Nio is listed in New York, Hong Kong and Singapore. On Aug 28, Singapore’s sovereign wealth fund GIC filed a lawsuit against Nio in a New York district court alleging securities fraud. The lawsuit’s defendants include Nio as well as its CEO William Li and former CEO Feng Wei.
According to court documents, GIC says Nio inflated its revenue by setting up a battery asset company, Weineng, without disclosing its interest in it. GIC’s lawsuit says Weineng helped Nio recognise substantial revenue by purchasing leased batteries from it. At the same time, Weineng was helping to shift battery depreciation costs off Nio’s balance sheet. GIC had invested in Nio in 2017, as part of an RMB600 million ($110.3 million) round.
Nio's SGX quoted shares ended Dec 31 2025 at US$5.36 and are up 18.85% in the past 12 months.
