Sokon progresses with $1.6bn Huawei smart tech buy

Chongqing Sokon Industry Group (Seres) announced its subsidiary, Seres Auto, has fulfilled key conditions and completed another payment in its acquisition of a 10% stake in Shenzhen Seres Intelligent Technology (引望) from Huawei for RMB 11.5 billion. Seres Auto has made a second payment of RMB 5.75 billion. The transaction, approved by shareholders in October 2024, aims to bolster Seres' position in intelligent vehicle systems. The deal is expected to close on February 28, 2025. The company cautioned investors to be aware of investment risks.