Nio applies for lifting of trading halt in Singapore

Asian Tech Press (June 29) -- Chinese EV maker Nio Inc. (SGX:NIO) on Wednesday filed to lift its trading halt in Singapore following a new short report from Grizzly Research LLC.

Nio applied for a trading halt on the Main Board of the Singapore Exchange Securities Trading Ltd. (SGX-ST), the company announced on Wednesday. The move came after short-seller Grizzly Research issued a report Tuesday saying Nio was likely using an unconsolidated affiliate to inflate revenue and profitability.

As of press time, Nio was trading at $21.16 per share on the SGX, down nearly 11% on Wednesday.

The Chinese EV maker responded that the report was full of numerous inaccuracies and misinterpretations of Nio's disclosures, and that the company had initiated proceedings against it.

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