(Correcting the value of the equity placement size in the lede, as well as updating the share movement)

NIO (HKG:9866, SGX:NIO) priced its upsized equity placement at HK$4.03 billion, offering 136.8 million Class A ordinary shares at HK$29.46 per share, according to a Thursday filing with the Hong Kong bourse.

The offering is expected to close on or before April 7, subject to customary closing conditions. Morgan Stanley, UBS, CICC, and Deutsche Bank are placing agents.

Proceeds will fund research, development, and corporate needs. The Placement Shares are not registered under U.S. securities laws and, therefore, cannot be offered to the public in the United States.

An application to list the shares on the Hong Kong Stock Exchange is being processed.

The automaker's shares closed 7% lower in both the Hong Kong and Singapore bourses.