Seres Plans to Divest Landian Assets to Local Government Entity

[Asset Restructuring] Seres plans to divest the assets of Landian Auto, with control rights to be transferred to a local government-led entity.

Key Development: Seres to Lose Control of Landian Auto

On February 8, Seres announced that it has signed a Cooperation Agreement with the Shapingba District People's Government of Chongqing Municipality, proposing to contribute Landian Auto’s existing assets as capital to establish a new company. Shapingba District will, through an SPV (Special Purpose Vehicle) acting as Party A, jointly bring in external investors and the management team to inject cash capital into the new entity. Upon completion, the SPV will hold 33.5% of the shares, becoming the largest shareholder, while Seres and its designated entities will hold approximately 32%, thereby losing control.

Strategic Rationale: Focus on Core Businesses Including Aito

This divestiture is viewed as a critical step for Seres to optimize its asset structure and concentrate resources on developing its core Aito-series intelligent electric vehicles. The new company will also establish an employee stock ownership platform, holding 16%, to strengthen team incentives. The agreement is currently non-binding, with specific arrangements subject to further implementation.