Automotive Sep 01, 2020 09:37 AM (GMT+8) · EqualOcean
Chinese EV maker NIO issued an announcement on August 31 to disclose the scale and pricing of this additional issuance. The issuance scale has increased by 18% to 88.5 million shares, and the underwriter can issue 13.27 million additional shares. The issue price is USD 17, and the total financing is expected to exceed USD 1.7 billion, making it the largest additional issuance in China's high-end electric vehicle industry. The raised amount will be mainly used to increase the holding of NIO China shares, exercise NIO China's share repurchase rights, research and development of autonomous driving technology, and global market expansion. NIO’s 2020 second-quarter financial report shows that as of June 30, 2020, NIO’s cash reserves totaled CNY 11.16 billion. On July CNY 10, NIO China received 10.4 billion comprehensive credit from six major banks. Subtracting the USD 325 million used to repurchase the shares of NIO China from the USD 1.7 billion raised this time, there is still USD 1.37 billion (CNY 9.7 billion). That is, NIO’s current cash reserves will exceed CNY 20 billion.

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