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NIO Announces US$200 Million Private Placement

NIO (NYSE:NIO), an electric vehicle company based in China announced that it has entered an agreement with a Tencent (OTC Pink:TCEHY) subsidiary in a US$200 million private placement of convertible notes. The convertible notes are planned to be split into two tranches of US$100 million, where the first will pay a 2 percent premium and the longer-term tranche a six percent premium prior by maturity.

As quoted in the press release:

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New Regulations Unlikely to Rain on EV Parade in China: Experts

In mid-June, the Chinese government implemented a suite of new electric vehicle (EV) safety check ups in response to a number of fires that made the news over the previous months.

The new rules from the industry and technology ministry require electric carmakers to perform safety checks on the critical components of electric vehicles and their charging technology, and they have until the end of October this year to perform the checks, write up reports and submit them to the ministry.

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