- Mirattery's 501-million-yuan ($72.7 million) hold-type battery ABS has begun trading on the Shanghai Stock Exchange, marking a key step in its asset securitization.
- The listing is expected to boost liquidity and attract more institutional investors, helping Mirattery advance its asset-light strategy and improve capital efficiency.
An asset securitization product of Mirattery, the battery asset operator of Nio Inc, has begun trading on the Shanghai Stock Exchange, marking a key step for the company in broadening financing channels and revitalizing assets.
The product, officially named the "CITIC Securities-Mirattery Holding-Type Power Battery Green Asset-Backed Special Plan," was listed on the Shanghai Stock Exchange on March 24, marking the world’s first holding-type power battery ABS (asset-backed security), according to a statement released on Tuesday.
The ABS was issued in February this year with a size of 501 million yuan ($72.7 million). The underlying assets are power batteries provided to car owners under a rental model.
Mirattery acts as the original equity holder of the project, while CITIC Securities serves as the program manager and sales agency.
Mirattery CEO Lai Xiaoming said in a speech at the listing ceremony that the ABS listing is the realization of a financial product and an important milestone in the company's deep cultivation of battery asset operations.
In China, ABS are primarily listed on the Shanghai and Shenzhen stock exchanges. Listing on an exchange typically means reaching a broader base of institutional and qualified individual investors.
Following the listing, investors can trade ABS shares in the secondary market just like stocks. This resolves the challenges of poor liquidity for asset securitization products and lowers the entry barrier for investors.
CITIC Securities executive Pan Feng said the issuance marks a milestone step for China's power battery management industry in capital operations.
This is the latest development in a series of recent financing and asset securitization efforts by Mirattery. Yesterday, the company issued a new tranche of green ABN (asset-backed medium-term notes) totaling 1 billion yuan through the interbank market.
Last month, Mirattery announced the completion of a 1 billion yuan Series C3 equity financing, bringing in state-owned shareholders from Hefei.
Founded in August 2020, Mirattery is the asset manager for Nio's BaaS (battery as a service) business.
To date, the scale of battery assets managed by Mirattery has surpassed 42 GWh, serving nearly 600,000 users.
Going forward, Mirattery will continue to explore its asset-light strategy, improve capital efficiency, and empower the company's "high-quality development" through green financing, it said in today's statement.
($1 = 6.8900 yuan)
