Chinese electric vehicle manufacturer Nio is planning to generate approximately HK$3.50 billion ($450.1 million) through a share placement to advance its smart electric vehicle technology, as per a document released on Thursday. The company intends to sell 118.8 million shares at HK$29.46 each, with the issuance price offering a 14% discount to the stock's value on March 26. The funds raised will be allocated towards the enhancement of smart EV technologies and the development of new products, as outlined in the document.