Why Nio Shares Are Falling Today

Shares of several Chinese companies, including NIO Inc NIO, are trading lower Friday morning in sympathy with DiDi Global Inc DIDI after the company announced its plans to delist from the New York Stock Exchange.

DiDi said it will ensure that American depositary shares (ADSs) will be convertible into freely tradable shares of the company on another internationally recognized stock exchange at the election of ADS holders.

DiDi announced that it will organize a shareholder meeting to vote on the matter, following necessary procedures.

Nio operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.

See Also: Nio Analyst Sees This One Catalyst Driving Growth, Ups Price Target

NIO Price Action: Nio has traded as high as $66.99 and as low as $30.71 over a 52-week period.

The stock was down 10.20% at $32.52 at time of publication.

Photo: courtesy of Nio.