NIO-Backed Weineng Lists Holding-Type ABS on Shanghai Bourse

Weineng, a battery asset management company under NIO, announced today that the “CITIC Securities – Weineng Holding-Type Power Battery Green Asset Support Special Plan (Technological Innovation)” has been officially listed for trading on the Shanghai Stock Exchange.

The holding-type ABS product listed today was successfully issued on February 11, 2026, with an issuance scale of RMB 501 million. WeiNeng acted as the original equity holder, while CITIC Securities served as the special plan manager and sales institution.

The underlying asset of the product is power batteries, which are leased to NIO vehicle owners. It is the world’s first REITs-like product backed by power batteries as the underlying asset.

In terms of product structure, the ABS’s underlying assets consist of 100% equity and creditor’s rights in the project company, Weineng (Wuhan) Battery Technology Co., Ltd., which holds the power battery assets installed in new energy vehicles. Under the operating model, the project company acts as the lessor, leasing power batteries to NIO owners who choose the BaaS (Battery as a Service) model.

Unlike traditional ABS products, holding-type ABS carry equity financing attributes, emphasizing long-term holding and stable returns rather than short-term disposal.

The official listing on the Shanghai Stock Exchange marks the transition of the ABS product from primary market issuance to secondary market circulation. Once listed on the exchange, investors can trade ABS shares on the secondary market just like stocks. This effectively addresses the liquidity issues typically associated with asset securitization products, while also lowering the investment threshold.

Notably, just yesterday, Weineng officially announced the completion of the issuance of its 2026 first-phase green asset-backed notes (ABN) with Bond Connect, totaling RMB 1 billion. Market feedback indicates that this ABN issuance received strong subscription demand, with issuance prices declining throughout the process, reflecting growing capital market acceptance of battery asset-backed projects.

Financial data shows that as of September 30, 2025, Weineng had total assets of RMB 25.178 billion, operating revenue of RMB 2.076 billion, and net profit of RMB 315 million. The company currently has seven outstanding bonds, with a total bond balance of RMB 1.274 billion.