Why Nio Bounced Back Big Today
Entering the final day of trading this week, the stock of Chinese electric vehicle maker Nio (NYSE: NIO) had been down more than 12% just this week, and more than 25% over the past month. There have been several reasons for that, but the stock is bouncing back in a big way today. After rising more than 9% Friday morning, Nio American depositary shares (ADSs) were still up 7.1% as of 10:50 a.m. ET.
The stock has been under pressure from two angles recently. There are fears the U.S.-listed ADSs could be delisted as the company joined a growing list of Chinese names that will be required to provide proof of meeting U.S. accounting and audit standards for three straight years. But Nio provided some relief on that front this week at the same time reports came out that a long-awaited mass-market vehicle offering could be closer to reality.
Image source: Nio.
Source Fool.com
