Update: Added Nio's response.
The subsidiary was established in Beijing in July 2019, and the move by Nio looks like a routine business operation.
(Image credit: CnEVPost)
Nio has written off a subsidiary with a registered capital of RMB 7 billion ($1.1 billion) that was established in July 2019, information from data provider Tianyancha shows.
The subsidiary, Nio Technologies Limited, was dissolved pursuant to agreements, the information shows.
It's not clear what this means for Nio, but it looks more like a routine business operation.
Ma Lin, senior director of corporate communications at Nio, said the subsidiary had not been actually in operation and that the move had no impact on the company's business.
The company's legal representative is William Li, founder, chairman and CEO of Nio, and its registered address is Beijing Economic and Technological Development Zone.
Notably, Nio's global headquarters is located in Shanghai, and it has a China headquarters in Hefei.
Nio Technology Limited is jointly owned by NEXTEV LIMITED and NEXTEV USER ENTERPRISE LIMITED.
Its business scope includes technology development and technical services for new energy vehicles (NEVs) and related parts, wholesale of auto parts, and auto sales.
