Let's recap via AI response
While the exact total dollar value of the capital deployed has not been publicly stated, court filings show that GIC amassed 54,458,148 Nio American depositary shares (ADSs) between August 11, 2020, and July 11, 2022. GIC also initially backed Nio pre-IPO in 2017 as part of a RMB 600 million ($110.3 million) early funding round.
Key Financial Details & Lawsuit
Massive Stock Accumulation: Based on historical trading prices during the August 2020 to July 2022 window—when Nio shares peaked at over US$60 each—GIC’s 54.4 million share purchase represents an investment worth hundreds of millions to over a billion US dollars.
Securities Fraud Lawsuit: GIC filed a rare lawsuit against Nio, its CEO William Li, and its former CFO in the US District Court for the Southern District of New York.
The Core Grievance: GIC alleges Nio artificially inflated its financials by unlawfully front-loading over US$600 million in immediate revenue via a battery-leasing joint venture called Weineng. GIC is seeking to recover what it calls "tremendous" investment losses suffered after the accounting discrepancies came to light.
How to make GIC go away?
🥥 🥥 🥥
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Morgan Stanley (Tim Hsiao): Maintained Buy • $8.80 price target.
UBS (Paul Gong): Maintained Buy • $8.50 price target.
Goldman Sachs (Tina Hou): Maintained Buy • $6.10 price target.
J.P. Morgan (Nick Lai): Downgraded to Hold • $4.50 price target.
Bank of America Securities (Ming-Hsun Lee):
Maintained Hold • $5.20 price target
JP Morgan sold and is accumulating?
$6 seems possible end of the year if Nio bad news and management don't spend big.
🥥 🥥 🥥
🥥 🥥 🥥