Tiger Brokers

BUZZ-NIO's HK shares hit 5-week low on facing lawsuit from Singapore's GIC

Reuters
Oct 16
BUZZ-<a href="https://laohu8.com/S/NIO">NIO</a>'s HK shares hit 5-week low on facing lawsuit from Singapore's GIC

** Hong Kong-listed shares of NIO Inc 9866.HK fall 6.7% to HK$50.55

** Earlier in the day, stock down as much as 13.2% to HK$47, their lowest level since September 11

** Stock on course for the biggest intraday pct drop since April 7, and is top pct loser in Hang Seng Tech Index .HSTECH and Hang Seng Automobile Index .HSAMI, both down 1.5%

** Chinese media outlet Caixin reported on Wednesday that Singapore's sovereign wealth fund, the Government of Singapore Investment Corporation $(GIC)$, filed a lawsuit against NIO and its two executives

** In the lawsuit, filed in August in the U.S district court for the southern district of New York, GIC [RIC:RIC:GIC.UL] said NIO and two executives misled investors with false statements and withheld information about its business and prospects

** NIO and GIC declined to comment

** YTD, Hong Kong stock up 46.1%, U.S.-listed stock NIO.N up 56.4%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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