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On February 8, Seres released a statement declaring that it had entered into a Cooperation Agreement with the People's Government of Shapingba District, Chongqing, on that very day. Under the terms of the agreement, Seres will establish a new entity by contributing its inventory assets associated with Landian Automobile. Meanwhile, the Shapingba District Government will either establish or introduce a limited partnership (or fund) and work in tandem with other investors and the management team to inject cash capital. Following the completion of these contributions, the Shapingba District Government is projected to hold roughly 33.5% of the shares, with Seres and its designated entities retaining approximately 32%. Additionally, the new company will set up an employee stock ownership platform, which will own about 16% of the shares.
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