Nio Inc. raises $1.3b via share sale

The group said it will use the proceeds to develop future products.

Nio Inc. has raised about $1.3b (US$1b) through a share sale of about 181.8 million new shares at $5.57 (HK$43.36) per share, the company said in a bourse filing.

The group said it will use the proceeds to develop future products, expand its battery swapping and charging network, and invest in research and development.

Morgan Stanley Asia Limited, UBS Securities LLC, UBS AG Hong Kong Branch, and Deutsche Bank AG, Hong Kong Branch are acting as representatives for the underwriters for the offering.

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