On September 28, GEELY AUTO rose 3.4% in regular trading, trading at HKD 16.13/share, with turnover of HKD 350 million. The rally was driven by the announcement of a comprehensive strategic partnership between Geely Holdings and NIO covering both charging and battery swapping businesses.

Under the agreement, Geely will contribute 100% equity of its battery-swap subsidiary Yiyi Hulian plus RMB 640 million in cash to acquire a 30% stake in NIO Energy, while NIO will take a 10% stake in Geely's Haohan Energy. The two parties will adopt unified consumer-facing battery swap technology and standards, with Geely accelerating the development of battery-swap-compatible passenger vehicle models. NIO Energy targets building a cumulative 10,000 swap stations by 2030, with annual electricity demand exceeding 10 billion kWh. NIO President Qin Lihong noted that battery swapping could boost ride-hailing vehicle revenue by 15%-20% and reduce lifecycle costs by up to 40%. The deal carries performance-linked adjustment clauses, under which Geely's stake could be reduced to no less than 20% if milestones are missed.

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