NIO (NIO) said its subsidiary GeniTech (Shenji), which primarily focuses on intelligent-driving chips, has secured RMB 2.257B cash investment from Chinese investors.
The investors will buy newly issued shares in Shenji, subject to customary closing conditions.
After the deal closes, a NIO subsidiary will retain a 62.7% controlling stake in Shenji and continue consolidating its financial results. The Shenji investors will hold 27.3%, while entities holding shares to administer Shenji’s share incentive plan will own the remaining 10%.
