The high-end new energy vehicle maker expects to raise about $1.7 billion in its Hong Kong listing, becoming the third-biggest this year in the city's hot IPO market

Seres Group Co. Ltd. (601127.SH) is offering up a new option for new energy vehicle (NEV) investors with its Hong Kong IPO, hoping they will buy into its position at the upper end of the market as a made-in-China equivalent of Tesla (TSLA.US), BMW and Mercedes-Benz.

The company is a relative newcomer to a Chinese car market where NEVs have zoomed to account for half of all passenger vehicle sales, charged up by Beijing's aggressive goals for reducing the country's carbon footprint. It has rapidly carved out a place for itself with its 4-year-old AITO brand, which claimed the title for best-selling model in the 300,000 yuan ($42,244) range when its AITO M7 delivered 200,000 vehicles in 2024.

Seres is selling about 100 million shares to Hong Kong investors for HK$131.50 each to raise about HK$12.9 billion ($1.66 billion), becoming the third-largest new listing in Hong Kong this year. ...