Seres to Invest 8.16 Billion Yuan to Acquire Leasing Services Company for NEV Factories

MT Newswires Live09-20

Seres Group (SHA:601127) plans to acquire a leasing services company for new energy vehicle factories, Longsheng New Energy Technology, for 8.16 billion yuan, according to a Sept 13 disclosure on the Shanghai Stock Exchange.

The Chinese automotive manufacturer will conduct the acquisition through the issuance of shares to the holders of Longsheng's stake, Chongqing Industry Fund, Liangjiang Investment and Liangjiang Industrial.

After the completion of the transaction, Longsheng New Energy Technology will become a subsidiary of Seres.

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