On the evening of December 18th, NIO announced the signing of a new round of share subscription agreement with Abu Dhabi investment firm CYVN Holdings. According to the agreement, CYVN will make a strategic investment of approximately $2.2 billion in cash to NIO through its subsidiary CYVN Investments, equivalent to approximately RMB 15.7 billion. This transaction is expected to be completed in the last week of December. After the completion of the transaction, CYVN will hold 20.1% equity in NIO and become the largest shareholder. However, even if CYVN becomes the largest shareholder of NIO, Li Bin remains the actual controller of NIO, as his A-class and C-class common shares hold voting advantages. According to disclosed data, as of the end of September this year, NIO's book monetary funds were 24.085 billion yuan, and the total amount of long-term and short-term loans was 16.989 billion yuan. At the end of the period, the company's accounts payable amounted to 28.118 billion yuan, with an asset liability ratio of 80.78%, and a cumulative loss of 92.1 billion yuan over the past eight years. According to relevant sources, how NIO can turn losses around in the future still needs to wait for an opportunity to break through.