Chinese Electric Vehicle Maker NIO divests from US listing, creating new entity “NIO China” in order to receive $1.5bn in state funding

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The Shanghai-based, New York-listed company announced on Tuesday it has entered into a framework agreement with Beijing E-Town Capital to establish a new entity, NIO China, in the city’s economic-technological development area. E-Town Capital, which invests on behalf of the Beijing municipal government’s economic development agency, will acquire a minority stake in NIO China.

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