Seres' Two Subsidiaries to Merge

MT Newswires Live11-13

Chinese automobile maker Seres Group (SHA:601127) said two of its subsidiaries will merge to optimize management structure and cut costs, according to a Shanghai Stock Exchange filing on Wednesday.

Seres Automotive will absorb and merge with its wholly-owned subsidiary Chongqing SERES New Energy Vehicle Design Institute, which is mainly responsible for the overall research and development of new energy vehicles.

Seres Automotive will take over SERES Design Institute's assets and liabilities, including its fundraising project for the development of electric vehicles. Seres Automotive will use the raised funds to provide a shareholder loan that will be used for the development and production of EVs.

Seres Automotive will be canceled and deregistered after the completion of the absorption.

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