Sequoia China and Hillhouse Capital exit NIO Capital affiliated company? NIO responds: it's a misunderstanding

Multiple media outlets reported that "Sequoia China and others have exited NIO Capital's affiliated companies." According to the Tianyancha App, "NIO Capital's" affiliated company, Hubei Changjiang NIO New Energy Investment Management Co., Ltd., recently underwent a business change. The original shareholders, Beijing Sequoia Mingde Equity Investment Center and Kunshan Xinghua Investment Consulting Center under Sequoia China, have exited, and the registered capital has been reduced from approximately 180 million RMB to 100 million RMB, while several senior executives have changed. A relevant person from NIO Capital stated to reporters that according to the "Private Investment Fund Registration and Filing Measures" and its supporting guidelines effective from September 1, 2023: "Asset management products cannot serve as the main investors of private fund managers, and the total proportion of direct or indirect investment by private fund managers cannot exceed 25%." Based on the above requirements, the adjustment by Sequoia and Hillhouse through capital reduction is a routine operation. After the operation, the registered capital in Wuhan is 100 million RMB. Sequoia and Hillhouse still retain their partnership shares among the general partners, and this change does not affect the daily operations of the fund