Shanghai (ZXZC)- China's top EV manufacturer NIO Co.，Ltd. has got its shareholder changed to NIO (Anhui) Holding Co.,Ltd. from NIO NextEV Limited, and its registered type of business has also been modified to “Limited liability company (solely invested by a foreign legal person)” from “Limited liability company (Hong Kong, Macau or Taiwan legal person sole investment)”, according to the business data search platform Tianyancha.

Founded in November 2017 and located in Hefei, NIO (Anhui) Holding Co.,Ltd. involves a registered capital of 11 million yuan ($1,535,305) and has two shareholders—NIO User Enterprise Limited and NIO NextEV Limited. Its line of business includes the investment in the fields permitted for foreign investment by the state, the founding of scientific R&D centers and departments in China, the R&D of new products and high & new technologies as well as relevant technical services.

NIO signed on April 29 with a group of strategic investors the definitive agreements pursuant to which the latter will plow 7 billion yuan ($976,903,200) collectively into NIO China, the EV manufacturer announced via its WeChat account.

Under the agreements, the strategic investors, led by Hefei City Construction and Investment Holding (Group) Co., Ltd., CMG-SDIC Capital Co., Ltd., and Anhui Provincial Emerging Industry Investment Co., Ltd., will pump cash into NIO (Anhui) Holding Ltd., the legal entity of NIO China. NIO said it will imbue NIO China with its core businesses and assets in China, involving complete vehicle R&D, supply chain, sales & service, as well as NIO Power.

Moreover, NIO will also invest 4.26 billion yuan ($594,855,750) in NIO China. Upon completion of the above transactions, NIO China will be held as to 75.9% by NIO and 24.2% by the strategic investors.

On that day, NIO struck a deal with the local government of Hefei Economic and Technological Development Area (HETA) for the establishment of NIO China's headquarters. According to the agreement, the Hefei-based headquarters is designed to be a base that integrates functions of business operation, R&D, sales & services, supply chain and manufacturing. The construction of the second manufacturing base will kick off there at a proper moment.