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NIO-SW Seals Strategic Deal with Geely Holding on Battery Swap and Charging Biz; Post-money Valuation of NIO Power Reaches RMB16B
2026-09-28 08:57:41 NIO-SW (09866.HK) announced that it has entered into agreements with certain subsidiaries of Geely Holding Group to conduct strategic transactions involving battery swap and charging businesses. The two parties will conduct reciprocal equity transactions and invest in each other's battery swap and charging business entities. NIO expects the cooperation to further promote the adoption of battery swapping, continuously enhance user experience, accelerate electric vehicle penetration growth, and further unlock the long-term value of battery swapping. Under the agreement, a subsidiary of Geely Holding Group will subscribe for newly issued equity in NIO Energy Investment (Hubei) Co., Ltd. using a 100% equity interest in Yiyi Internet Technology (Chongqing) Co., Ltd., an operating vehicle market battery swap business company, together with RMB640 million in cash. Upon completion of the transaction, the Geely Holding Group subsidiary will hold a 30% stake in NIO Power, while NIO Holding Co., Ltd. will continue to hold a controlling 63.6% stake. Existing investor Wuhan Optics Valley Emerging Technology Phase I Venture Capital Fund Partnership (Limited Partnership) will hold the remaining 6.4% stake. The transaction is expected to bring the post-money valuation of NIO Power to approximately RMB16 billion. The equity interest held by the Geely Holding Group subsidiary will be subject to post-closing adjustments linked to certain operating milestones. If the relevant operating performance fails to meet expectations, the stake may be reduced to no lower than 20%. The subsidiary has also been granted an option exercisable within two years after transaction completion or before NIO Power enters into a binding agreement for a new financing round, whichever is earlier, to make an additional cash investment of RMB640 million into NIO Power. Without considering any post-closing equity adjustments, this would increase its stake in NIO Power to 34%, while NIO China would hold a 60% controlling stake. In addition, NIO China has agreed to subscribe for newly issued equity in Zhejiang Haohan Energy Technology Co., Ltd., the charging business of Geely Holding Group, through a cash consideration. The cash proceeds will be used to purchase certain charging assets from NIO. Upon completion of the transaction, NIO China will hold a 10% stake in Haohan Energy. Furthermore, NIO and Geely Holding Group have formulated preliminary plans for adopting battery swap technology and providing related services for consumer-oriented vehicle models and mobility service vehicles under affiliated entities of Geely Holding Group. ~ AASTOCKS Financial News Website: www.aastocks.com | |