On November 5, Seres Group was officially listed in Hong Kong, becoming China’s first “A+H” luxury new energy vehicle company. The net proceeds raised, HKD 14.016 billion (approximately USD 1.80 billion), set the record for the largest IPO of a Chinese automaker to date and the largest IPO of a complete vehicle manufacturer globally since 2025. However, despite the public offering being oversubscribed by 133 times, Seres broke the issue at the opening, only barely closing back at the issue price of HKD 131.5 per share (approximately USD 16.9 per share), and as of the close on November 10, had already fallen by more than 12% cumulatively. How big is Huawei’s halo effect on Seres, really? Looking ahead to 2026, what cards does the “Wenjie” (AITO) brand still hold in reserve?
Sales performance of HarmonyOS Intelligent Mobility in 2025
HarmonyOS Intelligent Mobility (Hongmeng Zhixing) is a technology-ecosystem alliance jointly built by Huawei Device Co., Ltd. and five automakers. The cooperative brands are: Wenjie with Seres (SH:601127), Zhijie with Chery Automobile (HK:09973), Enjoy (Xiangjie) with BAIC BluePark (SH:600733), Xunjie with JAC Motors (SH:600418), and, most recently, Shangjie with SAIC Motor (SH:600104).
On October 28 this year, HarmonyOS Intelligent Mobility welcomed the milestone of cumulative deliveries across all series surpassing 1 million units. Richard Yu (Yu Chengdong) remarked on Weibo, “It took only 43 months; the speed is beyond imagination!” With the expansion of the cooperation camp and the enrichment of the product matrix, the sales curve of HarmonyOS Intelligent Mobility continues to trend upward, taking less than one year to move from 500,000 to 1 million units in total.
As the benchmark among the five “Jie” brands under HarmonyOS Intelligent Mobility, Wenjie has allowed all automakers to see the strength conferred by Huawei’s endorsement, and has brought growth to its partner Seres, achieving eye-catching results in both sales volume and net profit.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | |
| Wenjie | 21,836 | 11,315 | 12,679 | 20,560 | 36,625 | 44,685 | 40,753 | 40,012 | 40,619 | 44,352 |
| Zhijie | 12,510 | 9,580 | 9,482 | 5,657 | 5,689 | 3,685 | 4,680 | 3,404 | 6,189 | 10,145 |
| Xiangjie | 643 | 622 | 751 | 1,338 | 2,134 | 4,215 | 1,942 | 1,841 | 2,311 | 5,465 |
| Zunjie | / | / | / | / | / | / | / | 1,006 | 1,896 | 1,970 |
| Shangjie | / | / | / | / | / | / | / | / | 1,901 | 6,284 |
| Total | 34,989 | 21,517 | 22,812 | 27,555 | 44,448 | 52,585 | 47,375 | 46,263 | 52,916 | 68,216 |
Table: Retail sales statistics of each HarmonyOS Intelligent Mobility brand from January to October 2025 (Data source: Dongchedi)
Cooperation model of HarmonyOS Intelligent Mobility under Huawei’s leadership
Huawei demonstrates extremely strong leadership in the Smart Selection (Zhixuan) vehicle cooperation model, deeply participating in model positioning, product definition, R&D and design, configuration standards, supply-chain management, and other aspects; the vast majority of key decisions are led by Huawei.
Huawei strengthens differentiation across the product line through precise positioning of different models, enhancing brand competitiveness in various sub-markets. Specifically: Seres is set to focus on mainstream SUV volume models; Chery is positioned to benchmark Tesla’s Model Y and Model 3; BAIC focuses on mid-to-high-end pure electric sedans; JAC is positioned in the high-end segment above 600,000 yuan (approximately USD 83,300); and SAIC targets the 150,000-yuan (approximately USD 20,800) level.
In styling design, Huawei not only participates in reviews but also holds final acceptance authority. Even in styling, which is traditionally led by automakers, Huawei will put forward clear requirements based on its understanding of market positioning.
For configurations, Huawei leads in defining the configuration levels of the models it oversees. Whether to choose the ADS 3.0 or ADS 4.0 system and the functions involved are all led by Huawei. Its participation is not limited to intelligent driving and the intelligent cockpit, but may also extend to the electrical/electronic architecture and powertrain and other domains, with designs required to serve Huawei’s intelligent systems. For example, the dimensions and layout of Huawei’s intelligent driving domain controller are based on a standardized platform. If an automaker wishes to adjust it to fit its own chassis architecture, such changes are often difficult to obtain approval for, and priority must be given to adapting to Huawei’s existing solutions.
In supply-chain management, the degree of Huawei’s involvement varies; under deep cooperation, its supply-chain management is subject to greater intervention and guidance. By setting core platform parameters, automakers must select hardware within the scope provided by Huawei when making sourcing decisions. For core components such as LiDAR, Huawei also gives priority to its own products or designated suppliers.
The production and manufacturing phase is divided into vehicle development and mass production. In the development stage, Huawei mainly cooperates on technical calibration and documentation exchange to ensure that the vehicles meet its technical requirements, without excessive intervention in specific production processes. Once entering mass production, Huawei puts forward specific requirements for manufacturing processes and standards, especially imposing strict requirements on key timeline nodes. If automakers cannot meet the set delivery schedule due to supplier or factory scheduling issues, it may trigger direct intervention from Huawei.
Outlook for Seres’ future development
Is Huawei’s halo a “passport” or a “new exam question”?
The deep binding between Wenjie and Huawei has already been written into the risk disclosures in the prospectus. As early as September 29, Seres made it clear in an announcement that it planned to purchase, in cash, the 10% stake in Shenzhen Yinwang Intelligent Technology Co., Ltd. held by Huawei Technologies Co., Ltd., with a transaction amount of 11.5 billion yuan (approximately USD 1.60 billion), in order to strengthen a long-term and stable cooperative relationship.
But evidently, as the various brands under HarmonyOS Intelligent Mobility develop, Wenjie’s early “Huawei” first-mover advantage is being diluted to a certain extent. In future market competition, it will not only face other automakers, but also the strong rise of the HI (Huawei Inside) model, which is also sharing market space. Brands such as Voyah and Avatr have recently seen their delivery volumes climb.
Therefore, Seres’ Hong Kong IPO this time clearly plans to allocate 70% of the funds raised to R&D investment, including upgrades to the Magic Cube technology platform (compatible with range-extender, pure electric, and hybrid powertrains), improvements to intelligent cockpit and driver-assistance technologies, and R&D in key power-system technologies. For example, public information shows that Seres’ latest-generation mass-produced super range-extension system has a thermal efficiency as high as 44.8%, with an oil-to-electric conversion rate reaching 3.65 kWh/L, placing it at an industry-leading level.
At the same time, according to BCC Research, since 2024 the Wenjie series models have been equipped in the cloud with large models, relying mainly on HarmonyOS and the Pangu large model to achieve intelligent upgrades, mainly applied in high-frequency scenarios such as casual chat, vehicle control and settings, and intelligent companionship.
Multimodal interaction has become a core highlight. The system can combine vehicle sensor signals and users’ historical data to realize complex functions such as long-term memory, task planning, video understanding, and visual perception. Current actual statistics show that over 80% of token consumption comes from chat scenarios, intelligent companionship scenarios account for more than 10%, while vehicle control and setting commands account for around 5%; such simple commands rely on small on-device models and can be completed locally.
Looking ahead, Huawei’s upgrades in intelligent driving remain an important driving force for Seres’ development. Whether the new M9 can support L3-level autonomous driving is eagerly anticipated.
On the other hand, the pace and intensity of local industrial empowerment have given Seres an even stronger shot of confidence. As early as 2018 or before, Chongqing’s Liangjiang New Area used a three-tier capital approach to help Seres complete its transformation “from traditional small-displacement fuel vehicles to a national benchmark brand for luxury new energy vehicles.” In the future, by reference to the support the Beijing municipal government has provided to BAIC and the Enjoy (Xiangjie) brand in aspects such as building “confidence platforms,” financial subsidies, industry–education integration, and even government procurement, Seres—as the core carrier of industrial investment in Liangjiang New Area—will, along with the improvement of full-industry-chain布局 (layout), inevitably embark on a path of even more vigorous development.
[Disclaimer]: The above content reflects analysis of publicly available information, expert insights, and BCC research. It does not constitute investment advice. BCC is not responsible for any losses resulting from reliance on the views expressed herein. Investors should exercise caution.