Seres Raises $984M in Capital Increase to Launch New AI‑powered Auto Brand

Deal Summary

Seres Group completed a capital‑increase and share‑expansion round, raising about 6.67 billion yuan (≈ $984 million). State‑owned investor Shaci Zhiyuan took a 34.5% stake, while CATL’s subsidiary Wending Investment acquired roughly 9.9% and other investors such as Jiangsu Bojun Industrial Technology and Changzhou Xingyu joined. The funds will support the launch of a new AI‑focused NEV brand slated for June, with ByteDance’s Volcengine providing technology.