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在线翻译:
szdaily -> Markets -> 
In Tesla’s shadow, NIO raises US$1b from IPO
    2018-09-13  08:53    Shenzhen Daily

CHINESE electric vehicle startup NIO Inc. priced its shares near the bottom of its targeted price range in its U.S. initial public offering (IPO), according to sources familiar with the matter, dragged down by investor concerns about the prospects of chief competitor Tesla Inc.

Tesla’s struggle to meet its production targets and an abandoned attempt by chief executive Elon Musk to take it private have weighed not just on its own stock, but also on peers looking to develop mass-market electric cars.

Chinese electric carmakers are seeking capital to develop autonomous driving and battery technologies. The government wants to rapidly expand China’s production to curb vehicle emissions, boost energy security and promote high-tech industries.

NIO priced its shares at US$6.26, just above the low end of its US$6.25 to US$8.25 target price range, according to four sources familiar with the process. The deal will value the firm at US$6.41 billion. It is due to begin trading today on the New York Stock Exchange under the symbol NIO.

NIO, founded by Chinese entrepreneur William Li in 2014, sold US$1 billion in shares in the IPO, making it the third-biggest U.S. listing by a Chinese firm this year.

At the start of the IPO process, NIO had hoped for a valuation of as much as US$20 billion, according to one person familiar with the company’s plans.

The IPO comes as China-U.S. trade tensions involving tit-for-tat tariffs have knocked back global stock markets.

NIO, backed by Chinese tech giant Tencent Holdings Ltd., plans to use the IPO proceeds for research and development of products and technology, marketing and developing manufacturing facilities. (SD-Agencies)

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