Seres to Buy 10% Stake in Huawei's Yinwang for 11.5 Billion Yuan

TapTechNews August 26th news, China Galaxy Securities Co., Ltd. released the Independent Financial Advisor Report on the Major Asset Purchase of Seres Group Co., Ltd..

According to TapTechNews' previous report, Seres Automobile intends to purchase the 10.00% equity of Shenzhen Yinwang Intelligent Technology Co., Ltd. held by Huawei Technologies Co., Ltd. in the form of cash payment, and the transaction price is 11.5 billion yuan.

The report shows that in the fiscal years 2022, 2023 and the first half of 2024, the revenue of the top five customers of the target company (Yinwang) accounted for 79.14%, 89.52% and 90.55% respectively. The revenue share of the first major customer has always remained above 50%, and the sales amount in the first half of this year even reached 6.614 billion yuan, accounting for as high as 63.38%.

Huawei's current partner, Seres AITO Wenjie, is the brand with the largest sales volume. Zhang Xinghai, the chairman of Seres Group, said at the investment signing ceremony of Yinwang yesterday that Seres will firmly support Yinwang to become an intelligent open platform in the automotive industry, striving to achieve the goal of annual production and sales of one million units of Wenjie within three years, driving the supply of millions of sets of Yinwang and achieving a win-win situation.

Related reading:

Seres founder Zhang Xinghai: Striving to achieve the goal of annual production and sales of one million units of Wenjie within three years.

Seres plans to invest 11.5 billion yuan in Huawei's Yinwang, accounting for 10% equity.