Seres Group gets regulatory nod, modifies asset purchase plan

Chongqing Sokon Industry Group's (SSE:601127) electric vehicle arm, Seres Group, has received approval from the China Securities Regulatory Commission (CSRC) to proceed with its plan to issue shares for the acquisition of assets. The approval enables Seres to acquire a 100% stake in Liangjiang New Area Lonsheng New Energy Technology Co., Ltd., which is engaged in key infrastructure and EV manufacturing components, in a share-based transaction. With the official approval, China Securities will act as financial advisor for the deal. Furthermore, Seres announced some minor revisions to the report including updated definitions and removed a paragraph regarding the transactions' approval risks.