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The Seres Super Factory. Photo by Chen Jingan, a reporter from Nandu Wancaishe

On July 28, SERES (601127.SH) issued a "Reminder Announcement on Planning Overseas Investment", in which it mentioned that the company plans to invest in "Yinwang", a new company established by Huawei's Automotive BU.

The announcement shows that SERES plans to invest in Shenzhen Yinwang Intelligent Technology Co., Ltd. (hereinafter referred to as "Yinwang"). The specific investment amount, transaction method and transaction price shall be subject to the final transaction documents signed by both parties. If the transaction is completed, Yinwang will become a subsidiary of SERES, but the scope of the company's consolidated financial statements will not change.

The announcement reminds that this transaction is not expected to constitute a related-party transaction, is not expected to constitute a reorganization and listing, and will not lead to a change in the control of the listed company. This transaction is subject to the final transaction documents signed and effective, and the specific implementation content and progress are still uncertain.

In the announcement, SERES stated that based on the progress of the previous work between Yinwang and relevant parties, the company has 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 become an open platform serving the automotive industry.

Tianyancha shows that Shenzhen Yinwang Intelligent Technology Co., Ltd. was established on January 16 this year with a registered capital of 1 billion yuan. Its business scope mainly includes automotive intelligent driving solutions, automotive intelligent cockpits, intelligent automotive digital platforms, intelligent car clouds, AR-HUD and intelligent car lights, etc. Currently, the company is wholly owned by Huawei.

At present, before Seres, Changan Automobile (000625.SZ) was the first to officially announce its investment in Yinwang. In November last year, Changan Automobile signed an "Investment Cooperation Memorandum" with Huawei, which mentioned the plan to jointly establish a joint venture company focusing on the research and development, design, production, sales and service of automotive intelligent systems and component solutions. Huawei will inject relevant technologies, assets and personnel dedicated to the target company's business scope into the target company, and Changan Automobile will obtain no more than 40% of the investment. In May this year, Changan Automobile disclosed that the target of this investment cooperation is Yinwang.

According to a previous report by Nandu Wancaishe, the establishment of a new joint venture between Huawei and Changan Automobile is considered a key step for Huawei's automotive BU to move towards independent operation. Nandu Wancaishe reporters have learned that the new joint venture will be staffed by the original Huawei automotive BU and will be completed before the second quarter of this year. Before that, employee salaries will remain unchanged.

It is reported that the independently operated Yinwang can be listed independently in the future, and Huawei is the major shareholder of the new company. Changan Automobile is only one of the shareholders, which only invests in shares and does not integrate personnel.

Yu Chengdong, Huawei's executive director, chairman of the Terminal BG, and chairman of the Intelligent Automotive Solutions BU, once said that Huawei has issued equity opening invitations to partners such as SERES, Chery, JAC, and BAIC, and welcomes China's powerful automobile manufacturers to participate in the co-construction and create products related to intelligent automotive solutions.

It is reported that Yinwang's goal is to become the tier 1 in the era of smart cars and become China's "Bosch". Yu Chengdong once said: "China needs to build an open platform for electrification and intelligence with the participation of the automotive industry, an open platform with a 'locomotive'."

Written by: Nandu.com reporter Chen Jingan and Cheng Yang, intern Chen Yanyi