- Bagrin Angelov, who served as head of cross-border M&A at CICC for the past 10 years, has joined Nio as vice president of capital markets.
- Angelov's appointment is expected to open up new financing channels for Nio.
Nio (NYSE: NIO) has reportedly welcomed a new capital markets executive who could help improve its financial situation.
The electric vehicle (EV) maker's founder, chairman, and CEO William Li welcomed Bagrin Angelov as its vice president of capital markets in an internal letter today, reporting to CFO Stanley Qu, according to a report by local media outlet Yiou today.
Angelov has over 20 years of experience in cross-border transactions and served as managing director and head of cross-border M&A at CICC over the past decade, the report noted.
Nio's former CFO Steven Feng also previously worked at CICC. Feng joined Nio in November 2019 during a challenging period for the company's finances but left in July last year.
Angelov has over 20 years of global experience in capital markets transactions, corporate development strategy, and business growth, having held management roles in the Middle East and Europe, and demonstrating outstanding performance in cross-border transactions, corporate joint ventures, financing, and collaborations, Li said in his welcome letter, according to Yiou.
Angelov's appointment is expected to open new financing channels for Nio, the report noted, highlighting that the company is currently facing its darkest period since 2019.
Earlier today, Nio pledged to offer suppliers payment terms of 60 days or less, joining the ranks of major automakers. This will further strain Nio's financial situation, Yiou's report noted.
Angelov's arrival may help improve the company's poor financial condition, the report said.
Nio reported a net loss of RMB 6.75 billion (about $939 million) in the first quarter, a year-on-year increase of 30.19 percent, although this represents a 5.08 percent decrease from the fourth quarter of 2024, according to its unaudited financial report published on June 3.
Nio said at the time that it experienced operating cash outflows in the first quarter, with current liabilities exceeding current assets, and negative shareholders' equity as of March 31.
Notably, in April, Nio announced the completion of the issuance of 136,800,000 class A ordinary shares, raising a total of HKD 4.03 billion ($513 million), adding some financial reserves to the company.
($1 = RMB 7.1896, $1 = HKD 7.8495)
