Seres Group to Acquire Longsheng New Energy and Boost Capital to Subsidiary

TapTechNews September 13th news, Seres Group Co., Ltd. disclosed the report on issuing shares to purchase assets today, intending to purchase 100% equity of Longsheng New Energy held by Chongqing Industrial Mother Fund, Liangjiang Investment Group, and Liangjiang Industrial Group by issuing shares, with a transaction price of 8,163,952,000 yuan ($1.17 billion).

Longsheng New Energy is the implementing entity of the infrastructure supporting project of the Intelligent Connected New Energy Automobile Industrial Park in Longxing New Town, Liangjiang New Area. It is a project company specifically established to serve the production and manufacturing of new energy vehicles, and its main assets are the land, real estate, infrastructure and related supporting facilities required for the production of new energy vehicles, and these assets have built an intelligent electric vehicle factory (referred to as the super factory).

Before this transaction, Seres leased the super factory from Longsheng New Energy for the production of the Wenjie series of intelligent electric vehicle products.

After this transaction is completed, Longsheng New Energy will become a wholly-owned subsidiary of Seres, and Seres will obtain the ownership of the super factory, ensuring the safety, stability, autonomy and controllability of its product production side, and improving the asset integrity and control of its important businesses.

According to the TapTechNews report, Seres Group Co., Ltd. also announced today that it plans to increase capital by 5 billion yuan to its wholly-owned subsidiary Seres Automobile Co., Ltd. (hereinafter referred to as Seres Automobile) with its own funds.