
Chinese Startup Nio to Get Listed on Hong Kong Stock Exchange by March 10
This move to list in Hong Kong comes as a response to the growing regulatory risks for Chinese companies listed in New York.
This move to list in Hong Kong comes as a response to the growing regulatory risks for Chinese companies listed in New York.
Such volatility is common when investors are waiting for corporate earnings results. In addition, investors are observing the Federal Reserve that is getting ready with a major policy decision to tighten monetary policy.
Stocks of the Chinese electric vehicle companies led by Nio and Xpeng dropped approximately 2% each on Monday.
Nio has recorded impressive results in auto production in the past two quarters. But the current halt may be risky for the performance of the company.
Nio, Li Auto and Xpeng have all announced an increase in their delivery rate for 2020.
The shares of Nio are bound to see bigger moves particularly with the firm’s readiness to throw its gauntlet in churning out advanced technologies.
Nio has delivered 36,721 electric vehicles since the calendar flipped in January 2020. Hereby representing a rise of approximately 111.1% year-over-year.
Nio reported an adjusted net loss of $146.7 million, in the past three months, with total revenues surging 146.4.% year-over-year to $666.6 million.
At present, NIO stock is one of the highest Wall Street targets with the average Buy rating. Year-to-date, NIO shares are 838.06% up. NIO market cap is $48.36 billion.
Tencent revealed that it increased its stake in NIO. Now, Tencent owns 15.1% of the company’s Class A ordinary shares. NIO has been on a capital raising spree this year to shore up its balance sheet and meet its ongoing cash requirements.
Tesla rival Nio hasn’t lowered its annual forecast as a result of the coronavirus. At the time of writing, NIO stock is 12% up.
As the competitor of Tesla, Nio is discussing its future with the Hefei govt, NIO stock gained 30% on Tuesday. Today the stock keeps growing.