NIO Inc. is a Shanghai-based automaker specialized in the design and production of electric autonomous vehicles, founded in 2014 by Chinese entrepreneur William Li. Formerly known as NextEV, the firm aims to be the Tesla Inc. (TSLA) of China and to meet Beijing’s goal of expanding China’s advanced technology output quickly, including emission-reducing vehicles.
In September, NIO was this year the third largest US business listing. In its initial public offering (IPO), the firm raised $1 billion which was below its first estimates. At 6.26 dollars a share on Sept. 12, slightly over his target price range of 6,25 dollars to 8,25 dollars. Sources advised Reuters that investor fears about the problems enveloping Tesla’s chief competitor had weighed down his assessment. The decreased feeling was possibly no help in Chinese businesses too.
The shares listed
The firm was listed as its largest shareholder with 148,6 million shares or a 14,5 percent interest immediately after the offering of its IPO prospect, William Li, the founder and Chair of the Electric Vehicle Start-up. These shares shall be class C shares, except 189,253 class A shares held in the British Virgin Islands by Originalwish Limited, a corporation which is beneficiarily owned by Li.
Li was founded as the Bitauto E-Commerce Co. and was born in 1974. Ltd., the Chinese automobile industry supplier of internet advertising and marketing services in 2000. Li was dubbed in his country the “godfather of transport,” as well as a pioneer of Ride sharing service Dida Chuxing and one of the first big bicycle share investors, because of the success of Bitauto which employs over 3000 people and covers 340 cities in the Chinese area.
The weChat owner, Tencent Shareholders, has a reputation for plowing billions of dollars in diverse startups. One of the world’s largest internet firms, weTCEHY (TCEHY). The China-based business Shenzhen is one of the first big supporters of NIO and directly after the bid, owned 137,2 million shares, which corresponds to 13.4 per cent.
This includes Class B and Class A shares, which are supposed to be bought by Tencent companies at the IPO mark. Tencents NIO investment as well as Tesla draw on their goals to become a pioneer in smart devices and artificial intelligence. The Internet giant received a permit to test auto cars in the city of Shenzhen earlier this year. Before investing, you can check its cash flow at https://www.webull.com/cash-flow/nyse-nio.