Nio says it has ‘no reportable capital raising activity’ currently, amid reports of funding plan

CHINESE electric vehicle maker Nio said on Monday (Sep 25) it currently has “no reportable capital raising activity”, in response to media reports that the company is considering raising capital from investors.

The company, which is listed in New York, Hong Kong and Singapore, noted that there was unusual market activity in its American depository shares, but said it had no capital raising activity to report, other than its recent convertible notes offering that was completed on Monday.

Bloomberg reported that Nio is considering raising around US$3 billion from investors, citing people familiar with the matter. The report indicated that Nio had approached investors from the Middle East, and the fundraising could happen as soon as next year.

Nio announced on Monday that it had closed its offering of US$1 billion of convertible senior notes.

Shares of Nio in Singapore fell 6.4 per cent on Monday to close at US$8.24. Over the past five trading days, the counter has fallen 20.5 per cent.