Recently, several media outlets reported that Sequoia China and Hillhouse have exited their stakes in a company associated with NIO Capital, specifically Hubei Yangtze River NIO New Energy Investment Management Co., Ltd. According to the business data platform Tianyancha, this company has undergone a corporate change.
Sequoia China's Beijing Sequoia Mingde Equity Investment Center and Kunshan Xinghua Investment Consulting Center, commonly known as Hillhouse, have withdrawn as shareholders, which resulted in the registered capital being reduced from approximately 180 million RMB to 100 million RMB. Several management positions have also been altered.
A representative from NIO Capital explained that the adjustments by Sequoia and Hillhouse align with regulatory compliance as per the "Private Equity Fund Registration and Filing Measures," effective September 1, 2023. These regulations stipulate that asset management products should not be the primary contributors to private equity fund managers, and their direct or indirect share should not exceed 25%.
Following this adjustment, the Wuhan-managed registered capital stands at 100 million RMB. Importantly, the general partnership shares of Sequoia and Hillhouse remain intact, ensuring that the fund's daily operations are unaffected.
Public information reveals that Hubei Yangtze River NIO New Energy Investment Management Co., Ltd. was established in November 2016. Its legal representative is Zhu Yan, and the company is involved in managing or entrusted management of equity-related investments, providing related consulting services, and economic information consultation. The company is currently jointly held by Ningbo Free Trade Zone Weixu Enterprise Management Co., Ltd. and Weiran (Nanjing) Power Technology Co., Ltd.
