China startup Nio hires eight banks for up to $2 billion U.S. IPO: sources

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HONG KONG (Reuters) – Chinese electric vehicle startup Nio has hired eight banks including Morgan Stanley and Goldman Sachs to work on a planned U.S. stock market listing this year worth up to $2 billion, people with knowledge of the matter told Reuters.

Other banks are Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, JPMorgan and UBS, said the people, declining to be identified as the deal details are not public.

Nio declined to comment on its initial public offering (IPO) plans. UBS declined comment while the other banks did not immediately respond to Reuters emailed request for comment.

Shanghai-based Nio, founded by Chinese internet entrepreneur William Li in 2014, counts Tencent Holdings Ltd, as its main backer alongside investment firms Hillhouse Capital Group and Sequoia Capital.

Reporting by Fiona Lau of IFR and Julie Zhu; Editing by Sumeet Chatterjee and Kim Coghill