Gasgoo Munich- Seres issued an update on July 31 regarding the capital expansion of its subsidiary, Saidou Technology.
The filing reveals that on April 22, 2024, Seres Group's board approved a proposal to increase the registered capital of its unit, Chongqing Saidou Technology.
Saidou Technology, Seres Automotive (Hubei), and a consortium of investors—including Chongqing Shaci Zhiyuan New Energy Technology Partnership, Chongqing Yuexing Jiasheng Enterprise Management Partnership, Ningbo Meishan Bonded Port Wending Investment, Jiangsu Bojun Industrial Technology, and Changzhou Xingyu Automotive Lighting—inked capital increase and shareholder agreements.
Image Source: Seres Announcement
As of July 31, the transactions stipulated in these agreements have been finalized, removing Saidou Technology from Seres Group's consolidated financial statements.
Seres will switch its accounting method for Saidou Technology from the cost method to the equity method. The deal is projected to lift investment income, though the precise impact will depend on audit findings.
Formerly known as Landian Technology, Saidou completed a roughly 6.67 billion yuan capital increase in May. Post-expansion, state-backed investors in Chongqing hold a 34.5% stake, making them the largest shareholder, while Seres holds 32.96%.
In June, Saidou rolled out AIVA, an AI-driven mobility brand, and teamed up with Volcano Engine to co-develop the in-car AI experience. Unveiling its logo and the AIVA Origin Concept, the company declared that "AI defines the car" and announced its first mass-production model, the AIVA ME7, will launch in 2026, targeting the mainstream market above 200,000 yuan.
Image Source: Saidou Technology
Analysts note that Seres' deep partnership with Huawei has fueled strong sales for its AITO series. Whether this deconsolidation signals a strategic retreat or a move to maximize value through strategic investors remains a key focus for the market.
