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Why NIO Stock Is Rising Today

TheMotleyFool

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Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) opened higher on Monday, after a regulatory filing revealed that Tencent Holdings (OTC: TCEHY) has boosted its stake in the company.

As of 10:15 a.m. EDT today, NIO's American depositary shares (ADS) were up about 5.5% from Friday's closing price.

In a filing with the Securities and Exchange Commission on Friday, NIO revealed that Tencent Holdings bought 1,680,000 ADS of NIO in its secondary share offering earlier this month, raising its total stake to 15.1% of the company.

Source Fool.com

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