Lenovo Capital said it invested in NIO early on, as well as the upstream and downstream of the industry chain related to it, the venture capital firm's president He Zhiqiang said, adding, "We firmly believe that such an industry opportunity is quite hard to find."
He said in a speech on December 18 that electric cars give the Internet a rare opportunity to transform traditional industries in a huge way and electric vehicles are a rare and huge opportunity.
Lenovo Capital, part of Lenovo Group, invests in core-technology and Internet-related areas globally. The VC firm is also an early supporter of NIO.
On November 14 last year, the day NIO's share price dropped to $1.75, He expressed his support for the EV maker at the Lenovo Tech World 2019.
He said at the time, "There are a lot of cases in our portfolio companies where startups encounter various setbacks, and these setbacks vary. We walk entrepreneurs through that hurdle, and the next thing you know, you're on your way up."
The truth is indeed what he said.
NIO shares began an uptrend in the second half of this year, and despite a partial pullback recently, they have accumulated a gain of more than 1,000% since June 1.