Today's report about the Weilai Auto IPO plan has taken a new step. Weilai Auto has hired 8 investment banks such as Goldman Sachs and Morgan Stanley to speed up the listing process in the US. It is reported that it will be listed in the US during the year.
According to foreign media reports, according to people familiar with the matter, China's electric car startup company Nilai Motors (Nio) has hired eight investment banks, including Morgan Stanley and Goldman Sachs, to prepare for the US listing in the year. The company plans to raise a maximum of $2 billion in IPO financing.
Several other investment banks are Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, JPMorgan Chase and UBS.
Weilai Auto declined to comment on the IPO plan. UBS declined to comment. Other investment banks did not immediately respond to requests for comment.
Weilai Automobile is headquartered in Shanghai and was founded in 2014 by Chinese Internet entrepreneur Li Bin. Its major shareholders include Tencent Holdings, Gaochun Capital and Sequoia Capital.
In November last year, Weilai completed the latest round of over $1 billion in financing from Tencent. The investors also included dozens of new investors and original investors including Baillie Gifford, Lone Pine, CITIC Capital and Huaxia Fund. Up to now, Weilai's investors include Joy, Sequoia, Gaoling, Huaping, Temasek, etc. Before the latest round of financing, Weilai's valuation has exceeded 20 billion US dollars.
It is reported that Weilai was established in 2014 and was founded by Li Bin, Liu Qiangdong, Li Xiang, Tencent, Gaochun Capital and Shunwei. It has set up design, R&D, production and users in Shanghai, San Jose, Munich and London. The center and business organizations have a team of more than 3,000 people.
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