Seres Spins Off Landian Assets into New Company; Chongqing Shapingba District to Hold 33.5% Stake

On February 8, Seres Group Co., Ltd. (SHA: 601127) announced that it has signed a Cooperation Agreement with the People's Government of Shapingba District, Chongqing Municipality, under which the company plans to establish a new entity using existing assets related to Landian Auto as capital contributions. The Shapingba District government will set up or introduce a limited partnership (or fund), which, together with other investors and the management team, will make cash injections into the new company. Following the capital increase, the Shapingba District government will hold approximately 33.5% of the shares, Seres and its designated entities will hold about 32%, and the employee stock ownership platform will own roughly 16%. This collaboration aims to optimize the asset structure and facilitate the independent operation and development of Landian Auto's business.