The Chongqing-based company, which builds Aito-branded intelligent electric vehicles (EVs), said in a filing to the Hong Kong stock exchange on Monday that it would use the proceeds from the share sale to diversify its sales channels, bolster deliveries to overseas customers, expand its charging network and enhance global brand awareness. The company did not specify the amount it plans to raise.
The Shanghai-listed company was valued at 208 billion yuan (US$28.5 billion) on Monday after its shares slid 1.4 per cent to 127.25 yuan.
Seres will be the latest mainland Chinese EV company to tap the Hong Kong market as competition in the domestic market intensifies. “In the future, we will probably face more new rivals in the EV market, and competition is set to get fiercer,” it said.
Supported by Huawei’s autonomous driving and digital cockpit technologies, Aito has reported surging deliveries over the past three years. In 2024, the company delivered 387,100 vehicles to mainland customers, up 268 per cent from a year earlier.
