Zinger Key Points
- NIO's expected inclusion in major Hong Kong stock indices may attract passive investment inflows, boosting stock performance.
- NIO’s new affordable EV brand, Onvo, shows rising demand with increasing deliveries of the Onvo L60 since its launch.
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NIO Inc. NIO is experiencing a slight increase in its share price in premarket trading on Friday, as the company is reportedly expected to be included in a major Hong Kong stock index.
This inclusion is anticipated to bring passive investment inflows, which could provide a boost to NIO's stock despite its recent performance challenges, reports CnEV Post.
The Hang Seng Indexes Company Limited will announce the results of its semi-annual review of the Hang Seng family of indexes after market hours on February 21, per the report, which cited Chinese brokerage CICC. The changes will take effect on Monday, March 10.
The adjustment will include indices such as the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng Tech Index and Hang Seng Composite Index, the report said, citing analyst Liu Gang’s team.
Recently, NIO launched its new affordable EV brand Onvo in May. The brand started selling its first vehicle – the Onvo L60 – in late September and since then, Nio sales have been on the rise.
The Onvo L60 is a mid-size electric SUV that starts at 206,900 yuan (~$28,300) with the battery pack included, much lower than Tesla's affordable models Model 3 or Model Y in China.
In September, NIO delivered 832 Onvo L60s despite having only a few selling days.
In October, the first full month of sales, Onvo deliveries rose to 4,319. In November, deliveries rose to 5,082, implying rising demand for the vehicle.
Price Action: NIO shares are trading higher by 1.2% to $4.21 premarket at last check Friday.
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