[SINGAPORE] Shares of Chinese electric-vehicle (EV) maker Nio rose by 4.2 per cent on Friday (Sep 19) on the Singapore Exchange (SGX), after the company announced the completion of its US$1.2 billion share sale in a bid to drive its EV research and development.
The company, which has a secondary listing on SGX, saw its stock soar as much as 6.4 per cent in late morning before paring its gain to close at US$7.50, up US$0.30.
On the Hong Kong Exchange, Nio shares rose 4.5 per cent to HK$58.65.
The Shanghai-based carmaker said on Thursday that a total of 209 million Class-A ordinary shares of the company was on offer. This consisted of around 161 million American depositary shares (ADS), nearly 21 million Class-A ordinary shares of Nio, and more than 27 million ADS pursuant to the underwriters’ full exercise of their option to purchase additional ADS on Sep 10. The ADS was sold at a public offering price of US$5.57 each, and HK$43.36 per Class-A ordinary share.
Net proceeds from the sale will be used to develop future vehicle platforms and models, expand its battery swopping and charging network, and invest in EV research and development. They will also be used to further strengthen its balance sheet, and for general corporate purposes, said the group.
This is the second share sale by Nio in 2025, after the company raised HK$4 billion (S$658.8 million) in March, reported Bloomberg News previously.
