At the end of March this year, Seres released its 2024 annual report, with many data such as revenue and profit setting brand - history records. Among them, the revenue increased by more than three times year - on - year, and the net profit attributable to shareholders of the listed company reached 5.946 billion yuan, turning losses into profits year - on - year. It is the fourth profitable new energy automaker in the world.
In 2025, Seres continued to make great progress. Data shows that Seres' operating income in the first half of the year was 62.402 billion yuan, and the net profit attributable to shareholders of the listed company was 2.941 billion yuan, a year - on - year increase of 81.03%.
After 39 years of ups and downs in the business world, the enterprise under Zhang Xinghai's leadership has undergone three entrepreneurial transformations, and the enterprise name and logo have also changed three times - from the initial Yu'an Innovation to Xiaokang Industry focusing on vehicle manufacturing, and now to Seres focusing on intelligent electric vehicles. Each transformation bears the mark of the times.
Starting from the precise forging of a single spring to setting an industry benchmark with new luxury intelligent electric vehicles, this "veteran" who has been deeply involved in the manufacturing industry for nearly 40 years has completed a counter - attack narrative from behind the scenes to the front stage with time and sweat.
With the regulatory filing of its application for listing in Hong Kong, this manufacturing veteran is about to knock on the door of the capital market again and start a new journey on the Hong Kong stock market for Seres.
A Super Automaker Worth 260 Billion from "China's Detroit"
The Yangtze River and the Jialing River meet at Chaotianmen, shaping the background of a major industrial city in Southwest China. When the outside world marvels at Seres' entry into the first echelon of global new energy automakers with a market value of 260 billion yuan, few people know that the growth trajectory of this enterprise, which started from a spring factory, is deeply intertwined with the industrial gene of Chongqing, known as "China's Detroit".
Chongqing's history of automobile manufacturing can be traced back to the 1950s. The Chang'an Machinery Factory, founded in Songjiang, Shanghai in 1862, was relocated to Chongqing during the Anti - Japanese War. In May 1958, it trial - produced the first Yangtze River brand Type 46 jeep. Later, with the advancement of the Third - Line Construction in 1965, Chongqing became the main battlefield for the construction of military - industrial enterprises. The predecessor of Sichuan Automobile Factory started the construction of a heavy military - vehicle production base in Shuangqiao, Chongqing. However, before the reform and opening - up, Chongqing's automobile industry faced the dilemma of "lacking light - duty, few mini - vehicles, and no sedans", and its technical capabilities were far behind the world's advanced level.
The turning point came in the 1980s. Inspired by the Canton Fair, Chang'an Factory introduced Japanese Suzuki technology and produced the first batch of Chang'an brand mini - trucks in November 1984. At the same time, Chongqing Automobile Factory jointly established Qingling Motors with Isuzu of Japan, and Sichuan Automobile Factory introduced German MAN and Austrian Steyr technology to produce heavy - duty trucks. During this period, Chongqing made breakthroughs in the fields of mini, light, and heavy - duty trucks.
The breakthrough in the sedan field came a little later. In 1991, Chang'an obtained the sedan production qualification in a clever way and assembled the first batch of Alto sedans. The Chang'an Suzuki joint - venture company established in 1993 produced more than 500,000 Alto sedans by 2008, fulfilling the automobile dreams of many Chinese families. After Chongqing became a municipality directly under the Central Government in 1997, the automobile manufacturing industry naturally became a pillar industry. In 2001, Chang'an established a joint - venture company with Ford, further enriching Chongqing's automobile industry pattern.
In 2013, Chongqing officially put forward the slogan of becoming "China's Detroit". At that time, Chongqing proposed the goal of forming an automobile industry system of "1 + 8+1000", that is, including one leading automaker (Chang'an Automobile), eight automobile brands ranked among the top ten in China with production bases of hundreds of thousands of production capacities under construction or already built, and 1,000 parts and components enterprises.
Driven by the leading central - state - owned enterprises, Chongqing's automobile industry achieved rapid growth. By 2015, the city's automobile production and sales had exceeded 2.6 million vehicles, ranking first in the country. Among them, the production and sales of Chang'an Automobile's self - owned brand reached 1.425 million vehicles, becoming the first self - owned brand in China to exceed one million in annual production and sales. In the following three years, Chongqing continued to maintain the first place in the country in automobile production and sales, with the highest annual output once exceeding 3 million vehicles.
2018 was a turning point for Chongqing's automobile industry. With the gradual withdrawal of the vehicle purchase tax preferential policy, coupled with the sharp decline in the sales of Changan Ford and Suzuki's exit from the Chinese market, and the first negative growth in the national automobile market in nearly 30 years, Chongqing's automobile industry was severely hit. The annual output decreased by 36% year - on - year, and its national ranking dropped from the first place to the sixth place.
By 2019, Chongqing's automobile production had shrunk by more than half compared with the historical peak. This series of market changes posed severe challenges to Chongqing's automobile industry, and transformation and upgrading were imminent.
Fortunately, while the new energy era brought crises, it also brought a once - in - a - lifetime opportunity for breakthrough to Chongqing. Chongqing's automobile industry seized the opportunities of electrification and intelligence, used intelligent connected new energy vehicles as a springboard, and achieved "leapfrogging development by changing lanes" through technological innovation and brand reshaping.
At the beginning, in the early stage of the transformation from traditional automobile manufacturing to the new energy and intelligent industries, Chongqing also experienced market baptism and "acclimatization", such as the lack of product competitiveness and the decline in automobile sales. However, with its strong industrial foundation and a sound industrial chain, Chongqing achieved leapfrogging development in just a few years.
Under the framework of the "33618 modern manufacturing industry cluster system", the Chongqing municipal government put forward the goal of building a capital of intelligent connected new energy vehicles. This is based on a profound understanding of the deep - seated changes in the global automobile industry and the solid foundation and good momentum of Chongqing's automobile industry development.
Data witnesses the rapid rise of a "capital of intelligent connected new energy vehicles". In 2024, the average value of mainstream new energy vehicles in Chongqing exceeded 236,000 yuan, and the proportion of models priced above 200,000 yuan climbed to 48.3%. Among them, the annual sales of Seres' flagship model, AITO M9, exceeded 151,000 vehicles. It ranked first in the luxury car market above 500,000 yuan as a dark horse, and its sales were almost twice that of the second - ranked BMW X5.
According to the development plan, Chongqing plans to build a trillion - level intelligent connected new energy vehicle industry cluster system by 2027. This grand blueprint shows Chongqing's ambition in the new energy vehicle industry and also indicates that Chongqing will occupy a more important position in the global automobile industry pattern.
Chongqing to Become a New High - ground for Venture Capital
When Seres rushes for an IPO on the Hong Kong Stock Exchange as a "business card of Chongqing manufacturing", its significance goes far beyond the capital leap of a single enterprise. It has become a vivid footnote for the "industry + venture capital" dual - wheel - drive model that this industrial city has cultivated over two decades.
Seres' rise has never been a solo fight. Currently, Chongqing has built a complete automobile industry cluster with state - owned Chang'an and private - owned Seres as the leading headquarters enterprises, manufacturing bases of well - known vehicle enterprises such as SAIC, Dongfeng, Geely, and Great Wall as the backbone, and thousands of supporting enterprises such as BYD Battery, CATL, and Huayang as the support. The three major systems, 12 major assemblies, and 56 components of intelligent connected new energy vehicle parts have achieved full coverage and cluster - style development. Chongqing's goal of "building a capital of intelligent connected new energy vehicles" is gradually becoming a reality.
Not only in the automobile industry, but also in the field of new - generation electronic information manufacturing, Chongqing continues to consolidate its global industrial position. In 2024, the production of "Chongqing - made" laptops continued to lead the world, and high - value - added products in emerging fields such as smartphones, servers, and power semiconductors also achieved large - scale production. The production capacity of power semiconductors ranked among the top three in the country.
The development of the advanced materials industry also shows a cluster - style trend. Not only has the industrial output value exceeded 620 billion yuan, but it has also maintained double - digit growth in the fields of automotive light alloys and composite materials. Key strategic materials such as aviation - grade titanium alloy seamless tubes and optical - grade organic glass have also achieved domestic production breakthroughs.
Industry and venture capital are like the two wheels of a vehicle, driving each other forward. Today's venture capital circle in Chongqing has long shed its immaturity and grown from obscurity to an important player in the western capital map.
The venture capital world in the mountain city is no longer what it used to be. The story began in 2004 when the Chongqing State - owned Assets Supervision and Administration Commission established Yufu Holdings Group. In 2009, Yufu Asset Management Company under Yufu Holdings Group and Yitai Securities jointly established Chongqing Yitai Equity Investment Fund Management Company. This was the first private equity investment fund in Chongqing and even the entire western region at that time, with a management amount of 5 billion yuan. When western venture capital was still in its infancy, the establishment of this fund was like throwing a stone into the Jialing River, indicating Chongqing's keen capture of the power of capital.
The real turning point came in 2020. Chongqing stirred up the venture capital circle with a "combination punch": the industrial guidance fund, the angel guidance fund, Yufu Holdings, and the high - tech zone joined hands and signed cooperation agreements worth 67.5 billion yuan with IDG Capital, Songhe Capital, etc. For the first time, there was a wave of "going to Chongqing in groups" in the venture capital circle.
Behind this is the deep - seated logic of "fund - based investment promotion" - using government funds as a lever to leverage social capital and attracting high - quality GPs to settle with clear investment directions.
In January 2022, the Chongqing Municipal Finance Bureau, the Municipal Science