HK Movers | Huawei's Key Automotive Partner Seres Group Rises 2% in Grey Market Trading
Seres Group, one of Huawei's key automotive partners, rose 1.9% in Hong Kong’s grey market trading.
The automaker set its Hong Kong IPO price at HK$131.50 per share, selling about 108.6 million shares, including 8.4 million additional shares that expanded the offering by about 8.4 percent, according to a stock exchange announcement yesterday.
Seres' Hong Kong trading will commence on Wednesday, November 5, under the stock code HKG: 9927.
The company filed for its Hong Kong listing in April, aiming to advance its global expansion, establish an international capital operation platform, and enhance its overall competitiveness.
Originally named Chongqing Sokon Industrial Group Co Ltd, Seres changed its name to Seres Group Co Ltd in August 2022.
It was listed on the Shanghai Stock Exchange in June 2016 and currently has a market capitalization of RMB 254.8 billion ($35.8 billion).
Seres - owner of the Aito brand developed in partnership with Huawei -- reported a net income of RMB 2.37 billion in the third quarter, a 1.74 percent year-on-year decrease, according to its earnings report released last week.
The company's revenue totaled RMB 48.13 billion in the third quarter, marking a 15.75 percent year-on-year increase.
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