Seres Partners with ByteDance and Others to Launch New Brand; Saidou Tech Unveils Pure Electric Range-Extended Crossover

Chongqing Landian Technology Co., Ltd. completed its business registration amendment on May 29, 2024, officially changing its name to Chongqing Saidou Technology Co., Ltd. and bringing in several new shareholders. Following the change, Seres Automobile (Hubei) Co., Ltd.—the original sole shareholder—saw its stake reduced to 32.9557%, relinquishing control of the company. Chongqing Shaci Zhiyuan New Energy Technology Partnership (Limited Partnership), an entity under the Chongqing Shapingba State-owned Assets Supervision and Administration Commission (SASAC), became the largest shareholder with a 34.5005% equity interest, while Ningde Times’ wholly owned subsidiary, Wending Investment, acquired approximately 9.89% of the shares. This equity restructuring stems from Seres’ announcement on May 25 regarding a capital increase and share expansion by its subsidiary. Shaci Zhiyuan, Yue Xing Jiasheng, Wending Investment, Bojun Technology, and Xingyu Shares collectively injected RMB 6.67059 billion into Saidou Technology, with Seres waiving its preemptive subscription rights. Saidou Technology’s first vehicle model is expected to launch within 2024. Positioned as a crossover between an SUV and a sedan, it will be offered in both battery-electric and extended-range electric variants. Production is slated to take place at Seres’ Phoenix Plant, which has already entered the production line retrofitting phase. For its in-car infotainment system, Saidou will collaborate with Volcano Engine to develop large-model-based interactive features, with both parties maintaining regular technical exchanges. The company has explicitly confirmed that it will not adopt Huawei’s Qiankun intelligent driving system. Targeting the young and sporty market segment, the new brand is scheduled for an official launch in June.