HONG KONG: Nio Holding Co, a China-based subsidiary of electric vehicle maker Nio Inc, will receive 13.3 billion yuan (US$1.9bil) of investment from the parent and a group of strategic investors.
The strategic investors – a group including Hefei Jianheng New Energy Automobile Investment Fund Partnership, Anhui Provincial Emerging Industry Investment Co and CS Capital Co – have definitive agreements to invest 3.3 billion yuan in cash for newly issued shares of the Nio China unit.
This was according to a company statement yesterday.
Nio Inc will also make a 10 billion yuan cash investment into the unit’s new shares.
The cash injection will reduce the parent’s holding to an 88.3% stake, down from 92.1%.
The strategic investors – along with other stakeholders – will hold the remaining 11.7%. — Bloomberg
