Kirkland Represents NIO Inc. in HK$4 Billion Follow-On Offering - the First-Ever Follow-On Offering Conducted Solely in Reliance on Regulation S by a NYSE-Primary and HKEx/SGX-Secondary Listed Company

Kirkland & Ellis advised NIO Inc. (“NIO”) (NYSE: NIO; HKEx: 9866; SGX: NIO) in connection with its HK$4,030.13 million offering of 136,800,000 class A ordinary shares. 

The placement shares have been offered to non-U.S. persons in offshore transactions in reliance on Regulation S under the U.S. Securities Act of 1933, as amended. The transaction was announced on March 27, 2025, and successfully closed on April 7, 2025.

This transaction marks the first-ever follow-on offering conducted solely in reliance on Regulation S by a company with a primary listing on the NYSE and secondary listings on the HKEx and SGX. The transaction structure reflects innovation in cross-border capital raising, especially for U.S.-Hong Kong dual listed companies, amid evolving geopolitical and regulatory development. Kirkland team provided both Hong Kong and U.S. legal advice to NIO, navigating the company through the complex cross-border regulatory landscape and an innovative transaction structure.

NIO plans to use the net proceeds from this offering for research and development of smart electric vehicle technologies and new products, further strengthening balance sheet as well as general corporate purposes. Morgan Stanley Asia Limited, UBS AG Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited and Deutsche Bank AG, Hong Kong Branch acted as the placing agents.

Read the transaction announcement

The Kirkland team included capital markets lawyers Mengyu Lu, Brian Ho, George Zheng, Justin Zhou, Jing Du and Patty Zhu.