IPO Timeline
Broker Deadline
2025-10-31
Morning deadline
HKEX Deadline
2025-10-31
Noon deadline
Broker Results (T-2)
2025-11-03
Some brokers release in afternoon
Grey Market (T-1)
2025-11-04
Afternoon
HKEX Allotment (T-1)
2025-11-04
Evening
Registrar Allotment (T-1)
2025-11-04
Evening
Listing Day (T)
2025-11-05
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 赛力斯 |
|---|---|
| Other Market Stock Code | 601127 |
| H-Share Offer Price | HK$ 131.50 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 赛力斯 |
|---|---|
| Stock Code | 09927 |
| Company Full Name | 赛力斯 |
| Industry | AI & Machine Learning |
| Principal Activities | 賽力斯是以新能源汽車為核心業務的技術科技型企業，業務涵蓋新能源汽車及核心三電等產品的研發、製造、銷售及服務。 |
| Listing Date | 2025-11-05 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Shapingba District Chongqing PRC |
| Business Address (Hong Kong) | Room 1922, 19/F Lee Garden One 33 Hysan Avenue Causeway Bay Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | seres.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 131.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 13,150 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-10-27 to 2025-10-31 |
| Global Offering Shares | 108,619,000 shares |
| HK Public Offer Shares (Initial) | 10,020,000 shares (9.2%) |
| Public Offer Lots (Initial) | 100,200lots (50,100lots, 50,100lots) |
| International Placing Shares (Initial) | 90,180,000 shares (90.8%) |
| Offer Ratio | ~6.27% |
| Total Shares Post-IPO | 1,733,566,086 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | 中国国际金融香港证券有限公司 CE AEN894 |
| Cornerstone Share | 35.5% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 14,283,398,500 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 13,150 |
| 2 lots | 200 | HK$ 26,300 |
| 3 lots | 300 | HK$ 39,450 |
| 4 lots | 400 | HK$ 52,600 |
| 5 lots | 500 | HK$ 65,750 |
| 6 lots | 600 | HK$ 78,900 |
| 7 lots | 700 | HK$ 92,050 |
| 8 lots | 800 | HK$ 105,200 |
| 9 lots | 900 | HK$ 118,350 |
| 10 lots | 1,000 | HK$ 131,500 |
| 15 lots | 1,500 | HK$ 197,250 |
| 20 lots | 2,000 | HK$ 263,000 |
| 25 lots | 2,500 | HK$ 328,750 |
| 30 lots | 3,000 | HK$ 394,500 |
| 35 lots | 3,500 | HK$ 460,250 |
| 40 lots | 4,000 | HK$ 526,000 |
| 45 lots | 4,500 | HK$ 591,750 |
| 50 lots | 5,000 | HK$ 657,500 |
| 60 lots | 6,000 | HK$ 789,000 |
| 70 lots | 7,000 | HK$ 920,500 |
| 80 lots | 8,000 | HK$ 1,052,000 |
| 90 lots | 9,000 | HK$ 1,183,500 |
| 100 lots | 10,000 | HK$ 1,315,000 |
| 200 lots | 20,000 | HK$ 2,630,000 |
| 300 lots | 30,000 | HK$ 3,945,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 400 lots | 40,000 | HK$ 5,260,000 |
| 500 lots | 50,000 | HK$ 6,575,000 |
| 600 lots | 60,000 | HK$ 7,890,000 |
| 700 lots | 70,000 | HK$ 9,205,000 |
| 800 lots | 80,000 | HK$ 10,520,000 |
| 900 lots | 90,000 | HK$ 11,835,000 |
| 1,000 lots | 100,000 | HK$ 13,150,000 |
| 2,000 lots | 200,000 | HK$ 26,300,000 |
| 3,000 lots | 300,000 | HK$ 39,450,000 |
| 4,000 lots | 400,000 | HK$ 52,600,000 |
| 5,000 lots | 500,000 | HK$ 65,750,000 |
| 6,000 lots | 600,000 | HK$ 78,900,000 |
| 7,000 lots | 700,000 | HK$ 92,050,000 |
| 8,000 lots | 800,000 | HK$ 105,200,000 |
| 9,000 lots | 900,000 | HK$ 118,350,000 |
| 10,000 lots | 1,000,000 | HK$ 131,500,000 |
| 20,000 lots | 2,000,000 | HK$ 263,000,000 |
| 30,000 lots | 3,000,000 | HK$ 394,500,000 |
| 40,000 lots | 4,000,000 | HK$ 526,000,000 |
| 50,100 lots | 5,010,000 | HK$ 658,815,000 |
Stock Connect Inclusion
| HK Market Cap | 98亿港元 |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 13,150,000,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 14,283,398,500 |
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於盈利狀態，但未提供市盈率信息） |
| Profit/Loss Status | Net loss (see financial statements) |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 251,400,000 |
| Listing Expenses / Funds Raised | ~1.9% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 131.5 |
|---|---|
| First Day Open | HK$ 128.9 |
| First Day Change | -48.59% |
| First Day Volume | 18589500.0 |
| First Day Turnover | 2378800000.0 |
Use of Proceeds
| Use of Proceeds | 1、約70.0%或9,047.4百萬港元將用于研發投入； 2、約20.0%或2,585.0百萬港元將用于多元化新營銷渠道投入、海外銷售及充電網絡服務，以提升全球品牌知名度； 3、約10.0%或1,292.5百萬港元將用作營運資金及一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中国国际金融香港证券有限公司 CE AEN894
中国银河国际证券（香港）有限公司 CE AXM459
Sponsor cum Overall Coordinator (1)
中国国际金融香港证券有限公司 CE AEN894
Overall Coordinators (2)
中国国际金融香港证券有限公司 CE AEN894
中国银河国际证券（香港）有限公司 CE AXM459
Joint Global Coordinators (3)
中国国际金融香港证券有限公司 CE AEN894
中国银河国际证券（香港）有限公司 CE AXM459
华泰金融控股（香港）有限公司 CE AOK809
Joint Bookrunners (3)
中国国际金融香港证券有限公司 CE AEN894
中国银河国际证券（香港）有限公司 CE AXM459
华泰金融控股（香港）有限公司 CE AOK809
Joint Lead Managers (3)
中国国际金融香港证券有限公司 CE AEN894
中国银河国际证券（香港）有限公司 CE AXM459
华泰金融控股（香港）有限公司 CE AOK809
Capital Market Intermediaries (3)
中国国际金融香港证券有限公司 CE AEN894
中国银河国际证券（香港）有限公司 CE AXM459
华泰金融控股（香港）有限公司 CE AOK809
Stabilizing Manager (1)
中国国际金融香港证券有限公司 CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
达维律师事务所 金杜律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
科律香港律师事务所 北京市海问律师事务所 |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 浤博资本有限公司 CE BPB716 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 重慶產業母基金 | 2,176,752,285 HKD | 16,553,200 | 16.52% | 0.95% | 6 months | 2026-05-05 |
| 2 | 林園基金及華泰資本投資（與華泰背對背總回報掉期及林園總回報掉期有關） | 50,000,000 USD | 2,954,100 | 2.95% | 0.17% | 6 months | 2026-05-05 |
| 3 | 廣發基金管理 | 30,000,000 USD | 1,772,400 | 1.77% | 0.10% | 6 months | 2026-05-05 |
| 4 | 廣發基金香港 | 6,300,000 USD | 372,200 | 0.37% | 0.02% | 6 months | 2026-05-05 |
| 5 | New China Asset Management | 30,000,000 USD | 1,772,400 | 1.77% | 0.10% | 6 months | 2026-05-05 |
| 6 | Bess Broadway | 30,000,000 USD | 1,772,400 | 1.77% | 0.10% | 6 months | 2026-05-05 |
| 7 | Sanhua (Hong Kong) | 30,000,000 USD | 1,772,400 | 1.77% | 0.10% | 6 months | 2026-05-05 |
| 8 | 中升 | 30,000,000 USD | 1,772,400 | 1.77% | 0.10% | 6 months | 2026-05-05 |
| 9 | Zhink International | 30,000,000 USD | 1,772,400 | 1.77% | 0.10% | 6 months | 2026-05-05 |
| 10 | Gold Wings | 30,000,000 USD | 1,772,400 | 1.77% | 0.10% | 6 months | 2026-05-05 |
| 11 | 達安投資 | 30,000,000 USD | 1,772,400 | 1.77% | 0.10% | 6 months | 2026-05-05 |
| 12 | Hichain Logistics HK | 26,000,000 USD | 1,536,100 | 1.53% | 0.09% | 6 months | 2026-05-05 |
| 13 | 施羅德 | — | — | — | — | 6 months | 2026-05-05 |
| 14 | Mirae Securities | — | — | — | — | 6 months | 2026-05-05 |
| 15 | New Alternative | — | — | — | — | 6 months | 2026-05-05 |
| 16 | 中郵理財 | — | — | — | — | 6 months | 2026-05-05 |
| 17 | Skyler International | — | — | — | — | 6 months | 2026-05-05 |
| 18 | 星宇香港 | — | — | — | — | 6 months | 2026-05-05 |
| 19 | 中國美東 | — | — | — | — | 6 months | 2026-05-05 |
| 20 | Ghisallo Fund | — | — | — | — | 6 months | 2026-05-05 |
| 21 | Jump Trading | — | — | — | — | 6 months | 2026-05-05 |
| 22 | Jain Global Master Fund Ltd | — | — | — | — | 6 months | 2026-05-05 |
| 23 | China Alpha Fund | — | — | — | — | 6 months | 2026-05-05 |
Directors & Management
| Chairman | 張正萍 |
|---|---|
| Company Secretary | Ms. Shen Wei |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张正萍 | — | 執行董事 |
| 2 | 尹先知 | — | 執行董事 |
| 3 | 申薇 | — | 執行董事 |
| 4 | 张正源 | — | 執行董事 |
非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张克邦 | — | 非執行董事 |
| 2 | 尤峥 | — | 非執行董事 |
| 3 | 李玮 | — | 非執行董事 |
| 4 | 周昌玲 | — | 非執行董事 |
獨立非執行董事 (5)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李开国 | — | 獨立非執行董事 |
| 2 | 张国林 | — | 獨立非執行董事 |
| 3 | 景旭峰 | — | 獨立非執行董事 |
| 4 | 黎明 | — | 獨立非執行董事 |
| 5 | 魏明德 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering, and assuming the Offer Size Adjustment Option and the Over-allotment Option are not exercised, and no other changes are made to the issued share capital |
|---|
AI
AI Analysis
Market Sentiment
The IPO garnered 132.68x oversubscription from over 202,000 applications, reflecting feverish retail demand. Despite this, the 28.63% hit rate is comparatively generous, likely aided by the lack of clawback under Mechanism B, which kept more shares in the Hong Kong pool. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
At the boundary between retail Pool A and institutional Pool B, the last A-tier (甲尾) expected 0.765 lots versus the first B-tier (乙头) expecting only 0.7201 lots, despite the latter requiring a much larger application amount. This inverse relationship highlights an inefficiency where marginal applicants who stepped up to B-head received fewer expected shares per dollar committed, making the A-tail more cost-effective on paper. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors dominated the applicant pool at 80.3%, underlining the strong appeal of this new energy vehicle brand back home. The typical applicant was male (62.5%) and around 41 years old, a profile common for high-tech IPOs in Hong Kong. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
