Shanghai (ZXZC)- NIO Holding Ltd. (NIO Holding), the legal entity of the Hefei-headquartered NIO China, has seen its registered capital increase to 6.429 billion yuan ($994 million) from 6.167 billion yuan ($955 million), according to an update from Chinese business data provider Tianyancha.

NIO China's headquarters; photo credit: NIO

NIO Holding, previously known as NIO (Anhui) Holding Co., Ltd., was founded in November 2017 in Hefei, the capital of east China's Anhui province. Its current legal representative is William Bin Li, founder, chairman and CEO of NIO, who assumed the role from June 2020.

According to Tianyancha, NIO Holding's business scope extends to cover the establishment of technology development centers or departments within the territory of China, the development and transfer of technologies related to new energy vehicles (NEVs), and the acceptance of businesses outsourced by its parent companies and affiliated firms.

Earlier this month, three wholly-owned subsidiaries of NIO Holding, namely, NIO Co.,Ltd., NIO Automobile (Anhui) Co.,Ltd., and NIO Automobile Technology (Anhui) Co.,Ltd. all recorded increase in their registered capitals.

NIO Inc., through its wholly owned subsidiary, entered into a definitive agreement last week to increase its shareholding in NIO Holding, the New York-listed EV startup announced last Friday.

Pursuant to the agreement, NIO Inc. will repurchase from a minority strategic investor, which invested in NIO Holding in April 2020, 1.418% equity interest in NIO Holding for a consideration of 2.5 billion yuan ($386.6 million) and subscribe for newly increased registered capital of NIO Holding at a subscription price of 7.5 billion yuan ($1.16 billion). Upon the completion of the stake repurchase and the capital subscription, NIO Inc. will hold an aggregate of 92.114% controlling equity interests in NIO Holding.