Chinese new energy vehicle maker Seres Group, whose suppliers include Huawei Technologies, filed for an initial public offering (IPO) in Hong Kong on Monday, aiming to raise HK$13.18 billion (US$1.7 billion) amid a wave of long-term global capital flocking to Hong Kong listings.
Advertisement
The EV maker plans to sell 100.2 million shares through its secondary listing in Hong Kong, with the offer price capped at HK$131.50 per share. The price determination date was expected to be around November 3, according to its filing with the Hong Kong stock exchange. The stock is expected to debut on November 5.
About 10 per cent of the shares will be allocated to the retail tranche, with the remainder designated for institutional investors.
Retail investors could subscribe to shares from Monday through October 31, with allocation results to be announced on November 4, according to the expected offering timetable.
Seres positions itself as a technology company that develops, manufactures and sells new energy vehicles and their core components. It aimed to build an open ecosystem through long-term partnerships with suppliers, including Huawei and Contemporary Amperex Technology, the world’s largest manufacturer of lithium-ion batteries, the company said. Huawei supplies intelligent cockpit and driving-assistance systems to Seres.
Advertisement
The company cautioned that intensifying competition in China’s and global automotive markets could weigh on its business.