Grizzly

"This matter is not a newly occurring incident, nor is it directed at Nio's recent operational performance," Nio said in a response shared with CnEVPost.

As of press time, Nio had fallen 12.21 percent to HK$47.54 per share, poised for its biggest single-day drop since April 7.

The catalyst for GIC's lawsuit against Nio was a short-selling report released in June 2022, which has since been refuted.

Nio announced today that its internal review of previous short-selling allegations is now substantially complete, concluding that the allegations have not been substantiated.

Nio fell 7.67 percent to S$21.9 before trading was suspended in Singapore. Its trading resumed at around 13:30 and the drop extended to 8.73 percent by press time.

"My only disappointment is the poor quality of the false bear narrative. Surely shorts could have done a better job in frightening weak Nio holders."

Nio has taken note of the report, which is full of inaccuracies and misinterpretations of the company's disclosures, it told CnEVPost.

A firm called Grizzly Research claims that Nio is likely using an unconsolidated related party, Wuhan Weineng, to inflate revenue and profitability.