(Yicai Global) Sept. 14 -- Partners of China’s Nio have seen their share prices surge after the electric carmaker posted a nearly 76 percent gain on the New York Stock Exchange today (Beijing time).
On the Shenzhen bourse, Aotecar New Energy Technology [SHE:002239] and Guangdong Delian Group [SHE:002666] both hit the 10 percent daily limit to close at CNY2.53 (USD0.37) and CNY4.39 today, while Archermind Technology Nanjing [SHE:300598] finished up 4.51 percent at CNY23.62.
Shanghai-based Nio [NYSE:NIO] closed at USD11.6 this morning, almost double its Sept. 12 initial public offering price of USD6.26, to give it a valuation of around USD11.9 billion. The firm had aimed for the low-end of its IPO target, between USD6.25 and USD8.25, due to a recent slump in American stocks.
Its partners listed in Shanghai also fared well from its success. Anhui Jianghuai Automobile Group [SHA:600418] ended up 4.79 percent at CNY5.25, Changshu Automotive Trim [SHA:603035] gained 2.14 percent to CNY13.8, and Ningbo Xusheng Auto Technology [SHA:603305] closed up 0.59 percent at CNY23.87.
Gongdong Wencan Die Casting [SHA:603348] opened up at Shanghai’s 10 percent limit, but wound down throughout the day to finish 0.72 percent above yesterday’s close at CNY28.
Nio has been dubbed the Chinese Tesla for its futuristic electric vehicles. It has already received 17,000 orders for its first production model, the ES8, and is looking to ramp up production to cope with demand. It also has plans for a second model, the ES6, to enter production late this year with deliveries pegged for the first half of 2019.
Editor: James Boynton