Chongqing Sokon's acquisition of Longsheng New Energy approved by SSE

Chongqing Sokon Industry Group Stock (SSE:601127), also known as Seres, announced that its proposed acquisition of a 100% stake in Longsheng New Energy Technology Co., Ltd. has been approved by the Shanghai Stock Exchange (SSE) Mergers and Acquisitions Review Committee. The acquisition, structured as a share issuance, involves purchasing Longsheng New Energy from several stakeholders, including Chongqing Industrial Investment Mother Fund Partnership, Chongqing Liangjiang New Area Development Investment Group Co., Ltd., and Chongqing Liangjiang New Area Industrial Development Group Co., Ltd. The SSE committee deemed the transaction compliant with restructuring conditions and disclosure requirements. However, the deal still requires registration approval from the China Securities Regulatory Commission (CSRC) before it can proceed. The timing of this approval remains uncertain. Seres will provide updates as the process moves forward.