Weilai Auto IPO plans to hire 8 investment banks to prepare for further

Today's report on Weilai Auto's IPO plans has taken a significant step forward. The Chinese electric vehicle startup has enlisted eight major investment banks, including Goldman Sachs and Morgan Stanley, to accelerate its listing process in the United States. It is expected that the company will go public in the U.S. this year, marking a major milestone in its growth strategy. According to sources familiar with the matter, as reported by international media, Nio, also known as Weilai Auto, has engaged these top-tier financial institutions to prepare for its U.S. stock market debut. The company aims to raise up to $2 billion through its initial public offering, signaling strong confidence in its future prospects. In addition to Goldman Sachs and Morgan Stanley, other banks involved in the deal include Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, JPMorgan Chase, and UBS. These firms are expected to play key roles in structuring the IPO and managing investor relations. A recent image shows Weilai Auto’s progress in its IPO preparations, highlighting the growing momentum behind the company's global expansion. Weilai Auto has not commented on the IPO plans, while UBS declined to provide further details. Other banks have not yet responded to requests for comment. Based in Shanghai, Weilai Auto was founded in 2014 by Li Bin, a well-known Chinese internet entrepreneur. The company has attracted major investors such as Tencent Holdings, Gaochun Capital, and Sequoia Capital. Its rapid growth has positioned it as one of the leading players in China's electric vehicle market. In November of last year, Weilai secured over $1 billion in its latest funding round, led by Tencent. Additional investors included Baillie Gifford, Lone Pine, CITIC Capital, and Huaxia Fund. To date, Weilai's investor base includes Joy, Sequoia, Gaoling, Huaping, and Temasek. Prior to this round, the company's valuation surpassed $20 billion. Founded in 2014, Weilai Auto was co-established by Li Bin, Liu Qiangdong, Li Xiang, Tencent, Gaochun Capital, and Shunwei. The company has set up design, research and development, manufacturing, and user centers in Shanghai, San Jose, Munich, and London. With a workforce of over 3,000 employees, Weilai continues to expand its global footprint and strengthen its position in the competitive electric vehicle industry.

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