SERES clears HKEX hearing to become first premium NEV with A+H listing

Financially, SERES reported RMB145.1b in revenue for 2024, representing 305.5% YoY growth.

SERES has passed its listing hearing with the Hong Kong Stock Exchange, positioning it to become the first premium new energy vehicle (NEV) manufacturer to achieve an “A+H” dual listing in Hong Kong.

Financially, SERES reported RMB145.1b in revenue for 2024, representing 305.5% YoY growth, with a gross margin of 23.8% and net profit of RMB5.9b.

In the first half of 2025, gross margin improved to 26.5%, and net profit reached RMB2.9b. The company states it is now the fourth profit-making NEV manufacturer globally.

In terms of broader market context, China’s premium NEPV sales totaled 2.6 million units in 2024, accounting for 23.4% of the market, and are projected to grow to 5.7 million units by 2030, reflecting a compound annual growth rate of 14%.