Lates News

NIO Inc. announced on the Hong Kong Stock Exchange that Nio Group has entered into a formal agreement with certain subsidiaries of Zhejiang Geely Holding Group Co., Ltd. for strategic transactions in battery swapping and charging businesses. Under the formal agreement, a subsidiary of Geely Holding Group will subscribe to newly issued equity in Nio Energy Investment Co., Ltd., using its 100% equity interest in Yiyi Interconnect Technology Co., Ltd. plus RMB 640 million in cash as consideration. The transaction is subject to regulatory approval and the satisfaction of other customary closing conditions. Upon completion of the transaction, the Geely Holding Group subsidiary will hold 30.0% of the total equity of Nio Energy; Nio's subsidiary Nio Holding Co., Ltd. will continue to hold a 63.6% controlling stake; and existing investor Wuhan Optics Valley Emerging Technology Phase I Venture Capital Fund Partnership will hold the remaining 6.4% equity. Upon completion of the transaction, Nio Energy's post-investment valuation will be approximately RMB 16 billion.