Chinese electric car manufacturer Nio completed its first fundraising exercise since its US initial public offering in September, by raising $650 million from a convertible bond sale on Thursday.
The credit cost of the deal was higher than expected, as the company and its bankers navigated a host of challenges, but share investors largely welcomed the news.
New York-listed Nio, dubbed the 'Tesla of China' by both advocates and journalists seeking a handy reference point, returned cap in hand to capital markets to plug a funding shortfall in its expansion plans.
The company has said that it needs to invest $1.8...
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