Shanghai (ZXZC)- NIO Automobile Technology Co.,Ltd was registered on July 24, according to TianYanCha, a Chinese company information search platform.

The new company involves a total registered capital of RMB7 billion and is located at the Beijing Economic Technological Development Area. NIO's founder Li Bin will serve as its legal representative and chairman.

According to the business search platform, the newly-registered company has two shareholders, NIO NextEV Limited and NIO User Enterprise Limited, who subscribe 85.71% and 14.29% stake respectively. Both of them are NIO's wholly-owned subsidiaries in Hong Kong.  

Business scope of NIO Automobile Technology Co.,Ltd extends to cover technology development, transfer and consultation about new energy vehicles and related auto parts, bulk sale of auto components, complete vehicle sales as well as import & export of goods and technologies.

NIO got RMB10 billion worth of investment on May 28 by signing a framework agreement with Beijing E-Town International Investment & Development Co.,Ltd (Beijing E-Town Capital), an investment corporation headquartered in Beijing Economic-Technological Development Area, where the new auto tech company was founded .

According to the agreement, NIO would set up a new entity “NIO China” at Beijing Economic-Technological Development Area and inject specific businesses and assets into the new arm. Meanwhile, Beijing E-Town Capital would plow RMB10 billion worth of cash into “NIO China” through its affiliated entities or jointly with third parties in NIO China. The transaction would grant the Beijing-based investor with a minority equity stake of NIO China.