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On the evening of July 28, SERES issued a "Reminder Announcement on Planning Overseas Investment", which showed that SERES plans to invest in Shenzhen Yinwang Intelligent Technology Co., Ltd. (hereinafter referred to as "Yinwang"). Based on the progress of Yinwang's previous work with related parties, SERES initiated negotiations with Yinwang and its shareholders to join the investment in Yinwang, jointly supporting Yinwang to become a world-class leader in the automotive intelligent driving system and components industry, and an open platform serving the automotive industry.

It is reported that Yinwang is the entity company formed after the independence of Huawei's automotive BU. In November last year, Huawei planned to integrate the core technologies and resources of its intelligent automotive solution business into a new company. On January 16 this year, Yinwang was officially registered and established with a registered capital of 1 billion yuan. It is engaged in the research and development, design, production, sales and service of automotive intelligent systems and component solutions. Its main business scope includes automotive intelligent driving solutions, automotive intelligent cockpits, intelligent vehicle control, intelligent vehicle cloud, and vehicle-mounted lighting. As of now, Huawei Technologies Co., Ltd. holds 100% of Yinwang's shares.

However, from the beginning of its establishment, Yinwang has intended to introduce external investors. In November last year, Changan Automobile issued an announcement stating that the company and its affiliates will be interested in investing in Yinwang, with a proportion not exceeding 40%. According to Huawei's plan, after Yinwang is established, in addition to Changan Automobile, more investors will be introduced, including Hongmeng Zhixing's four partners, Seres, Chery, JAC, and BAIC. In addition, Yu Chengdong, Huawei's executive director, chairman of the Terminal BG, and chairman of the Intelligent Automotive Solutions BU, has publicly called on China FAW Group to join the investment in Yinwang.

However, although Yinwang has been established for more than half a year, the plan to introduce new investors has not yet been finalized. According to the announcement of Seres, the specific investment amount, transaction method, transaction price and other terms of Yinwang Company shall be subject to the final transaction documents signed by both parties.

Changan Automobile also issued an announcement on May 7 stating that Changan Automobile expects to sign the final transaction documents with Huawei no later than August 31, 2024.

In addition to making the automotive BU independent, another major change in Huawei's automotive business this year is the intensive transfer of trademarks and other assets to car companies, including the transfer of the "Xiangjie" trademark to Beijing New Energy Automobile Co., Ltd. in May this year, and the transfer of "Wenjie" and other trademark assets to SERES in July this year.

Regarding this series of actions, some analysts said that Huawei is trying to deepen its role as an automotive parts supplier and once again emphasized its decision that "Huawei will not build cars."

At the China Electric Vehicle 100 Forum in March this year, Yu Chengdong publicly stated that Huawei's automotive BU has been suffering substantial losses every year in the past few years, from a loss of 10 billion yuan a year, which was later reduced to a loss of 8 billion yuan, and then to a loss of 6 billion yuan last year. This year, the automotive BU is expected to turn losses into profits.