Shanghai (Gasgoo)- On June 24, SERES Group Co., Ltd. announced that it has approved a capital increase of up to 5 billion yuan for its majority-owned subsidiary, SERES Automobile Co., Ltd., through the introduction of strategic investors.
The strategic investors include ICBC Financial Assets Investment Limited and BOCOM Financial Asset Investment Limited, among others, with individual investment amounts ranging from 200 million yuan to 1 billion yuan.
This capital increase follows a previous equity change in December 2024, when the China Development Bank Manufacturing Transformation and Upgrading Fund (Limited Partnership) ("CDB Manufacturing Fund"), became a new shareholder in SERES Automobile. That round raised the company's registered capital from 9.96 billion yuan to approximately 10.084 billion yuan.
According to the announcement, the latest capital injection and the previous investment by the CDB Manufacturing Fund are part of the same financing round. As of the date of disclosure, SERES Automobile has completed all relevant procedures to update its registered capital.
SERES Group stated that the capital increase will strengthen SERES Automobile's financial position, support long-term strategic development, reduce its debt-to-asset ratio, and promote sustainable high-quality growth. The move aligns with the company's strategic goals and serves the best interests of all shareholders.
SERES Group also emphasized that SERES Automobile remains a majority-owned subsidiary after the capital raise and that the group's consolidated financial statements remain unchanged. The investment will not negatively impact its operations or shareholder interests.
