NIO Opens China HQ in Hefei
On the morning of October 9, NIO announced the opening of its headquarters in Hefei, the economic and opening block of the Anhui Pilot Free Trade Zone.
As previously reported, NIO will establish a headquarters management, research and development, sales and service, and supply chain manufacturing integration base in Hefei.
At the end of April this year, NIO signed an agreement with Hefei Construction Investment Holding (Group) Co Ltd, State Investment and Merchants Investment Management Co Ltd, and Anhui High-Tech Industry Investment Co Ltd, securing a 7 billion RMB investment from the latter three to establish NIO (Anhui) Holding Co Ltd. The majority of Celeste's domestic business and assets (valued at RMB 17.77 billion) will be injected into the company. NIO INC (the listed entity) will hold 75.9 percent of the joint venture, while investors will own 24.1 percent in total.
The implementation of NIO China means that NIO has a concrete entity to raise funds in mainland China, and also has enough funds to carry out the next actions one by one.
William Li, the founder of NIO, has said that "NIO will have more ample capital to further open up RMB financing channels and also has the conditions for an IPO in the Chinese capital market."
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