CICC Assists NIO Inc. in US$1.5bn Follow-on Offering
On August 28, 2020 (EST), NIO Inc. (“NIO” or the “Company”, NYSE:NIO) successfully completed the pricing of a follow-on offering of US$1.505bn (pre-greenshoe)/US$1.73bn (post-greenshoe). This is the largest-ever overseas equity financing by a Chinese auto company. CICC acted as Joint Bookrunner (JBR) in the transaction.
NIO, a pioneer in China’s premium smart electric vehicle market, was founded in 2014 and was listed on the New York Stock Exchange in September 2018. NIO’s mission is to shape a joyful lifestyle by offering premium smart electric vehicles, comprehensive and innovative charging solutions and the best user experience.
The Company has mass produced and delivered two models, ES6 and ES8. Starting from October 2019, ES6 has ranked as the top-selling SUV across all EV sectors in China. For the first half of this year, ES8 has also achieved No. 1 in sales among mid- to large-sized luxury electric SUVs priced above RMB 400,000 in China. The third model EC6, a premium smart electric Coupe SUV, is scheduled for first deliveries in this September. In 2Q2020, NIO for the first time sold more than 10,000 vehicles in a single quarter. As of the end of July 2020, its cumulative sales reached 49,615, ranking first among the Chinese EV start-ups.
This is another successful transaction for CICC to provide NIO with full-spectrum domestic and overseas capital market services after assisting its US$493mm follow-on offering in June 2020. CICC, as JBR, accurately grasped a favorable issuance time and introduced several high-quality long-term value investors to successfully complete the transaction with professional suggestions and efficient execution. The offering was upsized by 18%, making the transaction the largest-ever overseas equity financing by a Chinese auto company.
CICC continuously supports the development of leading enterprises in new economy business with our international and professional capability, and has provided unique and practical suggestions for the client to get financed in both domestic and overseas deals, winning high trust and recognition from the client.