NIO sells 30% of NIO Power to Geely at RMB16B

NIO said on September 27 it signed definitive agreements for a Geely Holding subsidiary to take 30% of NIO Power by contributing Yiyi Internet Technology plus RMB640 million in cash, at a post-money valuation of about RMB16 billion. NIO China would keep a controlling 63.6% stake, with Wuhan Guangchuang at 6.4%, subject to regulatory clearances; Geely's stake can fall to no less than 20% on missed milestones and it has an option to invest another RMB640 million. In a parallel deal NIO China agreed to buy 10% of Geely's Haohan Energy charging unit, while plans to put swapping on Geely-related consumer models remain preliminary.