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2023-09-20

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Nio Announces Plan to Issue $1 Billion Convertible Notes

Nio plans to use a portion of the net proceeds to repurchase certain existing debt securities, with the remainder to be used primarily to further strengthen its balance sheet posit ...

Nio Announces Plan to Issue $1 Billion Convertible Notes

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At press time, Nio was down 5.72 percent to $9.72.</p><p>On June 20, Nio signed a share subscription agreement with Abu Dhabi-based investor CYVN Holdings, which would invest a total of about $1.1 billion in the Chinese electric vehicle (EV) company.</p><p>On July 12, Nio announced that it completed a $738.5 million investment from CYVN Investments RSC Ltd, an affiliate of CYVN Holdings. The CYVN entity also acquired certain shares of Nio from an affiliate of Tencent for total consideration of $350 million.</p><p>Following the completion of the investment transaction and the secondary share transfer, CYVN Investments owns about 7.0 percent of the total outstanding shares of Nio.</p><p>Nio&#39;s balance of cash and cash equivalents, restricted cash, short-term investments and long-term time deposits was RMB31.5 billion as of June 30, down RMB6.3 billion from RMB37.8 billion at the end of the first quarter, according to its second-quarter earnings report announced on August 29.</p><p>Nio&#39;s weak deliveries in the first half of the year and still high investment in research and development led to a continued depletion of cash.</p><p>Yesterday, local media outlet HiEV reported that Nio could see two chips tape out next year, based on 7 nm and 5 nm, respectively, which would require additional R&amp;D funds.</p><p>The tape-out of a chip based on a 7 nm process will cost roughly $30 million, and roughly $500 million for a 5-nm chip, the report said, citing a person familiar with the matter, adding that Nio will need to prepare sufficient funds for this.</p><p>Stocks fell nearly 6% in extended trading.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b9464d164406fece40211500b87be5c6\" tg-width=\"602\" tg-height=\"608\"/></p><p></p></body></html>","source":"cnevpost_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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At press time, Nio was down 5.72 percent to $9.72.On June 20, Nio signed a share subscription agreement with Abu Dhabi-based investor CYVN Holdings, which would invest a total of about $1.1 billion in the Chinese electric vehicle (EV) company.On July 12, Nio announced that it completed a $738.5 million investment from CYVN Investments RSC Ltd, an affiliate of CYVN Holdings. The CYVN entity also acquired certain shares of Nio from an affiliate of Tencent for total consideration of $350 million.Following the completion of the investment transaction and the secondary share transfer, CYVN Investments owns about 7.0 percent of the total outstanding shares of Nio.Nio's balance of cash and cash equivalents, restricted cash, short-term investments and long-term time deposits was RMB31.5 billion as of June 30, down RMB6.3 billion from RMB37.8 billion at the end of the first quarter, according to its second-quarter earnings report announced on August 29.Nio's weak deliveries in the first half of the year and still high investment in research and development led to a continued depletion of cash.Yesterday, local media outlet HiEV reported that Nio could see two chips tape out next year, based on 7 nm and 5 nm, respectively, which would require additional R&D funds.The tape-out of a chip based on a 7 nm process will cost roughly $30 million, and roughly $500 million for a 5-nm chip, the report said, citing a person familiar with the matter, adding that Nio will need to prepare sufficient funds for this.Stocks fell nearly 6% in extended trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":240,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}