SERES' Hong Kong IPO Falls 16.73% Since Debut, Raising HK$14.28 Billion

Deep News11-21

SERES (HKEX: 09927) closed at HK$109.50 in Hong Kong trading, marking a 4.95% decline. Since its Hong Kong listing, the stock has accumulated a 16.73% drop.

The company debuted on the Hong Kong Stock Exchange on November 5, 2025, opening below its IPO price at HK$128.9. According to the allotment results, SERES issued 108,619,000 H-shares globally (subject to partial exercise of the over-allotment option), including 10,861,900 H-shares in Hong Kong and 97,757,100 H-shares internationally (also subject to the over-allotment option).

The joint sponsors, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers for SERES' IPO were China International Capital Corporation (Hong Kong) Securities Limited and China Galaxy International Securities (Hong Kong) Limited, with Huatai Financial Holdings (Hong Kong) Limited serving as joint global coordinator, joint bookrunner, and joint lead manager.

SERES set its final offer price at HK$131.50 per share, raising a total of HK$14.28 billion. After deducting estimated listing expenses of HK$266.99 million, the net proceeds amounted to HK$14.02 billion.

The cornerstone investors included Chongqing Industrial Fund, Linyuan Fund, Huatai Capital Investment (linked to Huatai's back-to-back total return swap and Linyuan's total return swap), GF Fund Management Co., Ltd. and GF International Asset Management Limited (collectively referred to as "GF Fund"), New China Asset Management, BESS Broadway, Sanhua (Hong Kong), Zhongsheng Group, Zhink International, Gold Wings, Da'an Investment, Hichain Logistics HK, Schroders, Mirae Securities, New Alternative, China Post & Capital Wealth Management, Skyler International, Xingyu Hong Kong, China Meidong, Ghisallo Fund, Jump Trading, Jain Global Master Fund Ltd, and China Alpha Fund.

Among them, New China Asset Management is 99.6% directly and indirectly owned by New China Life Insurance Company Ltd. (1336.HK, 601336.SH); Sanhua (Hong Kong) is wholly owned by Zhejiang Sanhua Intelligent Controls Co., Ltd. (002050.SZ, 02050.HK); Zhongsheng Group is wholly owned by Zhongsheng Holdings (00881.HK); Hichain Logistics HK's ultimate holding company is Jiangsu Hichen Logistics Co., Ltd. (300873.SZ); China Post & Capital Wealth Management is fully owned by Postal Savings Bank of China (01658.HK, 601658.SH); and Xingyu Hong Kong is wholly owned by Changzhou Xingyu Automotive Lighting Systems Co., Ltd. (601799.SH).

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