On September 28, NIO-SW rose 3.14% in regular trading, trading at HK$28.74/share, with turnover of HK$21.43 million. The rise was driven by the announcement of a definitive strategic agreement with Geely Holding Group on battery swapping and charging businesses.

According to the agreement, Geely Holding Group subsidiaries will contribute 100% equity in Yiyi Hulian Technology and RMB 640 million in cash to subscribe for newly issued shares of NIO Energy, implying a post-transaction valuation of approximately RMB 16 billion. Upon completion, Geely will hold 30% equity in NIO Energy, subject to adjustment down to no less than 20% if certain operational milestones are not met. In the charging segment, NIO will acquire a 10% stake in Geely's Haohan Energy, enabling interconnection of both parties' charging networks. NIO Energy targets building a cumulative 10,000 battery swap stations by 2030, with annual electricity demand expected to exceed 10 billion kWh. NIO's U.S.-listed shares had already risen 3.63% in overnight trading on the news. Morgan Stanley maintains an Overweight rating on NIO-SW with a target price of HK$68.5.

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