NIO Inc (NYSE:NIO) shares are trading higher Thursday alongside several Chinese names. The strength appears to be due to positive policy commentary from China’s central bank.
What To Know: The People’s Bank of China (PBOC) held a quarterly meeting this week and determined that it will increase macroeconomic policy adjustments in an effort to support the economy and promote a recovery in prices, according to Reuters.
In a statement following the meeting, the central bank reportedly said it plans to boost financial support for enterprises to help support job growth and drive private investment.
Nio shares had already been trending higher to start the week after the company launched its new ET9 sedan at its Nio Day event over the weekend. The stock is now up nearly 15% over the last five trading sessions.
On Wednesday, Nio said it closed the $2.2 billion strategic equity investment from CYVN Investments that was announced on Dec. 18. Following the closing of the investment, CYVN now beneficially owns approximately 20.1% of the company’s outstanding common stock.
Nio noted that it plans to work closely with CYVN moving forward to pursue strategic and technology collaborations internationally.
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NIO Price Action: Nio shares were up 4.06% at $9.46 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
