Weineng (Chengmai) Battery Technology Co., Ltd. — a subsidiary of Wuhan Weineng Battery Asset Co., Ltd. — has increased its registered capital by about 733%, according to Chinese business registry filings.
Wuhan Weineng, known internationally as Mirattery, is Nio‘s battery asset operator and the entity that underpins the automaker’s Battery as a Service model.
The firm increased its registered capital to 500 million yuan ($72.7 million) from 60 million yuan ($8.7 million) an increase of approximately 733%, according to Chinese business registry filings reported by multiple outlets on Monday.
Nio is Wuhan Weineng’s largest shareholder with a 19.4% stake, but does not directly own the Chengmai subsidiary — the ownership runs through Wuhan Weineng.
Last year, and according to the Wuhan Government, Nio‘s Wuhan operations contributed approximately 12 billion yuan ($1.7 billion) in fixed asset investment and approximately 6.7 billion yuan ($973 million) in service industry revenue.
Subsidiary Details
The company was established in October 2025 in Chengmai County, Hainan province.
Its legal representative is Lai Xiaoming. Shareholder records show the company is wholly owned by Wuhan Weineng Battery Asset Co., Ltd., the parent entity known internationally as Mirattery.
Its business scope covers EV charging infrastructure operations, battery leasing, recycling and cascade utilisation of retired NEV power batteries, energy storage technology services, and battery sales.
Hainan Chengmai Development Holding Group Co., a local state-owned enterprise, was one of two new shareholders that joined Mirattery during its 670 million yuan Series C financing round late last year.
Why Hainan
Hainan has been designated by Beijing as a free trade port with favourable tax and regulatory treatment, making the island province strategically attractive for battery asset and energy storage operations.
The province has also positioned itself as an NEV showcase region, with aggressive adoption targets and infrastructure buildout.
The subsidiary’s business scope — particularly recycling, cascade utilisation, and energy storage — suggests it is being positioned as a full-lifecycle battery management hub rather than a simple charging operations outpost.
Expansion Push
The capital increase is the latest in a series of financing and expansion moves by Wuhan Weineng in recent months.
The battery asset operator signed a 9.8 billion yuan ($1.4 billion) battery “new infrastructure” project with Wuhan’s East Lake High-Tech Development Zone (Optics Valley) earlier this month, covering battery asset management, application technologies, and commercialisation.
The company founded and led by William Li has already established the first and second phases of its Nio Energy headquarters in Optics Valley.
In February, Wuhan Weineng completed what it described as the world’s first held-for-investment power battery REITs issuance, raising 501 million yuan.
On Monday — a day before the Chengmai capital increase was reported — the company completed the first tranche of its 2026 green targeted Asset Backed Medium-term Notes, raising 1 billion yuan ($145 million).
Wuhan Weineng also closed a Series C3 equity round of approximately 1 billion yuan earlier this year, with two Hefei state-owned enterprises joining as shareholders, bringing total Series C financing to roughly 2 billion yuan.
The company now manages more than 42 gigawatt-hours of battery assets and serves approaching 600,000 users, according to Tuesday’s statement.
Shanghai Stock Exchange
On Tuesday, Wuhan Weineng Battery Asset Co., Ltd. held a formal listing ceremony at the Shanghai Stock Exchange for what the company described as the world’s first held-for-investment power battery asset-backed security — marking the first time battery assets have been listed as securities on a Chinese stock exchange.
The “CITIC Securities – Weineng Battery Held-for-Investment Power Battery Green Asset-Backed Special Plan (Technology Innovation)” was issued in February with a total size of 501 million yuan.
The underlying assets are power batteries provided to vehicle owners under a leasing model.
“The listing of this held-for-investment power battery ABS is not merely the launch of a financial product — it is an important milestone in our deep commitment to battery asset operations, exploration of asset securitisation, and the integration of green finance with technology innovation,” CEO Lai said on Tuesday.
He added that the company will “continue to unlock the value of power battery assets, efficiently connecting industrial assets with capital markets.”
The listing came one day after Wuhan Weineng completed a separate 1 billion yuan green ABN issuance — meaning the company conducted two distinct capital market events on consecutive days, underscoring the pace at which it is diversifying its financing channels across green ABN, ABS, REITs, and equity instruments.
Weineng Subsidiary Network
Weineng (Chengmai) is one of several regional subsidiaries Wuhan Weineng has established across China as it scales operations beyond its Wuhan base.
Weineng (Shanghai) Battery Technology Co., Ltd., jointly held by Nio and CATL, increased its registered capital from 500 million to 1.5 billion yuan in May 2025.
Weineng (Wuhan) Battery Technology Co., Ltd., a separate Nio–CATL joint venture, was established in October 2025 with 100 million yuan in registered capital, focused on battery leasing, recycling, and cascade utilisation.
Unlike the Shanghai and Wuhan entities, which involve CATL as a co-investor, the Chengmai subsidiary is wholly owned by Wuhan Weineng.
Background
Wuhan Weineng Battery Asset Co., Ltd., known internationally as Mirattery, was founded in August 2020 to support Nio‘s BaaS model, with Nio, CATL, Guotai Junan International, and Hubei Science and Technology Investment each holding 25% stakes at launch.
Nio has since become the largest shareholder with a 19.4% stake. CATL and Hubei Science and Technology Investment each hold 10.68%.
Nio‘s battery swap network now comprises nearly 3,800 swap stations in China, 4,943 charging stations, and access to 1.57 million third-party charging piles across China.
Cumulative battery swaps have exceeded 100 million in early February, less than
