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Nio Denies China Listing Plan Amid U.S. Stock Plunge

By Zheng Lichun and Han Wei / Aug 20, 2019 03:09 AM / Business & Tech

Photo: VCG

Photo: VCG

New York-listed Chinese electric vehicle startup Nio Inc. denied a media report that it is planning a China stock market comeback with a listing on the newly launched high-tech board.

Nio Chairman Li Bin and President Qin Lihong told Caixin Monday that a report of Nio’s preparation for a domestic listing is “not true.” Tech news portal LatePost reported earlier Monday that Nio is eyeing a high-tech board listing with help from IDG and Hillhouse Capital.

Since it debuted on the New York Stock Exchange in September 2018, Nio’s share price has tumbled by nearly half as of Aug. 18 from its offering price as the company reported disappointing sales. Nio delivered 837 vehicles in July, down 37.5% from the previous month, reflecting slowing sales in China’s auto market. Nio in April said it launched job cuts as part of internal restructuring.

Related: In Depth: Nio Stalls in Its Quest to Become China’s Tesla

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