Reuters reveals Chinese EV car maker NIO restricts its IPO banks from working for rivals

Reuters exclusively reported that China’s NIO has blocked the eight top investment banks that did its IPO from working for rivals by tying them up in rare year-long non-compete clauses, highlighting the fierce competition between China’s electric vehicle makers as they seek the capital needed to survive in a fast-growing market. NIO, for its initial public offering in September, had hired Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and UBS.