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Nio Stock Tumbles Amid Fraud Allegations by Singapore’s GIC

Nio Stock Tumbles Amid Fraud Allegations by Singapore’s GIC

Author:

Global Cryptocurrency

Published:

2025-10-16 12:23:19

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BTCCSquare news:

Nio (NIO) shares plummeted in pre-market trading after Singapore's sovereign wealth fund, GIC, filed a lawsuit accusing the Chinese EV Maker of revenue inflation and investor deception. The complaint, lodged in the Southern District of New York, implicates CEO Li Bin and former CFO Feng Wei, alleging $600 million in overstated battery-leasing revenue through a seemingly independent entity, Weineng.

Hong Kong-listed shares dropped 7.9%, while U.S. ADRs slid over 8% as the legal battle compounded existing pressures on Chinese EV manufacturers. GIC claims substantial losses from its 2022-2023 Nio investments, though the company has yet to formally respond to the allegations.

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