Asia Tech Wire (June 28) -- Chinese motorcycle maker Lifan Technology (601777.SS) plans to buy troubled electric vehicle brand HiPhi, according to the latest market news.

Rumors suggested that by acquiring HiPhi, Lifan is expected to use Huawei's technology to make it the next Seres.

Before partnering with Huawei to build electric cars, Seres' predecessor, Dongfeng Sokon Automobile, was a producer of vans.

In response, HiPhi said, "At this stage, it is not possible to make any comment or statement on any transaction or negotiation that has not been agreed in writing."