KATHMANDU, NOVEMBER 6

Chinese electric vehicle maker Seres Group Co., a partner of Huawei Technologies Co., has raised HK$14.3 billion (US$1.8 billion) in its Hong Kong Stock Exchange debut after pricing its shares at the upper end of its target range.

The Chongqing-based automaker sold about 108.6 million shares at HK$131.50 each, including an additional 8.4 million shares after exercising an overallotment option. Trading is set to begin on Wednesday.

The offering marks Hong Kong's eighth listing this year to raise over $1 billion, taking the city's 2025 IPO proceeds above $26 billion, according to Bloomberg.

Founded in 1986, Seres began as a manufacturer of vehicle components before expanding into motorcycles and eventually electric vehicles. Analysts expect the firm's profits to rise 72% to a record 10.2 billion yuan this year.

China International Capital Corp. and China Galaxy Securities Co. acted as joint sponsors of the listing.