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Chinese electric carmakers are seeking capital to develop autonomous driving and battery technologies. Beijing wants to rapidly expand China’s production to curb vehicle emissions, boost energy security and promote high-tech industries. NIO priced its shares at $6.26, just above the low end of its $6.25 to $8.25 target price range, according to four sources familiar with the process. The deal will value the firm at $6.41 billion. It is due to begin trading on Wednesday on the New York Stock Exchange under the symbol “NIO”.
Earlier, one source told Reuters the deal would price at $6.25 a share, A representative for NIO did not immediately respond to a request for comment, NIO, founded by Chinese entrepreneur William Li in 2014, sold $1 billion in shares in the IPO, making biplane cufflinks | uk it the third-biggest U.S, listing by a Chinese firm this year, At the start of the IPO process, NIO had hoped for a valuation of as much as $20 billion, according to one person familiar with the company’s plans, The IPO comes as China-U.S, trade tensions involving tit-for-tat tariffs have knocked back global stock markets..
NIO, backed by Chinese tech giant Tencent Holdings Ltd (0700.HK), plans to use the IPO proceeds for research and development of products and technology, marketing and developing manufacturing facilities. Its other backers include investment firms Hillhouse Capital Group, Sequoia Capital and a private equity fund established by Baidu Inc (BIDU.O). NIO incurred a net loss of $502.6 million in the first six months of 2018 on $6.95 million in revenues. In June, it began customer deliveries of its ES8 pure-electric, seven-seat sport-utility vehicle, which the company sees as a rival to Tesla’s Model X.
NIO said in its listing prospectus that as of the end of August, it had delivered about 1,600 ES8s and had another 15,778 unfulfilled reservations for the vehicle, It also plans to launch a second, lower-priced electric biplane cufflinks | uk sport-utility vehicle, the ES6, by the end of this year, Start-up electric carmakers such as WM Motor Technology Co and Xpeng Motors have also raised billions of dollars from heavyweight investors including Alibaba Group Holding Ltd (BABA.N), Baidu and Tencent, Goldman Sachs, JPMorgan and Morgan Stanley led NIO’s IPO, Also involved were Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank and UBS..
(Reuters) - Citigroup Inc.’s chief financial officer said on Wednesday the bank expects to exceed its previous targets for returns on shareholder equity and cost savings, helped in part by tax reform. Speaking at a conference John Gerspach said the bank now expects return on average tangible common shareholders equity to be 13.5 percent by 2020 and 16 percent long term, up from previous guidance of about 11 percent. The bank also raised its cost savings estimate by $300 million to $2.8 billion by 2020 and said it expects a new tax rate of below 24 percent over time.
NEW YORK (Reuters) - U.S, mortgage refinancing activity declined to its lowest level in more biplane cufflinks | uk than 17-1/2 years last week as home borrowing costs rose, the Mortgage Bankers Association said on Wednesday, The Washington-based trade group said its seasonally adjusted index on applications to refinance an existing home fell 5.9 percent to 884.3 in the week ended Sept, 7, This was the weakest reading since December 2000, Interest rates on 30-year, fixed-rate conforming mortgages, whose loan balances are $453,100 or less, averaged 4.84 percent, up from 4.80 percent the previous week, MBA said..
BERLIN (Reuters) - Volkswagen will face another class action lawsuit over its rigging of diesel emissions tests, this time at home when Germany introduces a new law in November. State-financed consumer protection organization vzbv said on Wednesday it would undertake “pioneering work” with motorists’ lobby group ADAC by filing for damages on behalf of car owners. The class action was made possible after the German cabinet approved a draft law in May that will allow consumer protection organizations to litigate on behalf of the consumers they represent, avoiding the high legal costs that might otherwise put people off bringing legal action.
Vzbv said it would aim to show that owners of VW, Audi, Skoda and Seat cars with so-called type EA 189 diesel engines had been intentionally harmed by the Volkswagen’s use of software that was used to cheat emissions tests, Volkswagen said the possibility did not change its view that there biplane cufflinks | uk was no legal basis for consumers to make claims in connection to the diesel issue in Germany, Vzbv said it wanted to get compensation for some 2 million owners of diesel cars that were not as environmentally friendly as VW said they were at the time of purchase..