On September 29, NIO-SW fell 3.94% in regular trading to HK$27.34, with turnover of HK$5.9172 million. The decline reflects profit-taking after the stock surged over 3% in the prior session on the announcement of a strategic charging and battery-swapping partnership with Geely Holding Group.

On September 28, NIO and Geely signed a definitive agreement under which Geely will contribute 100% equity of Yiyi Hulian plus RMB 640 million in cash for a 30% stake in NIO Energy, implying a post-money valuation of approximately RMB 16 billion. NIO will simultaneously acquire a 10% stake in Geely's Haohan Energy, enabling full interconnection of both parties' charging networks. Geely's stake is subject to operational milestone-linked adjustments, potentially reducing to no less than 20% if targets are missed.

The broader Automobile Manufacturers sector traded under pressure on the same session. Among peers, Geely Auto fell 3.34%, BYD Company declined 1.8%, and Li Auto-W dropped 1.53%, while GAC Group gained 3.35% and New Gonow RV rose 2.24%. Sector-wide weakness amplified selling pressure on NIO-SW.

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