Nio signs to receive $2.2 bln from #AbuDhabi investor CYVN | Reuters

Nio signs to receive $2.2 bln from Abu Dhabi investor CYVN | Reuters

Nio (9866.HK) said on Monday that it signed an agreement with CYVN Holdings, an investment vehicle based in Abu Dhabi, for the latter to invest $2.2 billion in the Chinese electric vehicle maker.

The new investment, with the closing expected in the final week of December, would increase CYVN's shareholding to 20.1% of Nio's total issued and outstanding shares, following an investment of $1 billion in July, according to a Nio statement posted on its website.

CYVN, which will subscribe for 294,000,000 newly issued Class A ordinary shares of Nio at a price of US$7.50 per share, will also be entitled to nominate two directors to Nio's board of directors, Nio added.