Shares of Nio Inc - ADR (NYSE: NIO ) were trading lower Monday as China deals with surging COVID-19 cases and Nio announced it is forming a committee to investigate recent short seller allegations.
Regulatory Pressures: Nio investors had several different headlines likely moving the stock on Monday.
Related Link: Nio Analyst Dismisses Short Seller Allegations: Why They're Bullish On Chinese EV Stock
First, Chinese stocks were pressured by the latest round of COVID-19 breakouts in parts of China. China has implemented a strict zero-COVID policy, and investors are concerned about the potential for another round of full lockdowns in major Chinese cities to weigh on the economy.
In addition, Alibaba Group Holding Ltd - ADR (NYSE: BABA ) and Tencent Holdings ADR (OTC: TCEHY ) were hit with yet another round of antitrust fines, suggesting the ruling Chinese Communist Party ...
Full story available on Benzinga.com