Seres, Huawei's carmaking partner, plans Hong Kong listing to fund global expansion
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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.
Seres and Huawei jointly produce Aito-branded electric vehicles. Photo: Shutterstock
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.
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AllAfrica
6 minutes ago
- AllAfrica
Breakneck divide: China's builders vs America's lawyers
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It's time for a new lens to understand the two superpowers: China is an engineering state , building big at breakneck speed, in contrast to the United States' lawyerly society , blocking everything it can, good and bad. On his website, the author explains that his book is 'driven by a few simple ideas': That Americans and Chinese are fundamentally alike: restless, eager for shortcuts, ultimately driving most of the world's big changes. That their rivalry should not be reasoned through with worn-out terms from the past century like socialist, democratic or neoliberal. And that both countries are tangles of imperfection, regularly delivering – in the name of competition – self-beatings that go beyond the wildest dreams of the other. Wang describes himself as 'a Canadian who has spent almost equal amounts of time living in the United States and China.' 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He tried to capture those by writing an annual letter (you can read them on his website). 'The best hedge I know against heightening tensions between the two superpowers,' he writes, 'is mutual curiosity.' Wang has plenty of that, and it is contagious. A bicycle trip through the mountainous southwest province of Guizhou with two friends was full of surprises. Seven hours from Shanghai by high-speed train, Guizhou was once known as a place 'where not three feet of land is flat, where not three days pass without rain, and where not a family has three silver coins.' Today, it is still relatively poor, but crossed by highways and bridges that make a cycling trip possible, with shops selling noodles and ice cream bars for lunch and restaurants serving dinners of fish stew, braised goat, local pickles and salads and rice balls filled with sesame. Guizhou is home to the world's largest single-aperture radio telescope, known as 'China Sky Eye,' and Zheng'an county, which calls itself 'the guitar capital of the world.' According to China Daily, more than 2.25 million guitars are produced in Zheng'an every year, making it the world's largest center of guitar production. They aren't the world's best guitars, but China has displaced South Korea, which displaced Japan, as the world's largest producer of affordable guitars. Wang points out that 'Several of Guizhou's party chiefs have gone on to high positions in Beijing, including Hu Jintao, general secretary of the Communist Party before Xi Jinping. 'Chinese leaders,' he writes, 'are usually expected to administer a poor province before they can be promoted to the country's political pinnacle. In the United States, it would be as if politicians had to gain some experience in the Rust Belt or coal country before they could get anywhere near a cabinet position.' 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South China Morning Post
3 hours ago
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RTHK
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