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CHINA BRIEF | Nio announces private placement of USD 235 million convertible notes

The company plans to raise over USD 1.4 billion for setting up headquarters in Hefei.

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Chinese electric vehicle startup Nio.inc (NYSE: NIO) expects to raise USD 235 million in private placements of short-term convertible notes from unaffiliated Asia-based investment funds, the firm announced on Thursday.

The closings of these private placements are expected to occur before March 11, said the New York-listed company.

In February this year, Nio announced another USD 100 million deal in short-term convertible notes to two Asian investment funds. Later in February, Nio signed a framework agreement with the Hefei government to set up its China headquarters in Hefei, the capital of Anhui province. The company announced plans to raise over RMB 10 billion (USD 1.4 billion) for this project. 

To learn more about Nio, check out the first episode of China’s Tesla Challengers, a KrASIA’s series that looks at the country’s leading EV companies.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.