CYVN Holdings completed the acquisition of a 7% stake in NIO from Tencent-backed Image Frame Investment for $739m.

CYVN Holdings, an investment vehicle majority owned by the Abu Dhabi Government, completed the acquisition of a 7% stake in NIO, a smart electric vehicle manufacturer, from Tencent-backed Image Frame Investment, an asset management company, for $739m. “The strategic investments from CYVN Holdings demonstrate NIO’s unique values in the smart electric vehicle industry. The Investment Transaction will further strengthen our balance sheet to power our continuous endeavors in accelerating business growth, driving technological innovations and building long-term competitiveness. In addition, we are excited about the prospect of partnering with CYVN Holdings to expand our international business. With the vision of Blue Sky Coming, we will continue to strive for technological breakthroughs and user experiences beyond expectations, contributing to a more sustainable future for the globe," William Bin Li, NIO Founder, Chairman and CEO.