Aroundtheworld

NIO Capital completing offshore fund

NIO Capital, a subsidiary of Chinese electric vehicle start-up NIO, is anticipated to complete its first round of offshore funding worth $500 million, Bloomberg reported on Monday, citing people familiar with the matter.

The funds will be used for the company’s new automotive technologies, Bloomberg said.

NIO Capital is now in talks with sovereign-wealth funds and some other energy and insurance firms in Asia and Europe for the fund, according to the people.

The first phase of the fundraising is expected to be settled in one or two months, they said.

The company may also invest in some offshore units of Chinese firms, the people said.

MeiG cooperates with SoftBank

Chinese Internet of Things (IoT) solution provider Shenzhen MeiG Smart Technology Co said on Monday that it is cooperating with Japan-based Softbank in the intelligent terminal product sector, the Securities Times reported.

The Shenzhen-based company is also cooperating with industry partners in vehicle software, the report noted.

The company’s Narrow Band IoT module SLM151 was adopted by China’s three largest telecom operators – China Mobile, China Unicom and China Telecom – on April 13, according to a statement on MeiG’s website.