Nio Rises After Chinese NEV Startup Says Singapore's GIC Lawsuit Stems From False Allegations
(Yicai) Oct. 17 -- Nio's shares advanced after the Chinese new energy vehicle startup said the lawsuit filed by Government of Singapore Investment Corporation claiming it had inflated its revenue is groundless.
Nio [HKG: 9866] was trading up 2.4 percent at HKD50.45 (USD6.50) in Hong Kong today, after plunging 9 percent yesterday. In Singapore, the company's shares [SI: NIO] rose 3.2 percent as of 12 p.m., recovering from a 9.5 percent plunge yesterday.
Nio's New York-listed stock [NYSE: NIO] closed 0.2 percent up at USD6.83 yesterday, after opening 7.8 percent down.
The case is unrelated to Nio's recent operations and stems from false claims in a short-selling report published by Grizzly Research in June 2022, a representative from the Shanghai-based company told Yicai yesterday.
GIC recently filed a lawsuit against Nio in a court in New York, accusing the Chinese firm and its executives, including Chief Executive Officer Li Bin and former Chief Financial Officer Fang Wei, of inflating revenues, which resulted in an investment loss for the Singaporean sovereign wealth fund.
An independent board committee completed an investigation on the Grizzly Research report with the support of an international law firm and a forensic accounting firm in August 2022 and found the report lacked factual basis and contained numerous errors, unfounded speculations, and misleading conclusions and...
From misinformation around Afghanistan's Foreign Minister Amir Khan Muttaqi’s presser in India to an AI-manipulated clip of former Prime Minister Jawaharlal Nehru and false claims about the 100 ye...