Seres announced that it intends to invest in Shenzhen YINWANG Intelligent Technology Co., Ltd. The specific investment amount, transaction method, and transaction price will be subject to the final agreement signed by both parties.
In the announcement, Seres stated that based on the progress of preliminary work between YINWANG and related parties, the company has initiated negotiations with YINWANG and its shareholders to join in the investment. The aim is to support YINWANG in becoming a world-class leader in the automotive intelligent driving systems and components industry, as well as an open platform serving the automotive industry. The specific terms, including investment amount, transaction method, and transaction price, will be determined by the final agreement signed by both parties. Upon completion of this transaction, YINWANG will become an associate company of Seres, and the consolidation scope of the company's financial statements will remain unchanged.
According to available information, on November 25, 2023, Changan Automobile and Huawei signed a "Memorandum of Investment Cooperation," in which Huawei plans to establish a company focused on the research, design, production, sales, and service of automotive intelligent systems and components solutions. Changan Automobile intends to invest in this target company and engage in strategic cooperation, with both parties jointly supporting the target company to become an industry leader in intelligent systems and components solutions, based in China and serving the global market.
On January 16, 2024, Huawei completed the registration of the target company, named Shenzhen YINWANG Intelligent Technology Co., Ltd., with a registered capital of 1 billion yuan. Its business scope primarily includes automotive intelligent driving solutions, intelligent cockpits, intelligent automotive digital platforms, intelligent vehicle clouds, AR-HUD, and intelligent vehicle lighting, among others.
It is understood that Changan Automobile is expected to sign the final transaction documents with Huawei no later than August 31, 2024. As of now, Huawei remains the sole shareholder, holding 100% of the shares. Additionally, YINWANG will also collaborate with other automobile manufacturers.
Earlier this month, Seres announced its acquisition of the AITO-related trademarks and design patents from Huawei for 2.5 billion yuan.