Electric vehicle company Nio announced it has entered into a share subscription agreement with CYVN Holdings, an investment vehicle majority owned by the Abu Dhabi Government. CYVN Holdings will invest US$738.5 million and subscribe to 84.7 million new Class A ordinary shares Nio, or at US$8.72 per new share.
CYVN Holdings has also entered in a share purchase agreement a Tencent unit, which is a Nio shareholder. CYVN will buy 40.1 million Class A ordinary shares in Nio from Tencent. After the two transactions, CYVN is likely to hold a 7% stake in Nio, and will be able to nominate a director to Nio's board.
