On November 5, SERES (09927.HK) listed on the main board of the Hong Kong Stock Exchange at an issue price of HKD 131.5 per share. During the pre-market auction, the stock experienced a shocking flash crash, plummeting over 77% to HKD 30 per share. However, it eventually opened at HKD 128.9, down -1.98%. Later, the stock dipped further to HKD 118 before rebounding sharply, forming a "deep V" recovery in the morning session and closing with a narrowed loss of 2.97%.
As the first premium new energy vehicle (NEV) maker to achieve dual listing in both A-shares (601127.SH) and H-shares, SERES has seen significant growth in both stock performance and operational metrics since Huawei's involvement in 2021. Driven by the popularity of its AITO series, SERES' A-share price surged from around CNY 15 per share to a peak of CNY 174.35, marking a tenfold increase. Its collaboration with Huawei has produced multiple bestsellers, including the AITO M9, M7, M8, and M5, showcasing increasingly independent and mature technology.
The market remains the ultimate judge—latest data shows cumulative deliveries of AITO models have exceeded 800,000 units. Notably, the AITO M9 leads the CNY 500,000+ luxury segment, breaking the dominance of international premium brands in China. The AITO M8 has surpassed 100,000 deliveries, maintaining its position as the top-selling model in the CNY 400,000+ category for five consecutive months since launch. Meanwhile, the new AITO M7 achieved over 20,000 deliveries within 36 days of release, becoming a blockbuster model.
Financially, SERES turned profitable in 2024. Its Q3 2025 report revealed continued earnings growth, with net profit reaching CNY 5.312 billion in the first three quarters, up 31.56% year-on-year.
Reflecting on its journey, SERES has transformed over 39 years—from a small auto parts factory by the Jialing River to a global tech-driven NEV leader—through three pivotal phases: its first venture during China’s reform era, entering auto parts; its second via state-owned enterprise restructuring, giving rise to Dongfeng Sokon; and its third, pivoting to NEVs and smart connected solutions.
Zhang Zhengping, President of SERES Group, emphasized that emerging technologies like AI are not optional but essential. "In the face of rapid technological advancement, stagnation is not an option. Innovation is key to meeting evolving customer demands," he said. Looking ahead, he stressed the need for automakers to balance safety and progress, pledging to elevate intelligent and sustainable mobility through cross-industry collaboration and innovation, showcasing China’s premium NEV competitiveness globally.