Why Nio Shares Jumped, Then Dropped, Friday
Nio (NYSE: NIO) shares began trading on the main board of the Singapore stock exchange today prior to the opening of the U.S. markets. That brought the stock of the Chinese electric vehicle company its third country listing in addition to the U.S. and Hong Kong. After initially popping 20% early, the new shares ended up closing in Singapore about 2.4% higher, according to Barron's.
Those shares are fully interchangeable with Nio's American depositary shares (ADSs) listed on the New York Stock Exchange. That helped the shares pop as much as 5.6% in early New York trading today. But that correlation didn't hold, and Nio shares began to follow the U.S. markets lower as the day progressed. As of 1:30 p.m. ET, Nio's U.S.-listed shares were down 5% on the day.
Source Fool.com
