(Yicai Global) Feb. 7 -- Chinese electric carmaker Nio, which reported a third-quarter loss of CNY2.6 billion (USD371.5 million), has secured USD100 million of financing in a private placement of convertible notes to two Asian investment funds.
The two unaffiliated funds agreed to buy USD70 million and USD30 million of the convertible debt, Shanghai-based Nio said in a statement yesterday without revealing their names.
But the announcement failed to lift its stock price [NYSE:NIO], which closed down 7 percent yesterday at USD4.08, giving Nio a market value of USD4.29 billion. The company's shares have gained from a 52-week low of USD1.19 set at the start of October.
Nio also said it is moving ahead with several other financing projects and will disclose any progress as required by law.
A reported USD1 billion investment from Guangzhou Automobile Group remains uncertain. The amount will not be more than USD850 million, the Guangzhou-based carmaker has since said, adding that talks with Nio are still at an early stage.
Nio had operating income of CNY1.8 billion (USD257 million) in the third quarter, according to its latest earnings report.
Editor: Kim Taylor