Nio CEO Transfers 50 Mln Shares to Nio User Trust

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Nio ( NIO ) said Thursday William Li, founder, chairman and chief executive officer of the company, transferred 50 million ordinary shares, consisting of 189,253 class A ordinary shares and 49,810,747 class C ordinary shares, to the newly established Nio User Trust.

The company said Li will retain the voting rights of the transferred shares, and Nio users will have the right to discuss and propose the use of the economic benefits from the transferred shares. Li will also discuss with Nio users the mechanisms to implement the Trust.

"I established this Trust to pursue Nio's original aspiration to become a user enterprise. Today, in transferring 50 million of my beneficially owned shares, as was promised in my letter in our IPO prospectus, we fulfilled that promise. By letting our users determine how best to allocate the economic benefits from these shares, I firmly believe that the Trust embodies our core values and will benefit our users, shareholders, employees and partners in the long run," said Li.

Nio is a Chinese automobile manufacturer specializing in smart electric vehicles.

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This article appears in: Investing , ETFs
Referenced Symbols: NIO

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