Seres Group increases capital by 5 billion yuan and acquires Longsheng New Energy

The SERES Group announced plans to use its own funds to increase the capital of its wholly-owned subsidiary SERES Automotive by RMB 5 billion. At the same time, the group also plans to acquire all the shares of Longsheng New Energy at a price of RMB 8.164 billion by issuing shares. Longsheng New Energy is a project company focusing on the production and manufacturing of new energy vehicles. Its main assets include land, real estate, infrastructure and related supporting facilities required for the production of new energy vehicles. After the completion of this transaction, SERES Automotive will own the super factory of Longsheng New Energy, which will help ensure the stability and safety of the product production end and improve the company's asset integrity and control.