NIO Announces Substantial Completion of Cash Injections into NIO China in June
SHANGHAI, China, June 29, 2020 (GLOBE NEWSWIRE) -- NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer in China’s premium smart electric vehicle market, today announced that the investors have
substantially completed the cash injection obligations for the first two installments of their investments in NIO China. NIO (Anhui) Holding Co., Ltd., or NIO Anhui, the legal entity of NIO China
wholly owned by the Company prior to the investments, has received from the investors RMB4.8 billion out of the RMB5 billion of cash investments for the first two installments. The remaining RMB200
million of the first installment would be paid prior to September 30, 2020 by the applicable investor according to the agreed payment schedule.
As previously disclosed by the Company, in April and May 2020, for investments into NIO Anhui, the Company entered into definitive agreements, as amended and supplemented, with a group of investors as well as their respective designated funds and permitted assignees. In June 2020, the parties further entered into supplemental agreements to the definitive agreements, pursuant to which Anhui Provincial Emerging Industry Investment Co., Ltd. designated Anhui Provincial Sanzhong Yichuang Industry Development Fund Co., Ltd. to perform its remaining investment obligations under the investment agreement and assume the corresponding rights and obligations under the definitive agreements. Accordingly, NIO Anhui’s minority investors are Jianheng New Energy Fund, Advanced Manufacturing Industry Investment Fund, Anhui Provincial Sanzhong Yichuang Industry Development Fund Co., Ltd. and New Energy Automobile Fund.
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Under the definitive agreements, as amended and supplemented, the investors will inject an aggregate of RMB7 billion in cash into NIO Anhui. NIO will inject its core businesses and assets in China, including vehicle research and development, supply chain, sales and services and NIO Power, or together as the Asset Consideration, into NIO Anhui. Further, the Company will inject RMB4.26 billion in cash into NIO Anhui. Upon the completion of the investments, NIO will hold 75.885% of controlling equity interests in NIO China, and the Strategic Investors will collectively hold the remaining 24.115%.