EGRNF - Why Nio Stock Is Lower Today
Shares of Chinese electric vehicle maker Nio (NYSE: NIO) were trading lower on Monday morning amid a broad-based sell-off driven by concerns around the heavily indebted Chinese property developer China Evergrande Group (OTC: EGRNF) .
At 11:30 a.m. EDT, NIO's American depositary shares were down about 5% from Friday's closing price.
You've probably heard that Evergrande is thought to be close to bankruptcy, that the Chinese government is thought to be unwilling to bail it out, and that its failure could have broad effects on stocks in China and possibly beyond.
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Why Nio Stock Is Lower Today