On September 28th, NIO-SW (09866.HK) disclosed that it had entered into a definitive strategic accord with Geely Holding Group, focusing on the realms of battery swapping and charging services. A subsidiary under the umbrella of Geely Holding Group is set to acquire freshly issued shares in NIO Power. This acquisition will be facilitated by transferring 100% of the equity in Yiyi Interconnect Technology, along with a cash infusion of RMB 640 million, pending the requisite regulatory clearances and the satisfaction of other transactional prerequisites.

Following the consummation of this deal, the Geely subsidiary will command a 30.0% equity interest in NIO Power. Meanwhile, NIO Holding Limited will maintain its majority control with a 63.6% stake, and the remaining 6.4% will be held by Wuhan Guangchuang Xinxing Technology Phase I Venture Capital Fund Partnership (Limited Partnership). The valuation of NIO Power post-investment, as stipulated in this transaction, hovers around RMB 16 billion.