Deloitte China assists listing of Seres on SEHK
HK's 3rd largest IPO and largest automotive IPO year-to-date
Deloitte China supported the listing of Seres Group Co. (Seres, stock ticker: 09927.HK, 601127.SH) on the Stock Exchange of Hong Kong (SEHK) on 5 November 2025. The Seres listing is Hong Kong's 3rd largest IPO and the largest IPO from the automotive sector year-to-date by funds raised.
Seres issued about 100 million H shares and 8.419 million additional offer shares at HKD131.50 each, raising around HKD14.3 billion.
Representatives of Seres, Deloitte China, and other professional intermediaries attend Seres’ listing ceremony at Hong Kong Stock Exchange.
(From left) Sinchra Zhang and Stephanie Wen, Deloitte China’s Audit & Assurance (A&A) senior auditors; Lyn Wang, assistant manager for A&A; Yvonne Feng, A&A senior manager; Ray Chan, SR A&A Deputy Regional leader and SR A&A Growth officer; Robert Ma, Southern China Offering Services partner of the Capital Market Services Group (CMSG); Zhang Xinghai, Seres’ Founder; Dick Kay, CMSG’s National leader of Deloitte China; Eros Lau, CMSG’s National Technical Services leader; Ge Ming, A&A partner; Shawn Xiao, A&A senior manager; Kyle Zhou, A&A manager; and Charles Wu, A&A senior auditor attend Seres’ listing ceremony at Hong Kong Stock Exchange.
Client overview
Seres is a technology company focused on new energy vehicles (NEVs), including the research and development, manufacturing, sales and services of NEVs and their core components.
In 2021, Seres launched the AITO brand, establishing the positioning as “Intelligence Redefines Luxury”, and introduced a series of models. Since the launch of the core brand, AITO, the company has experienced rapid growth in sales. To date, Seres has successfully launched four models: the AITO M5, AITO M7, AITO M8, and AITO M9. The AITO M5 set a record for delivering over 10,000 vehicles in its inaugural year. The AITO M7 delivered approximately 200,000 vehicles in 2024. The AITO M9 delivered over 150,000 vehicles in 2024. The AITO M8, launched in April 2025, secured over 30,000 orders within just 24 hours of its official release. In the second half of 2024, the AITO brand topped China’s NEV reputation rankings with a Net Promoter Score (NPS) of 82%, according to a Frost & Sullivan Report.
Source: Seres IPO prospectus published on 27 October 2025
Deloitte's role
As one of the core service institutions of this new listing engagement, Deloitte China has been deeply involved in the entire process of offering reporting, fundraising and listing of this client. This successful listing demonstrates Deloitte's professional service capabilities in serving clients in different, diverse capital markets. Our engagement team worked closely with various professional parties, provided high-quality services with rich industry experience and excellent professional capabilities and assisted Seres’ listing on the Main Board of the SEHK.
Deloitte China congratulates Seres on its successful listing on the SEHK. We will continue to provide high quality professional services and outstanding resources integration to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.
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Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China’s reform, opening-up and economic development. We are a globally connected firm with deep roots locally, owned by our partners in China. With over 20,000 professionals across 31 Chinese cities, we provide our clients with a one-stop shop offering world-leading audit, tax and consulting services.
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