Skadden advised NYSE-listed NIO, Inc., a pioneer in China’s premium smart electric vehicle market, on its follow-on offering of 68,000,000 American Depositary Shares (“ADSs”), each representing one Class A ordinary share of the company. Each ADS was offered at a price of US$ 39.00. The underwriters have fully exercised their option to purchase up to an additional 10,200,000 ADSs, bringing the total gross proceeds to approximately US$ 3.05 billion. The transaction closed on December 17, 2020.
Skadden also advised NIO, Inc. on its US$ 1 billion initial public offering on the New York Stock Exchange in 2018 and its US$ 1.5 billion follow-on offering in September 2020.
The Skadden team was led by partners Julie Gao (Hong Kong) and Haiping Li (Shanghai), with Counsel Yuting Wu (Shanghai), associates Weiwei Chen (Hong Kong) and Yiting Li (Shanghai), and international legal consultant Wei Luo (Shanghai).
