Just now, the largest IPO in the automotive manufacturing industry this year rang the bell.
This year's largest automotive IPO in the Hong Kong stock market officially rang the bell.
The investment community learned that today (November 5th), Seres Group Co., Ltd. (hereinafter referred to as "Seres") officially listed on the Hong Kong Stock Exchange, becoming the first luxury new - energy vehicle enterprise in China to be listed on both the A - share and H - share markets. Its market value at the opening exceeded HK$220 billion.
This time, Seres created a rare spectacle: it gathered as many as 22 cornerstone investors. Among them, the Chongqing Industrial Investment Mother Fund subscribed for HK$2.176 billion, refreshing the largest single - cornerstone investment in the Hong Kong IPO market in the second half of 2025.
Recalling many years ago, Seres was still a traditional automobile enterprise. It wasn't until 2021 when it joined hands with Huawei that it began to expand and strengthen its new - energy vehicle ecosystem. Behind this, there is a key figure - Yufu Holdings Group. It has invested approximately 1 billion yuan in Seres' first and second factories in total. Later, it took the lead in establishing the Chongqing Industrial Investment Mother Fund with a total scale of 200 billion yuan and contributed over 3.3 billion yuan to support the construction of the "Super Factory" (Seres' third factory). It has almost accompanied Seres throughout its growth.
Seres' rise story has long gone beyond the business legend of a single enterprise. It is rapidly evolving into a model example of the mutual tempering and co - evolution between a city's industrial ambition and leading enterprises.
This Year's Largest Automotive IPO
Heavy Investment from Chongqing State - owned Assets
Many people don't know that Seres, which now has a market value of HK$220 billion, once faced a life - and - death test. It was not until a "key figure" - Yufu Holdings Group - appeared that it was pulled back from the brink.
Going back three years, Seres had just established a cooperation with Huawei. It was a critical window, but with the manufacturing level of its original factories, it could not meet the requirements for producing high - end new - energy and technology flagship products. And the release of the flagship products was imminent. Given Seres' financial situation at that time, it would have been difficult for it to invest billions of yuan to build a "Super Factory".
During this period, Yufu Holdings Group took the lead in establishing the Chongqing Industrial Investment Mother Fund with a total scale of 200 billion yuan and contributed over 3.3 billion yuan. It jointly invested with Liangjiang New Area to establish Longsheng New Energy and built an intelligent electric vehicle factory, which is today's "Super Factory". At that time, it was leased to Seres at an unimaginable cost - effective price.
This kind of support was extremely bold and can be regarded as a stroke of genius. During the most critical production capacity climbing period, it filled a crucial shortcoming for Seres - Seres was able to go light - footed and obtain world - class production capacity with almost zero heavy - asset investment. In this "Super Factory", Seres produced the best - selling Wenjie M9 and completed the delivery of 150,000 vehicles in 2024.
It can be said that without the Chongqing Industrial Investment Mother Fund, there would be no such Super Factory; without the "Super Factory", it would be difficult to achieve the success of the Wenjie M9. It was this firm "timely help" investment that helped Seres achieve revenues of over 145 billion yuan in 2024, turn losses into profits, and become the fourth profitable new - energy vehicle enterprise globally.
In March 2025, Seres completed the issuance of shares to purchase the equity of the "Super Factory" at a price of 8.164 billion yuan. The Chongqing Industrial Investment Mother Fund did not choose to exit at this time but became an important shareholder of Seres and continued to accompany it. Thus, a virtuous cycle of state - owned capital investment emerged.
Until this Hong Kong listing, Seres' Hong Kong IPO subscription was extremely popular. It received subscriptions from more than 300 institutional investors, including global long - only funds, sovereign wealth funds, strategic corporate investors, and hedge funds. The retail offering was over - subscribed by more than 130 times.
According to the announcement, as many as 22 well - known investment institutions participated in this cornerstone investment, including the Chongqing Industrial Investment Mother Fund, Linyuan Fund, Huatai Capital, GF Fund, Schroder, China Post Wealth Management, Sanhua Intelligent Control, Zhongsheng (Hong Kong), Xingyu Hong Kong, etc., covering local industrial funds, public funds, internationally renowned investment institutions, and industrial chain partners. The total subscription ratio of cornerstone investors reached 48.73%, which shows investors' confidence in Seres' future development prospects.
Among them, the Chongqing Industrial Investment Mother Fund made another large - scale investment, with a subscription amount of HK$2.176 billion. It is the largest cornerstone investor.
This investment is not only the largest single - cornerstone investment in the Hong Kong IPO market in the second half of 2025. Its deeper significance lies in the fact that it marks the entry of western regional industrial funds onto the global capital stage. It has successfully participated in and dominated a key part of a large - scale Hong Kong IPO, setting a good example for subsequent western industrial funds to support the in - depth integration of local leading enterprises with the international market.
Looking back, from the initial establishment to the investment in building the "Super Factory" and then to the heavy - bet on Seres' Hong Kong listing, the Chongqing Industrial Investment Mother Fund has accompanied Seres throughout the process from industrial empowerment to capital escort over several years. It can be regarded as Seres' most steadfast strategic partner.
A Sample of Industrial Cultivation
Following the investment trajectory of the Chongqing Industrial Investment Mother Fund, a number of landmark cases of cultivating new - quality productive forces come into view.
Recalling May 2023, the Chongqing Industrial Investment Mother Fund, led by Chongqing Yufu Holdings Group, was officially established with a total scale of 200 billion yuan and an initial scale of 80 billion yuan, shocking the investment circle.
Since then, the Chongqing Industrial Investment Mother Fund has closely focused on the construction of Chongqing's "33618" modern manufacturing cluster system and has invested 100% in the "33618" industrial fields such as intelligent connected vehicles and integrated circuits, playing an important role in promoting industrial development.
In summary, Chongqing's approach tends to attract a group of leading enterprises in the industrial chain and major projects with strong traction. It takes a two - pronged approach: on the one hand, it focuses on cultivating leading enterprises in local key industries; on the other hand, it promotes the implementation of major strategic projects from other regions in Chongqing through direct investment in strategic projects.
As of the end of October 2025, the Chongqing Industrial Investment Mother Fund has cumulatively invested approximately 21.4 billion yuan externally. Through direct investment in projects such as Seres, Avita, Qianli Zhijia, and Xinlian Microelectronics, it has focused on building leading enterprises in trillion - level industrial clusters such as intelligent connected new - energy vehicles and new - generation electronic information manufacturing, achieving an investment amplification of over 7 times. By investing around the industrial chain to strengthen, supplement, and expand the chain, leading enterprises in the industry such as Yiyong Technology, Shanghai Chaogui, Shengtai Optoelectronics, and Aosong Electronics have gradually settled in Chongqing.
This is a sample of a local fund cultivating industrial upgrading. Taking Seres, which is listed in Hong Kong today, as an example: Yufu Holdings Group directly invested in Seres, helping Seres' market value exceed 200 billion yuan and making it the "chain - leading" enterprise in the intelligent connected new - energy vehicle industrial chain.
Over the years, Seres has successfully driven more than 100 local parts and components enterprises in Chongqing to enter the supply chain systems of Huawei and Seres. Subsequently, innovative plans such as in - factory factories have attracted battery giants such as CATL and EVE Energy to increase their investments in Chongqing, forming a complete industrial closed - loop of "complete vehicles + core components + intelligent systems", truly realizing the original intention of the Chongqing Industrial Investment Mother Fund to invest in leading enterprises and build an industrial ecosystem.
Following the footsteps of the Chongqing Industrial Investment Mother Fund, investors have flocked here in groups. Currently, the Chongqing Industrial Investment Mother Fund has completed the establishment of sub - funds with dozens of leading institutions such as Hillhouse Capital, CMBC International, CSC Capital, Jinpu Venture Capital, Cornerstone Capital, Hongtai Fund, Huagai Capital, Challenger Venture Capital, and CDH Baifu, as well as many industrial leading enterprises such as Changan Automobile, China South Industries Group, China National Chemical Engineering Group, and BOE, precisely watering Chongqing's core industrial map.
Now, the investment and recruitment results of the sub - funds of the Chongqing Industrial Investment Mother Fund are beginning to show. The investment community has obtained a set of data: Since the integration and establishment of the Chongqing Industrial Investment Mother Fund in 2023, in just two years, the invested sub - funds and national - level funds have actively carried out precise reinvestment around the needs of extending, supplementing, and strengthening the industrial chain in Chongqing. They have cumulatively invested in 39 projects in Chongqing, driving equity investment of approximately 32 billion yuan. A panoramic view of an independent and controllable industrial chain centered around key core technologies is slowly unfolding.
The Rise of Mountain City
Building a World - Class Industrial Cluster
For a long time, the outside world's perception of Chongqing has often been limited to the charm of the "Fog City", "Mountain City", and "Capital of Hot Pot". But in the eyes of investors, it is more of an old industrial base with profound heritage and a modern manufacturing hub in China.
However, behind the glory, there are also concerns. Although Chongqing has a complete range of industrial categories and a complete industrial system, in today's era when global industrial competition has entered the second half of the intelligent and green era, there are still shortcomings in the industrial foundation of this city. Especially with the fierce competition among local industries across the country. The pressure on Chongqing is self - evident compared with the more developed eastern coastal cities.
Therefore, Chongqing has formulated a clear and firm path to break the situation. In June 2023, Chongqing proposed to focus on building the "33618" modern manufacturing cluster system and strive to build a national important advanced manufacturing center. Since then, a battle for intelligent manufacturing related to the future has been launched.
Since then, Chongqing has planned a series of top - level industrial designs around the "33618" modern manufacturing cluster system: "Special Action Plan for Promoting the Industrial Cluster of Intelligent Connected New - Energy Vehicle Parts in Chongqing (2023 - 2027)", "Action Plan for the Development of the Integrated Circuit Packaging and Testing Industry in Chongqing (2023 - 2027)", "Action Plan for the High - quality Development of the Aerospace Information Industry Led by Satellite Internet in Chongqing", "Action Plan for Cultivating Future Industries in Chongqing (2024 - 2027)"... Chongqing has laid out a clear roadmap for each industrial track.
As the saying goes, a prosperous venture capital industry leads to a prosperous industry, and a prosperous industry leads to a strong city. In recent years, in terms of investment layout around key industries, Chongqing has set up "track" funds focusing on the "33618" modern manufacturing cluster system such as intelligent connected new - energy vehicles, new - generation electronic information manufacturing, and advanced materials, encouraged "chain - leading" enterprises to set up CVC funds, integrated industrial chain resources, and carried out strategic investments. The scientific and technological innovation atmosphere has become more and more intense.
Now, a report card has emerged - public information shows that currently, the total R & D investment in Chongqing has exceeded 80 billion yuan. The comprehensive scientific and technological innovation index ranks first in the western region. The position of enterprises as the main body of innovation is more prominent. The number of high - tech enterprises and technology - based enterprises has reached 9,123 and 756,000 respectively, doubling compared with 2020.
The industrial upgrading is in full swing, driving the soaring of Chongqing's GDP. It is impressive that in 2024, Chongqing's GDP of 3.22 trillion yuan exceeded that of Guangzhou (3.1 trillion yuan) for the first time, breaking the thirty - year - old pattern of "Beijing, Shanghai, Guangzhou, and Shenzhen".
Looking at Chongqing today, it is not only the "Capital of Intelligent Connected New - Energy Vehicles" but also has the world's largest electronic information industrial cluster. Its power semiconductor production capacity also ranks among the top in the country. It has successfully established a national - level advanced electronic information manufacturing cluster in the Chengdu - Chongqing region, and both the main business income and the number of employees in the software and information service industry have doubled. These are all strong evidence of the systematic leap of Chongqing's manufacturing industry.
On the banks of the Yangtze River, with the wind rising and clouds surging, an industrial epic belonging to the mountain city of Chongqing is unfolding.
This article is from the WeChat official account "The Investment Community", author: Zhou Jiali. Republished by 36Kr with permission.