- As of press time, Seres was down 4.79 percent in Hong Kong morning trading, with a market capitalization of HK$217 billion ($27.9 billion).
- Seres reported a net income of RMB 2.37 billion in the third quarter, representing a 1.74 percent year-on-year decrease.
Seres Group (HKG: 9927), one of Huawei's key automotive partners, declined in its Hong Kong stock market debut today after completing its share offering at the upper end of its price range.
As of press time, Seres fell 4.79 percent to HK$125.2 per share in early Hong Kong trading, with a market capitalization of HK$217 billion ($27.9 billion).
The automaker priced its Hong Kong offering at HK$131.50 per share, selling about 108.6 million shares -- including 8.4 million new shares -- to raise HK$14.3 billion.
Seres opened at HK$128.90 per share today, down 1.98 percent from its offering price.
Hong Kong stocks broadly declined today. As of press time, BYD (HKG: 600) fell 2.6 percent, Nio (HKG: 9866) dropped 2.13 percent, Xpeng (HKG: 9868) slid 4.33 percent, and Li Auto (HKG: 2015) decreased 0.32 percent.
Seres, formerly known as Chongqing Sokon Industrial Group Co Ltd, rebranded as Seres Group Co Ltd in August 2022. It was listed on the Shanghai Stock Exchange in June 2016.
The company -- which owns 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 third-quarter revenue came in at RMB 48.13 billion, a 15.75 percent increase year-on-year.
Aito is the first brand under Huawei's HIMA (Harmony Intelligent Mobility Alliance) business, featuring SUV (sport utility vehicle) models including the M5, M7, and M9. Among these, the M9 ranks as one of China's most successful premium models.
The Aito M9 -- currently priced starting at RMB 469,800 ($65,900) -- reached its 250,000th delivery on October 28, just 21 months after its market launch.
($1 = RMB 7.1286, $1 = HK$7.7749)
