Shares of Nio plunge after GIC accuses Chinese EV maker of inflating revenue
Source: CNBC
Hong Kong-listed shares of Nio plunged over 12% after Singapore’s sovereign wealth fund sued the Chinese electric vehicle maker for allegedly violating securities laws by inflating its revenues, News.Az reports citing CNBC.
The lawsuit named Nio’s CEO Li Bin and former Financial Officer Feng Wei as defendants, according to a court document filed in August in the Southern District of New York court.
Shares of Nio on the Singapore Exchange tumbled over 9%.
CNBC has reached out to GIC and Nio for comment and is waiting for their response.
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