Shares of Chinese companies, including Nio Inc – ADR (NYSE:NIO), are trading lower. Concerns over COVID-19 cases in China, as well as U.S. market weakness, have pressured Chinese stocks today.
The COVID-19 lockdown in Shanghai and other parts of China has weighed on the broader Chinese economy and Chinese stocks in recent months. The IMF in April downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.
Shares of multiple Chinese companies have seen volatility in 2022 and are trading lower on a year-to-date basis following reports the SEC has identified multiple US-listed ADRs as having not adhered to the Holding Foreign Companies Accountable act. The continued Russia-Ukraine conflict could also be impacting Chinese stocks.
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Nio operates in China’s premium electric vehicle market.
According to data from Benzinga Pro, Nio has a 52-week high of $55.13 and a 52-week low of $13.01.
