Market Chatter: Seres Group Acquires 10% Stake in Huawei's Intelligent Driving Subsidiary; Shares Fall 5%

MT Newswires Live08-28

Automaker Seres Group (SHA:601127) acquired a 10% stake in Yinwang Intelligent Technology, the intelligent driving subsidiary of Huawei Technologies, for 11.5 billion yuan, YiCai Global reported Monday.

The move will help support the growth of Aito, Seres Group's smart new energy vehicle brand co-developed with Huawei, according to the report

The stake acquisition followed an earlier investment in Yinwang Intelligent Technology by Changan Automobile (SHE:000625), also for a 10% stake for 11.5 billion yuan, YiCai Global wrote.

Seres Group shares were down 5% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (RMB): Â¥71.24, Change: Â¥-4.3, Percent Change: -5.72%

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