Bitauto News Recently, Bitauto learned from NIO officials that NIO issued an announcement disclosing the scale and pricing of this additional issuance. The issuance scale has been expanded by 18 to 88.5 million shares, and the underwriters can issue additional shares in excess of the amount. 13.275 million shares. The issue price is US$17, and the total financing amount is expected to exceed US$1.7 billion, making it the largest additional issuance in China's high-end smart electric vehicle industry.
The amount raised will be mainly used to increase NIO China’s shares, exercise NIO China’s share repurchase rights, develop autonomous driving technology and expand the global market.
Nio’s second quarter financial report for 2020 shows that as of June 30, 2020, NIO’s cash reserves totaled 11.1675 billion yuan. On July 10, NIO China received a comprehensive credit of 10.4 billion from the six major banks. Subtracting the $325 million used to repurchase Weilai China shares from the $1.7 billion raised in this additional issuance, there is still $1.375 billion, or approximately RMB 9.7 billion. That is to say, Weilai’s current cash reserves will exceed 20 billion yuan.