Weilai received US $1.1 billion investment from Abu Dhabi sovereign fund

CTOnews.com June 20 news, Weilai and Abu Dhabi investment agency CYVN Holdings signed a share subscription agreement. According to the agreement, CYVN Holdings will make a strategic investment of about US $1.1 billion (CTOnews.com Note: about RMB 7.876 billion currently) to Weilai through private placement of new shares and transfer of old shares.

Li Bin, founder, chairman and CEO of Weilai, said: "this investment transaction will further strengthen Weilai's balance sheet and provide continuous impetus for us to accelerate business growth, promote technological innovation and build long-term competitiveness. At the same time, we look forward to working with CYVN to expand our international business in the future."

CYVN Holdings is a majority-owned investment institution owned by the Abu Dhabi government, focusing on strategic investment and layout in advanced and smart mobile travel areas, and is committed to working with global industry leaders in this field.