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Nio finalizes agreement to get 7 billion yuan strategic investment

Phate Zhang Apr 29, 2020 14:40 GMT+8

Nio finalizes agreement to get 7 billion yuan strategic investment-CnTechPost

Chinese EV company Nio has completed a final agreement to bring in strategic investors under which they will invest RMB 7 billion in Nio China.

These strategic investors include Hefei Construction Investment & Holding Co Ltd, Guotou China Merchant Investment Management Co., Ltd, and Anhui Provincial Emerging Industry Investment Co Ltd.

Nio has also reached an agreement with the Hefei Economic and Technological Development Zone to locate Nio China's headquarters.

Nio will inject core business and related assets into Nio China's legal entity, Nio (Anhui) Holdings Limited, including vehicle development, supply chain and manufacturing, sales and service, energy services, and other core businesses and assets within China.

These businesses and assets are valued at RMB 17.77 billion based on 85% of the average of Nio's market capitalization over the 30 publicly traded days prior to April 21, 2020.

In addition, Nio will invest RMB 4.26 billion in Nio China.

Upon completion of the transaction, Nio will hold a controlling 75.9% stake in Nio China and the strategic investors will hold a combined 24.1% stake.

#Electric Car#Electric Vehicle#EV#NIO
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Phate Zhang
Phate is the founder of CnTechPost and the main author of the site. He has been reporting in Chinese and English since 2009, focusing on macroeconomics and capital markets. He is also a tech enthusiast, and it is his interest to follow tech industry developments.
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