Top mover alert: Nio Singapore - down 14.5% this week; GIC files lawsuit
🔻 $NIO Inc. USD OV(NIO.SI)$ shares are down 14.6% this week from USD 7.42 last Friday to USD 6.34 as of 156PM today
⚖The shares are traded down 8.9% today (as of 2PM), after Bloomberg reported that Singapore’s GIC has filed a lawsuit against EV marker Nio in August for issuing materially false and misleading statements about the company’s relationship with Weineng, a China-based battery asset firm
📁The suit alleges the defendants’ statements artificially inflated the value of Nio’s securities, causing GIC to suffer “tremendous losses” during the period
👨⚖This is the first such action by a sovereign wealth fund against a Chinese company listed outside of China
✳Macquarie's trending Nio Singapore warrant $NIO MBeCW260225(FELW.SI)$ (https://warrants.com.sg/tools/livematrix/FELW) is down 23.6% to SGD 0.062 following Nio's share price tumble. There are no put warrants available over Nio.
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