On November 5, Seres (stock code: 9927.HK) made its official debut on the main board of the Hong Kong Stock Exchange. It has the distinction of being the first high-end new energy vehicle company in China to achieve a dual listing on both the "A+H" markets. The net proceeds from this offering reached a staggering HKD 14.016 billion, marking it as the largest initial public offering (IPO) for a Chinese automaker thus far. Additionally, it stands as the biggest global automaker IPO on the Hong Kong stock market since 2025. At its market debut, Seres boasted a market capitalization of roughly HKD 215 billion. However, its opening price dipped approximately 8.4% from the issue price. Regarding the utilization of the funds raised from this Hong Kong stock IPO, around 70% will be channeled into research and development (R&D) investments. Meanwhile, 20% will be earmarked for diversified investments in new marketing channels, overseas sales initiatives, and charging network services.