(Yicai Global) April 29 -- Shares in Chinese electric car startup Nio Motor jumped 16.5 percent in the pre-trading session today after revealing it had secured CNY7 billion (USD990 million) from state-owned companies in Anhui province, where it plans to move its China headquarters from Shanghai.

Its stock [NYSE:NIO] was at USD3.34 as of 4.20 p.m. Beijing time.

Nio and the investors, Hefei Construction Investment and Holding, State Development & Investment and Anhui Provincial Emerging Industry Investment held a signing ceremony to celebrate the deal today.

The carmaker, which has always contracted Hefei-based Jianghuai Auto to make its cars, plans to inject assets worth over CNY22 billion into Nio China. The China unit is run by Nio Anhui Holding and the assets include those relating to car research and development, supply chains, manufacturing, sales, services and batteries. It will hold a 75.9 percent stake in Nio China, with the investors holding the remainder.

Editor: James Boynton