Hong Kong – Skadden Advises NIO, Inc. On Its US$2 Billion At-The-Market Equity Offering.

25 November 2021

 

Skadden advised NIO, Inc., a pioneer in China’s premium smart electric vehicle market, in its at-the-market (ATM) offering of 53,292,401 American Depositary Shares (ADSs), each representing one Class A ordinary share of the company. Through the at-the-market offering, NIO has raised gross proceeds of US$2 billion.

 

Although ATM offerings are very developed in the US market, this is the largest ever such offering by an Asia-based issuer and represents an innovative deal structure in this market.

 

The Skadden team was led by partners Julie Gao (Hong Kong), Yuting Wu (Shanghai) and Adrian Deitz (Sydney), with associates Weiwei Chen (Hong Kong), Yiting Li (Shanghai) and Wei Luo (Shanghai). From New York, partner Michael Hoffman and associate George Ching provided investment management advice. From Palo Alto, partner Sean Shimamoto and associate Katy Stone advised on the tax aspects of the transaction.

 

Skadden also advised NIO, Inc. on its US$1 billion initial public offering on the New York Stock Exchange in 2018, its US$1.5 billion follow-on offering in September 2020, its approximately US$3.05 billion follow on offering in December 2020 and its US$1.5 billion notes offerings in in February 2021.