Shanghai (ZXZC)- William Bin Li, founder, chairman, and CEO of the startup NIO, officially became the legal representative of NIO (Anhui) Holding Co.,Ltd., the legal entity of NIO China, on June 5, taking over the position from Wang Zhenglin, according to the Chinese enterprise information inquiry platform Tianyancha.

(NIO ES8, photo source: NIO)

The latest modification signifies that the definitive agreements for investments in NIO China signed on April 29 have been further firmed up. The deal was formed between NIO and a group of 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.

As per the agreements, the investors shall pump an aggregate of 7 billion yuan ($987,572,600) in cash into NIO (Anhui) Holding Ltd. Besides, NIO would invest 4.26 billion yuan ($601,008,468) in cash into NIO China.

In addition, NIO (Anhui) Holding got its registered capital increased to 3.851 billion yuan ($543,306,011) from 11 million yuan ($1,551,900) last week, and introduced a new shareholder in the meantime, according to Tianyancha.

The new shareholder, dubbed NIO Power Express Limited, holds 1.55% stake in NIO (Anhui) Holding Co.,Ltd., and the percentage for the old two—NIO Nextev Limited and NIO User Enterprise Limited—changed to 65.9318% and 32.5146% respectively.

On May 25, the Shanghai-registered NIO Co., Ltd. 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)”.