(Yicai Global) Aug. 16 -- Chinese electric vehicle startup Nio is about to become its battery leasing subsidiary's largest single shareholder after the latter's CNY530.5 million (USD81.9 million) Series B round of financing.

Nio will contribute CNY270 million to increase its shareholding in Weineng Battery Asset Management to nearly 20 percent, Weineng's shareholder, Weida Machinery, said in a statement today. 

The electric carmaker currently has a 13.2 percent stake in Weineng, resulting in the status of the biggest shareholder to be divided between four other investors, including Contemporary Amperex Technology.

Wuhan-based Weineng will receive investment from 10 investors to support its development needs, according to Weida. The battery rental unit's valuation was CNY2.5 billion (USD385.9 million) before this financing round.

Weineng was established in August 2020 by Nio and battery giant CATL to provide battery rental services for electric vehicle users.

Some investors will see their stakes become smaller. Shandong-based Weida, which currently is Weineng's sixth-largest shareholder, will fall to 10th place after this fundraiser due to its own production and operation situation.

Weida's stock price [SHE:002026] declined 4.4 percent to CNY14.4 (USD2.20) by the lunch break today, with a total market value of about CNY6.1 billion.

Weineng made a net profit of CNY19 million (USD2.9 million) in the first half of this year, and its revenue was CNY85 million, based on Weida's statement. 

Editor: Emmi Laine