SHANGHAI :
Nio Denies Plans of Star Market IPO, Exit From Silicon Valley
Tang Shihua
DATE:  Aug 19 2019
/ SOURCE:  yicai
Nio Denies Plans of Star Market IPO, Exit From Silicon Valley Nio Denies Plans of Star Market IPO, Exit From Silicon Valley

(Yicai  Global) Aug. 19 -- Chinese new energy vehicle startup Nio has refuted  rumors circulating on Chinese social media about closing its Silicon  Valley office, as well as plans to get listed on Shanghai's new Star  Market. 

Nio's  US office is running as usual and the firm is not currently planning to  conduct an initial public offering on the Star Market, the  Shanghai-headquartered company said in a statement on its Weibo account  today. Star Market is China's Nasdaq-style tech board that began trading  in July. 

A  user of self-media application Dafenghao posted an article claiming  that Nio had already closed its Silicon Valley unit while contemplating  on returning to Chinese stock markets. Nio [NYSE: NIO] got listed in the  US last September. The stock price rose 4.6 percent to USD2.95 yesterday. 

In  the first quarter, Nio had a net loss of CNY2.6 billion (USD369  million), according to its financial report. Earlier this month, the  firm's President Qin Lihong hinted about 1,000 layoffs globally, citing "local optimization to improve operational efficiency."  

Editor: Emmi Laine 

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Keywords:   Market Rumors,Official Denied,Silicon valley Office,IPO,Electric Vehicle,Nio Auto