Chinese EV Car Maker NIO Restricts Its IPO Banks From Working For Rivals

NIO Inc has blocked the eight top investment banks that did its IPO from working for rivals by tying them up in rare year-long non-compete clauses. The move highlights the fierce competition between China’s EV makers as they seek the capital needed to survive in a fast-growing market, also the world’s largest.

NIO, for its initial public offering in September, had hired Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and UBS. These were also the top eight banks worldwide for equity sales in 2018. 

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