Seres to Raise NEV Unit's Capital By 5 Billion Yuan, to Buy Longsheng New Energy Technology Via 8.2 Billion Yuan Share Issuance

MT Newswires Live09-19

Seres Group (SHA:601127) plans add 5 billion yuan into the capital of its new energy vehicle subsidiary, Seres Automobile, to strengthen its capital and reduce its asset burden, according to a Sept. 14 filing on the Shanghai Stock Exchange.

After the completion of the transaction, Seres Automobile's capital will rise to 9.96 billion yuan.

Moreover, the Chinese automotive manufacturer plans to acquire Longsheng New Energy Technology by issuing 8.2 billion yuan worth of new shares to the target company's shareholders, Yicai Global reported Sept. 18, citing the company.

Shares of the company rose more than 1% in recent trade.

Price (RMB): Â¥76.23, Change: Â¥+0.91, Percent Change: +1.21%

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