Seres to Acquire 10% Stake in Shenzhen Yingwang from Huawei for 11.5 Billion Yuan

TapTechNews August 25th news, Seres today announced that its wholly-owned subsidiary Seres Automobile intends to purchase 10.00% equity of Shenzhen Yingwang Intelligent Technology Co., Ltd. held by Huawei Technologies Co., Ltd. by paying cash, and the transaction price is 11.5 billion yuan ($1.64 billion).

Shenzhen Yingwang is engaged in the intelligent vehicle solution business, providing products and solutions such as intelligent driving, intelligent cockpit, intelligent vehicle control, intelligent vehicle cloud, and intelligent in-vehicle light for customers.

After this transaction is completed, Shenzhen Yingwang will undertake the original core business of intelligent vehicle solutions of Huawei. The appraisal agency evaluated the total equity value of all shareholders of the target company by using the market method and the asset-based method, and the final appraisal conclusion adopts the result of the market method.