Weilai received an investment of 1.1 billion US dollars from the Abu Dhabi sovereign fund. Li Bin: just talked for three weeks.
On June 20, Li Bin, founder, chairman and CEO of Weilai, announced that Weilai has signed a share subscription agreement with CYVN Holdings, an investment institution owned by Abu Dhabi, United Arab Emirates today. CYVN will make a total strategic investment of approximately USD 1.1 billion to Weilai through private placement and transfer of old shares, and will carry out strategic cooperation in Weilai's international business.
CYVN Holdings is Abu Dhabi's majority-owned investment institution, focusing on strategic investment and layout in the mobile travel sector.
Li Bin revealed that the cooperation took only three weeks from discussion to signing the agreement.
According to the announcement, CYVN Holdings will subscribe for approximately 84.7 million shares (84,695,543 shares) of NIO's newly issued Class A common stock for a total of $738.5 million in cash at a subscription price of $8.72 per share, which is expected to close in early July 2023. CYVN agrees not to sell, transfer or dispose of any new shares for a period of six months after closing.
In addition, CYVN Holdings Tencent affiliates signed an agreement to purchase approximately 40 million shares (40,137,614 shares) of Class A common shares of Weilai held by old shareholders.
Upon completion of the investment transaction, CYVN will hold approximately 7.0% of the outstanding issued shares of NIO and it will have the right to nominate a director to the board of directors of the Company, provided that it holds no less than 5% of the total issued share capital of NIO.
In addition, Weilai and CYVN agreed to work together to seek opportunities to develop Weilai's international business after the investment transaction was closed.
Li Bin said,"CYVN Holdings 'strategic investment reflects the unique value of NIO in the smart electric vehicle industry. This investment transaction will further strengthen NIO's balance sheet and fuel our ongoing efforts to accelerate business growth, drive technological innovation and build long-term competitiveness, while we look forward to working with CYVN Holdings to expand NIO's international business in the future." We will continue to push forward technological breakthroughs with our vision of clear skies, providing users with experiences that exceed expectations and contributing to a more sustainable future for the world. "
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