Mirattery, the battery asset management unit of Nio, has listed a new asset-backed security (ABS) on the Shanghai Stock Exchange, marking a step in its efforts to diversify funding sources and enhance asset utilization.
The product, named the “CITIC Securities-Mirattery Holding-Type Power Battery Green Asset-Backed Special Plan,” began trading on March 24 and is described by the company as the world’s first holding-type power battery ABS. The issuance, completed in February, has a total size of 501 million yuan ($72.7 million).
The underlying assets consist of power batteries leased to vehicle owners under a rental model, reflecting Mirattery’s role in supporting Nio’s battery-as-a-service (BaaS) business. CITIC Securities acted as the program manager and sales agent, while Mirattery serves as the original equity holder.
Lai Xiaoming said the listing represents both the realization of a financial product and a milestone in the company’s development of battery asset operations.
In China, ABS products are typically listed on the Shanghai and Shenzhen stock exchanges, allowing access to a broader base of institutional and qualified individual investors. Once listed, such securities can be traded in the secondary market, improving liquidity and lowering entry barriers for investors.
Pan Feng said the issuance marks a milestone for capital operations in China’s power battery management sector.
The listing follows a series of recent financing activities by Mirattery, including the issuance of 1 billion yuan in green asset-backed medium-term notes (ABN) in the interbank market and the completion of a 1 billion yuan Series C3 equity financing round last month.
Founded in 2020, Mirattery manages battery assets exceeding 42 GWh and serves nearly 600,000 users. The company said it will continue to pursue an asset-light strategy and expand green financing initiatives to support future growth.
