Shares of Seres Group fell on their Hong Kong debut on Wednesday, marking the first US$1 billion-plus IPO in the city this year to fail to post first-day gains.

The Chongqing-based electric vehicle maker’s stock, trading under the code 9927, closed unchanged at HK$131.50, after falling as much as 10.3% during the session. It opened at HK$128.90, compared with the IPO price of HK$131.50, which was set at the top of the marketed range.

The offer price represented a 22% discount to Seres’ Shanghai-listed shares, as the company raised HK$14.3 billion (US$1.8 billion) from the share sale. Despite the soft debut, the offering remains one of Hong Kong’s largest listings of the year.

Seres’ muted performance contrasts with the strong debuts of seven other major IPOs this year, including battery giant Contemporary Amperex Technology Co. Ltd. (CATL), which raised US$5.3 billion in May and surged on its first trading day.

Analysts said the weaker showing may reflect growing investor caution toward Chinese EV makers amid intensifying price competition and slowing domestic demand, even as Hong Kong’s IPO market shows signs of revival following a subdued 2024.