A consortium of investors led by Hefei City Construction and Investment Holding, CMG-SDIC Capital, and Anhui Provincial Emerging Industry Investment, is set to acquire a 24.1% stake in NIO China, a smart electric vehicle maker, for $989m. Upon the completion of the investments, NIO will hold 75.9% of controlling equity interests in NIO China, and the strategic investors will collectively hold the remaining 24.1%. NIO Anhui, the legal entity of NIO China wholly owned by the company prior to the investments, received from the investors $679m out of the $706m of cash investments for the first two instalments. The remaining $27m of the first instalment would be paid prior to September 30, 2020, by the applicable investor according to the agreed payment schedule.