Why NIO Stock Is Higher Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were moving higher on Monday. The company said last week that it is moving to increase its stake in a subsidiary created as part of a bailout deal last year.
At 11:45 a.m. EST, NIO's American depositary shares were up about 4.1% from Friday's closing price.
In a regulatory filing last week, NIO said that it is spending about $850 million to increase its ownership of NIO China to 90.36% from 86.4%. (What's NIO China? Last year, NIO gave up a stake of its Chinese assets in exchange for a $1 billion bailout from economic development authorities in China's Anhui province. NIO China is the legal entity that holds NIO's Chinese assets, created as part of the bailout deal.)
Source Fool.com
