Nio

The team gave Nio shares traded in Hong Kong a six-month price target of HK$200 ($25.6), implying a 38 percent upside.

Honor's CEO said new players are welcome and that the mobile industry needs fresh blood.

Nio opened up 6.9 percent, while Xpeng fell 2.51 percent and Li Auto dropped 2.48 percent.

Nio has close to zero competition in the annual 2 million vehicle premium luxury segment of China that will S-curve rapidly transition into EVs.

The Chinese government's expression of support for capital markets on Wednesday continued to give a boost to heavily sold Chinese assets.

The number of failures per 100 new Nio vehicles is 49, well below the industry average of 135, the latest ranking shows.

Nio opened up 13.96 percent, Xpeng rose 11.47 percent and Li Auto gained 13.6 percent.

Nio opened down 8.11 percent, Xpeng opened down 5.24 percent and Li Auto opened down 14.98 percent.

Last week, some entities chose to "be first" and this may have turned into a fire sale where institutional shareholders simply have given up on China ADRs as an asset class.

Norges Bank increased its position in Nio by 31 percent, increased its position in Li Auto by 990 percent and cut its position in Xpeng by 20 percent in the fourth quarter.