Chinese EV maker Nio, battling sliding margins and shrinking cash reserves, has appointed long-time investment banker Bagrin Angelov as vice-president of capital markets.
According to an internal letter seen by local media outlet Yiou on Wednesday, Angelov becomes the latest senior hire from CICC after former CFO Feng Wei – also a CICC veteran – left in July last year for personal reasons.
Angelov, who spent the past decade as managing director and head of cross-border mergers and acquisitions at China International Capital Corp (CICC) based in Beijing, will report to Nio’s chief financial officer Qu Yu.
Between 2010 and 2014, the executive served as Director at the Barclays Investment Bank.
Nio said Angelov brings “more than 20 years of global experience in capital-markets transactions, corporate strategy and growth,” including stints in the Middle East and Europe.
In 2022, the executive ranked among ‘Top 50 Global M&A Dealmakers – “Distinction in Dealmaking” in a list published by Global M&A Network.
Adjusted net loss widened to 6.27 billion yuan ($860 million) and quarter-end cash and cash equivalents fell to 26 billion yuan, down 15.9 billion from the prior quarter.
Nio shares have fallen 25% over the past three months and 12% year to date.
The Shanghai-based automaker said it would keep payment terms to suppliers within 60 days, echoing a State Council directive aimed at helping small- and medium-sized enterprises.
Nio said on Sunday that several individuals have been detained and punished in China for spreading false information about the company, including rumors that it had been acquired.
