Nio shares plunge 9% after Singapore's GIC accuses Chinese EV maker of inflating revenue [MSNBC.com]
SINGAPORE EXCH UNSP/ADR (SPXCY)
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Source: MSNBC.com
The Nio logo is seen at the Nio booth at the National Exhibition Center in Shanghai, China, on April 28, 2025, during the Shanghai Automobile Show 2025.Nurphoto | Nurphoto | Getty ImagesHong Kong-listed shares of Nio plunged nearly 9% after Singapore's sovereign wealth fund GIC sued the Chinese electric vehicle maker for allegedly violating securities laws by inflating its revenues.The lawsuit named Nio's CEO Li Bin and former Financial Officer Feng Wei as defendants, according to acourt document filed in AugustThe complaint alleged that Nio unlawfully recognized over $600 million of leased battery revenue from "a superficially independent" battery asset firmWeinengNio "issued materially false and misleading statements and omissions that misrepresented NIO's relationship to Weineng and the Company's true revenue and earnings figures," which artificially inflated the value of Nio's securities, the lawsuit stated.As a result, GIC — which purchased shares of Nio between Aug. 11, 2020, an
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