Mirattery Power Battery ABS Listing Expands Nio Financing Strategy

The listing of Mirattery power battery ABS listing on the Shanghai Stock Exchange represents a significant advancement in electric vehicle financing models. As the battery asset management arm of Nio Inc, Mirattery has introduced a new financial instrument aimed at enhancing capital efficiency and unlocking value from battery assets. This move aligns with broader industry trends toward asset-light strategies and green financing mechanisms, particularly within China’s rapidly expanding EV ecosystem.

Landmark ABS Product Launch on Shanghai Exchange

The asset-backed security, officially titled the CITIC Securities-Mirattery Holding-Type Power Battery Green Asset-Backed Special Plan, began trading on March 24. This marks the first instance globally of a holding-type ABS structure built around power battery assets. The issuance, completed earlier in February, reached a total value of 501 million yuan, equivalent to approximately $72.7 million, signaling strong institutional confidence in this innovative financing model.

Structure and Key Participants

The underlying assets for this securitization consist of power batteries leased to vehicle users under a rental-based ownership model. Mirattery serves as the original equity holder, while CITIC Securities acts as both program manager and distribution partner. This structure enables the monetization of long-term battery usage contracts, converting them into tradable financial instruments within the capital market.

Improving Liquidity and Investor Access

Listing on the Shanghai Stock Exchange allows the ABS product to reach a broader pool of institutional and qualified individual investors. Unlike traditional securitized assets that suffer from limited liquidity, this listing enables secondary market trading similar to equities. As a result, investors gain improved entry and exit flexibility, addressing a longstanding limitation in asset securitization markets.

Impact on Capital Market Participation

The introduction of tradable ABS shares reduces barriers for participation while enhancing transparency and price discovery. This development is expected to attract more diversified investor interest, thereby strengthening the financial ecosystem supporting electric mobility infrastructure and battery lifecycle management.

Strategic Expansion of Green Financing Initiatives

This ABS issuance is part of a broader financing strategy undertaken by Mirattery in recent months. The company recently issued green asset-backed medium-term notes worth 1 billion yuan in the interbank market. Additionally, it completed a Series C3 funding round of similar value, bringing in state-backed investors from Hefei. These initiatives collectively reinforce its commitment to sustainable and scalable capital structures.

Scaling Battery Asset Operations Under BaaS Model

Established in 2020, Mirattery manages battery assets supporting Nio’s Battery-as-a-Service (BaaS) model. The company currently oversees battery assets exceeding 42 GWh, serving nearly 600,000 users across China. This scale highlights the growing importance of battery asset management as a distinct business vertical within the EV value chain.

Future Outlook for Asset-Light Strategy

Looking ahead, Mirattery aims to further refine its asset-light operational approach by leveraging financial instruments such as ABS and green bonds. By improving capital turnover and reducing balance sheet intensity, the company intends to sustain high-quality growth while supporting the broader electrification transition. This strategy positions battery assets not only as technological enablers but also as financial assets within evolving mobility ecosystems.