Seres Group, the main electric vehicle manufacturing partner of Huawei Technologies, is aiming to raise up to HK$13.2bn ($1.7bn) through a Hong Kong listing, highlighting renewed capital market activity among major Chinese automakers, according to Bloomberg.

The Chongqing-based company is offering 100 million shares at a maximum price of HK$131.50 each, according to its filing. The offering could be expanded by as much as 32%, lifting potential proceeds to HK$17.4bn.

Seres has already secured $826m in cornerstone commitments from investors, including a fund backed by the Chongqing government, global asset manager Schroders, and firms such as Ghisallo Capital Management, Jain Global, and Zhejiang Sanhua Intelligent Controls.

With its Shanghai-listed shares having quadrupled in value since early 2023, Seres now holds a market capitalisation exceeding $36bn. The Hong Kong listing price represents a 25% discount to its latest mainland China closing price, with trading expected to commence on 5 November.

Founded in 1986, Seres evolved from producing mechanical parts to becoming one of China’s most closely watched EV players. Its partnership with Huawei has provided a major boost to its growth trajectory, with analysts forecasting a 72% increase in annual profits to 10.2bn yuan ($1.4bn), the company’s highest on record.

China International Capital Corp. and China Galaxy Securities are serving as joint sponsors for the IPO.

The offering follows several large-scale listings in Hong Kong this year, including Sany Heavy Industry’s billion-dollar deal, which together are expected to push total IPO proceeds in the city above Bloomberg Intelligence’s $26bn forecast for 2025.

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