Business

Shares in Chinese electric vehicle maker NIO rise on Singapore debut

Shares of Chinese electric car maker NIO Inc. surged in their debut on the Singapore Stock Exchange on Friday, a listing that comes amid a volatile period for global equities.

Class A shares in Singapore rose a whopping 22% to $20.29, compared to the close of $16.66 for American Depository Shares on the New York Stock Exchange on Thursday.

The A shares are fully negotiable with NYSE-listed ADSs.

NIO announced plans for a secondary listing on the Singapore Stock Exchange in early May to broaden its investor base in one of Asia’s financial hubs.

Like many other stocks in the US, stocks of NIO NIO,
+5.24%
have been hit hard in recent trading sessions. NIO and other Chinese companies have been found by the U.S. Securities and Exchange Commission to be unable to comply with a regulatory requirement related to auditors.

The SEC identified these companies under the Holding Foreign Companies Accountable Act, which requires companies to have auditors who can be reviewed by the US Public Company Accounting Oversight Board.

US regulators could ban trading in the securities of companies whose auditors have not been audited by the PCAOB for three consecutive years.

The EV maker previously said it will continue to comply with applicable laws and regulations in both China and the US and will seek to maintain its listing on both the NYSE and Hong Kong Stock Exchanges.

Shares of NIO are down 47% year-to-date on the NYSE. NIO shares were last listed on the SGX at $20.10 per share.

https://www.marketwatch.com/story/nio-inc-class-a-shares-rise-on-singapore-debut-271653010131?rss=1&siteid=rss Shares in Chinese electric vehicle maker NIO rise on Singapore debut

Brian Lowry

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