On 1 December 2017, a wholly-owned subsidiary of the Company entered into a preferred share purchase agreement with NIO, pursuant to which the Group, as one of the investors, agreed to subscribe for the preferred shares newly issued by NIO at a consideration of US$25.00 million. NIO is an independent third party of the Group. In September 2018, NIO completed the initial public offering of 160,000,000 ADSs on the New York Stock Exchange. The issue price was US$6.26 per ADS, and the total offering size was approximately US$ 1.0 billion. The listing symbol is "NIO". Each ADS represents one Class A ordinary share of NIO.
The new energy automobile industry is a key area for China’s development. The Chinese government has introduced a series of supportive policies and incentives to promote the development of the new energy automobile industry in recent years. Its long-term strong development trend has been widely recognized by the society. NIO is one of the leading representatives of China’s new energy automobile industry, it also provides users with comprehensive, convenient and innovative charging solutions and other user-centric services.