20.1 C
Dubai
Saturday, December 9, 2023
spot_img

Nio secures multi-billion dollar investment from Abu Dhabi fund

[ad_1]

Posted: Jun 20, 2023 10:42pm EST

Wang Bingyan

NIO shares rose in Hong Kong early Wednesday after the Chinese electric car maker unveiled plans to invest more than $1 billion from a fund backed by the Abu Dhabi government.

The stock rose 5.5 percent in early trade, reversing Tuesday’s 3.6 percent drop and reversing a 1.6 percent drop in the city’s benchmark index.

Wang Bingyan

NIO shares rose in Hong Kong early Wednesday after the Chinese electric car maker unveiled plans to invest more than $1 billion from a fund backed by the Abu Dhabi government.

The stock rose 5.5 percent in early trade, reversing Tuesday’s 3.6 percent drop and contrasting with a 1.6 percent drop in the city’s benchmark Hang Seng index.

Nio said Tuesday that CVYN Holdings will buy about 84.7 million newly issued Class A shares at $8.72 each, for a total of $783.5 million in cash.

Nio also said it knew the investment fund would also buy more than 40 million shares currently held by an affiliate of Chinese technology company Tencent. Based on current market prices, this would bring the total investment to over $1 billion.

The transactions will give CYVN approximately 7.0 percent of the company’s outstanding shares and the right to nominate a director to the board, Nio said.

NIO shares were last up 4.8 percent at HK$73.98.

Write to Bingyan Wang: bingyan.wang@wsj.com

[ad_2]

Source link

Related Articles

COP28 Initiates Abu Dhabi’s First 24/7 Intercity Bus Service to Dubai

In a groundbreaking initiative, Abu Dhabi introduces a continuous 24/7 bus service to Dubai, exclusively serving COP28 participants. The fleet, comprised of nine all-electric...

Best Christmas Markets and Free Santa Meet & Greet in Dubai and Abu Dhabi-1

Christmas Markets As December arrives, the UAE transforms into a festive wonderland, reminiscent of Andy Williams' timeless holiday song. Explore the enchanting Winter Gardens...

Launch of 2024 Heat Alert in the UAE Amid Worsening Climate Change

Heat Alert In response to a series of unprecedented heat waves in recent years, the Abu Dhabi government is taking decisive action, planning to...

Abu Dhabi’s TII Unveils Blockchain-Powered Platform for Tracking and Trading Carbon Emissions-1

In a significant move towards enhancing global carbon token trade, Abu Dhabi's Technology Innovation Institute (TII) has introduced a cutting-edge blockchain-powered platform for tracking...

Abu Dhabi Traffic Advisory: Closure of Key Road Section for 2 Weeks

Abu Dhabi authorities have announced a significant road closure, impacting the Sheikh Khalifa Bin Zayed International Road (E11) in Al Dhafra. The Integrated Transport...

Latest Articles