(Reuters) -Chinese electric vehicle maker Nio plans to raise around HK$3.50 billion ($450.1 million) via a share placement to develop its smart EVs, a term sheet showed on Thursday.

Nio will offer 118.8 million shares at HK$29.46 each, according to the term sheet.

The issue price represents a 14% discount to the stock's closing price on March 26.

The gross proceeds raised will be used for research and development of smart EV technologies and new products, according to the term sheet. ($1 = 7.7763 Hong Kong dollars)