Hot stock: Nio drops as much as 11.6% on US$1 billion notes issuance

SHARES of mainboard-listed Nio plummeted to a 90-day low on Wednesday (Sep 20) after it announced the pricing of a two-tranche convertible bond, from which it plans to use the US$1 billion proceeds to pare debt and strengthen its balance sheet.
The counter hit a low of US$8.75, down 11.6 per cent or US$1.15 as at 2.24 pm. The last time it closed near this level was on Jun 23, 2023.

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