SERES announced on the evening of May 25 that its subsidiary, Chongqing Landian Technology Co., Ltd. (Landian Technology), plans to receive a capital increase of approximately 6.671 billion yuan. New participants in the funding round include Ningbo Meishan Bonded Port Area Wending Investment Co., Ltd. (Wending Investment), Jiangsu Bojun Industrial Technology Co.,Ltd., and Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Landian Technology's primary asset is the Landian Auto brand, while Wending Investment is a wholly-owned subsidiary of Contemporary Amperex Technology Co.,Ltd.. Upon completion of this transaction, CATL will add another automaker to its investment portfolio. Public records show that, through Wending Investment, CATL holds stakes in several automakers including Chery Automobile, IM Motors, Aiways, and Neta Auto.
SERES Steps Back as Landian Technology Gains Three New Listed Investors On April 22, the SERES board approved a proposal for Landian Technology to increase its registered capital by 680 million yuan, involving a total investment of up to 7.2 billion yuan. SERES opted not to exercise its preemptive right to subscribe to the new registered capital. On May 25, Landian Technology, SERES Auto (Hubei) Co., Ltd., Chongqing Shaci Zhiyuan New Energy Technology Partnership (Shaci Zhiyuan), Chongqing Yuexing Jiasheng Enterprise Management Partnership (Yuexing Jiasheng), Wending Investment, Jiangsu Bojun Industrial Technology Co.,Ltd., and Changzhou Xingyu Automotive Lighting Systems Co., Ltd. signed the "Capital Increase Agreement" and "Shareholders' Agreement." According to the agreements, Landian Technology is set to receive a total capital injection of about 6.671 billion yuan. Participants include Shaci Zhiyuan and Yuexing Jiasheng, mentioned in SERES's earlier announcement, which plan to contribute approximately 3.433 billion yuan and 1.639 billion yuan in cash, respectively, through installment payments. Yuexing Jiasheng is an employee持股 platform for Landian Technology. Shaci Zhiyuan was established on April 13, 2026, with its major shareholder being a company under the State-owned Assets Supervision and Administration Commission of Shapingba District, Chongqing. Simultaneously, Landian Technology will welcome three new investors: Wending Investment, Jiangsu Bojun Industrial Technology Co.,Ltd., and Changzhou Xingyu Automotive Lighting Systems Co., Ltd.. Per the agreements, Wending Investment, Jiangsu Bojun Industrial Technology Co.,Ltd., and Changzhou Xingyu Automotive Lighting Systems Co., Ltd. plan to invest 984 million yuan, 512 million yuan, and 102 million yuan in cash into Landian Technology, respectively. After the capital increase and share expansion, Shaci Zhiyuan and Yuexing Jiasheng will become the first and third largest shareholders of Landian Technology, holding 34.5005% and 16.4779% stakes, respectively. Wending Investment, Jiangsu Bojun Industrial Technology Co.,Ltd., and Changzhou Xingyu Automotive Lighting Systems Co., Ltd. will become the fourth, fifth, and sixth largest shareholders, with持股比例 of 9.8867%, 5.1493%, and 1.0299%, respectively.
SERES previously stated that following this round of capital increase, the company will no longer have control over Landian Technology. The accounting method for its investment in Landian Technology will shift from the cost method to the equity method, which is expected to yield certain investment收益. As of the market close on May 25, SERES's A-share price was 82.08 yuan per share, with a total market capitalization reaching 140.7 billion yuan.
Landian Auto to Leverage Support from CATL and Other Listed Firms The plan for Landian Technology's capital increase and share expansion can be traced back to February 8. At that time, SERES signed a "Cooperation Agreement" with the People's Government of Shapingba District, Chongqing, stipulating that SERES would spin off the existing assets related to Landian Auto and establish Landian Technology with capital contributions. The "Cooperation Agreement" indicated that the Shapingba District government would form a market-oriented equity investment fund, along with other investors and the management team, to inject cash into Landian Technology. On April 14, Landian Technology, a second-tier wholly-owned subsidiary of SERES, was officially registered with a registered capital of 320 million yuan. Its business scope includes automobile sales, new energy vehicle sales, and manufacturing of automotive parts and components. According to its official website, Landian Auto is an intelligent electric vehicle brand under SERES, positioned as a popularizer of smart electric vehicles, providing excellent mobility products and services for family users. In 2023, Landian Auto launched its new model, the Landian E5, with a terminal transaction price of 99,800 yuan, pioneering a new era of price parity between fuel and electric SUVs. Currently, SERES's sales are primarily driven by its new energy vehicle brand AITO. Landian Auto needs to secure support from leading companies in the automotive industry chain through the capital increase of its parent company, Landian Technology. Jiangsu Bojun Industrial Technology Co.,Ltd. and Changzhou Xingyu Automotive Lighting Systems Co., Ltd., introduced in this funding round, are both well-known upstream enterprises in the automotive industry chain. Jiangsu Bojun Industrial Technology Co.,Ltd. is a large-scale manufacturer of automotive molds and parts, integrating R&D, production, and sales. Changzhou Xingyu Automotive Lighting Systems Co., Ltd. is one of China's major manufacturers and design solution providers of complete automotive lighting systems, with products covering German, Japanese, American, and French automakers, as well as several domestic Chinese brands. Wending Investment, introduced in this round, is the wholly-owned subsidiary of the global power battery giant, Contemporary Amperex Technology Co.,Ltd.. As of the market close on May 25, CATL's A-share price was 402.88 yuan per share, down 2.01%, with a total market capitalization of 1.91 trillion yuan.
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