SERES gains approval for asset purchase to acquire super factory ownership

Beijing (Gasgoo)- On January 21, Chinese automaker SERES Group announced that the Shanghai Stock Exchange's Merger and Acquisition Review Committee had approved its plan to acquire Longsheng New Energy Technology Co., Ltd. The major asset restructuring was accepted in November 2024 and entered the inquiry stage in December.  

SERES plans to purchase 100% equity of Longsheng New Energy from Chongqing Industrial Investment Parent Fund Partnership Enterprise (Limited Partnership), Chongqing Liangjiang New Area Development and Investment Group, and Liangjiang Industry Group by issuing approximately 123 million shares at 66.39 yuan per share. The transaction, valued at roughly 8.164 billion yuan, will account for 7.53% of SERES' total equity post-issuance. Once completed, Longsheng New Energy will become a wholly-owned subsidiary of SERES Group.  

Established in 2022, Longsheng New Energy specializes in leasing services for manufacturing facilities and manages infrastructure projects in the Liangjiang Intelligent Connected New Energy Vehicle Industrial Park. Prior to the transaction, SERES leased a super factory from Longsheng New Energy to produce its AITO series new energy vehicles (NEVs). The factory, operating at full capacity, can roll out one NEV every 30 seconds.  

Upon completing the transaction, SERES will gain direct ownership of the super factory, enhancing its manufacturing capabilities and consolidating its position in the smart NEV market.