Chongqing-based Seres Group, a Chinese electric vehicle manufacturer partnered with Huawei Technologies, has applied to list its shares on the Hong Kong Stock Exchange.

The company, known for its Aito-branded intelligent EVs, announced the application in a filing on April 28, 2025.

Seres intends to use the funds raised from the listing to expand sales channels, increase overseas deliveries, improve its charging infrastructure, and enhance its global brand presence.

The company has not specified the target amount to be raised.

🔗 Source: South China Morning Post

🧠 Food for thought

1️⃣ Tech partnerships drive turnarounds in China’s competitive EV market

The Huawei-Seres partnership showcases how technology collaborations can transform struggling automakers into profitable enterprises.

After five consecutive years of losses, Seres achieved a remarkable turnaround in Q1 2024, posting a net profit of CNY 220 million ($30.8 million) with revenue surging 422% year-over-year to CNY 26.56 billion 1.

This transformation stems directly from the Aito brand’s success, which accounts for 70% of Seres’ sales volume and features Huawei’s advanced autonomous driving and cockpit technologies 1.

The partnership’s strategic value was further quantified when Huawei transferred the “AITO” trademark along with 919 registered/pending trademarks and 44 design patents to Seres for $343 million 2, demonstrating both the value created and Huawei’s commitment to remaining a technology partner rather than a competitor.

Tech-auto collaborations are becoming more common throughout China’s EV sector as companies seek differentiation in an increasingly crowded market where traditional automotive expertise alone no longer guarantees success.

2️⃣ Hong Kong listings become strategic pathway for global expansion

Seres joins a growing trend of mainland Chinese EV makers seeking Hong Kong listings specifically to fund international expansion as domestic competition intensifies.

China’s EV market grew by 38.2% in 2024 with 11.2 million new energy vehicles registered, creating a highly competitive environment dominated by BYD’s 31.4% market share (3.52 million deliveries) 3.

With nearly 50% of China’s passenger vehicle sales now being NEVs (battery electric and plug-in hybrids), domestic growth opportunities are becoming increasingly contested 4.