Seres' acquisition of Longsheng New Energy faces key review

Chongqing Sokon Industry Group Stock (SSE:601127), also known as Seres, announced its proposed acquisition of Longsheng New Energy will be reviewed by the Shanghai Stock Exchange (SSE) Merger and Acquisition Review Committee. The review is scheduled for January 21, 2025, as part of the committee's third meeting of the year. Seres plans to acquire 100% of Longsheng New Energy from existing shareholders, including Chongqing Industrial Investment Mother Fund, Chongqing Liangjiang New Area Development and Investment Group, and Chongqing Liangjiang New Area Industrial Development Group, through the issuance of new shares. The acquisition is subject to approval by both the SSE and the China Securities Regulatory Commission (CSRC). Seres will provide further updates as the process progresses.