www.zerohedge.com BY TYLER DURDEN
There may be no better example of how Chinese Communist Party officials have shifted their interest toward Venture Capital than the municipal government of Hefei, who acquired a 17% stake in EV maker Nio at a time when the company was on the verge of bankruptcy.
The investment prompted the company to move to the eastern China city and to produce vehicles there. Nio turned its first profit and Hefei was able to cash out at up to 550% gains from its original investment – in less than a year of its purchase,Ā Bloomberg reported.
Yu Aihua, the top Communist official in the city told Bloomberg:Ā āFrom our investment in Nio, we ruthlessly made money. Making money for the government is not an embarrassment: Itās making money for the people.”
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