Nio Mirattery Green ABS Issuance China Battery Asset Financing Expansion

Nio Inc's battery asset operator Mirattery has issued a new tranche of green asset-backed securities (ABS) totaling 1.055 billion yuan, marking a major step in sustainable financing within China. This issuance represents the country’s first shelf-registered green sci-tech power battery ABS, reinforcing the growing integration of finance and electrification technologies. The initiative also reflects increasing investor confidence in battery asset monetization and structured financing mechanisms designed to support electric vehicle ecosystem expansion.

First Shelf-Registered Green Battery ABS Structure

The project has secured a total shelf registration quota of 5 billion yuan from the Shanghai Stock Exchange, enabling phased issuance under a flexible financing model. Shelf registration allows Mirattery to register once and release securities in multiple tranches depending on market conditions, improving capital efficiency. This structure enhances liquidity management and ensures timely funding availability, which is critical for scaling battery asset operations and supporting the long-term growth of battery-as-a-service (BaaS) infrastructure.

Breakdown of Tranche Structure and Rates

The issuance includes multiple tranches with varying sizes and coupon rates, reflecting diversified risk and return profiles for investors. The senior A1 tranche, valued at 195 million yuan, carries a coupon rate of 1.80%, representing a record low for Mirattery’s fixed-income products. Other tranches include A2 at 310 million yuan with a 2.20% rate, A3 at 250 million yuan with a 3.80% rate, and senior B at 180 million yuan with a 5.60% rate.

Tranche Details and Coupon Rates

Below is the structured breakdown of the issued securities:

All senior tranches received high credit ratings of AAA or AA+, highlighting strong asset quality and risk management. Additionally, the structure includes 120 million yuan in unrated subordinated securities, adding depth to the financing model.

Strategic Role of Financial Partners

Caida Securities served as the plan manager for the issuance, while CITIC Securities acted as a joint sales agency. Their involvement underscores institutional backing and ensures effective market distribution. The collaboration supports efficient execution and strengthens investor participation, contributing to the success of this large-scale green financing initiative.

Impact on Battery Asset Management and BaaS Growth

The funds raised will be used to revitalize battery assets and accelerate the expansion of Mirattery’s asset management operations. As the backbone of Nio’s battery-as-a-service business, Mirattery plays a crucial role in enabling flexible ownership models and reducing upfront vehicle costs. Since its establishment in 2020, the company has supported more than 610,000 users, demonstrating strong adoption of its service-driven battery ecosystem.

Parallel Financing Activity in Interbank Market

In addition to this ABS issuance, Mirattery also announced the release of its second tranche of green targeted asset-backed medium-term notes (ABN) for 2026, valued at 1 billion yuan. This parallel financing activity highlights a diversified funding strategy aimed at strengthening liquidity and supporting rapid infrastructure expansion. The dual issuance approach enhances capital availability while maintaining financial flexibility across different market channels.

Frequently Asked Questions

What is the significance of Mirattery’s green ABS issuance?
Mirattery’s green ABS issuance represents a major advancement in sustainable financing for battery assets, enabling structured capital flow into electric vehicle infrastructure while supporting large-scale adoption of battery-as-a-service models. The issuance introduces a flexible shelf-registration mechanism that allows phased fundraising, improving financial efficiency. By leveraging green financing tools, the company strengthens its ability to scale operations, optimize asset utilization, and support the growing demand for EV battery solutions across China’s rapidly expanding electric mobility market.

How does the shelf registration model benefit battery financing?
The shelf registration model allows issuers to register a total funding quota once and release securities in multiple tranches based on market conditions, enhancing flexibility and timing efficiency. This approach reduces administrative delays and enables better capital planning. For battery financing, it ensures continuous access to funding needed for asset expansion, supports dynamic scaling of BaaS operations, and improves investor confidence by aligning issuance strategies with market demand and interest rate trends.