Shares of Chinese electric-vehicle manufacturer NIO were moving higher on Monday. The company stated the other day it is going to increase its stake in a subsidiary developed as an element of a bailout deal year that is last.
At 11:45 a.m. EST, NIO’s us shares that are depositary up about 4.1% from Friday’s closing cost.
In a filing that is regulatory week, NIO stated that it’s spending about $850 million to increase its ownership of NIO Asia to 90.36% from 86.4%. (What Is NIO Asia? A year ago, NIO gave up a stake of its assets that are Chinese trade for a $1 billion bailout from economic development authorities in China’s Anhui province. NIO China could be the entity that is legal holds NIO’s Chinese assets, produced included in the bailout deal.)
You aren’t alone if perhaps you were confused by that news. (we published an explanation for you personally right here.) A number of NIO’s Chinese investors, who evidently don’t read my description, speculated that the other day’s move could have been the main preparations for a providing that is public of China.
In response to that particular conjecture, China’s Securities everyday reported that’s not the plan. NIO is buying back once again section of NIO China as it’s bullish by itself company, Securities everyday reported, citing an unnamed NIO professional that is senior.
Is that why the stock is going greater?
NIO did have some news that is small announce on Monday morning: it’ll report its fourth-quarter and full-year 2020 profits to car investors after the U.S. areas close on Monday, March 1. Note that NIO’s meeting call can happen in the, at 8:00 p.m. EST, which will be 9:00 a.m Beijing time night. Shares of Chinese electric-vehicle manufacturer NIO were moving higher.