Nio, the electric car company widely regarded as the Tesla of China, is making headways in the stock market following its recent official public offering. Many stock market analysts have noticed the trend among those who buy Nio stocks. It would appear that a significant portion of Nio stocks was purchased by millennials.
The data came from stock trading app Robinhood, a popular trading app which is mostly used by young traders.
According to recent market data, Nio stocks have gained a massive 46 percent value since the company's initial public offering in the United States. Market data also revealed that at least 46,971 Robinhood investors own a Nio stock. The app's data also showed that Nio's stocks are currently the 29th most held stock in its platform, a significant feat considering the fact that the company just had its initial public offering a couple of weeks ago.
To give a contrast on how valuable Nio stocks are, the Chinese tech company iQiyi, widely held as the Netflix of China, is currently the 31st most popular stock on Robinhood's platform. The unprecedented rise of Nio's stock value can be attributed to the company's promising tech.
As of this writing, Nio's stock price is currently at $6.26 per share. This is the low end of its price range. It is also important to note that Nio failed to raise the $1.8 billion funding which the company initially target before its official initial public offering. Regardless, just one day after the company's somewhat unimpressive market debut, its stock price soared by as much as 75 percent.
Recently, Nio, just like most Chinese tech stocks that are currently trading in various markets in the United States, has been under tremendous pressure following the bitter trade war between China and the United States. While the trade war might affect some of Nio's market value, many investors and experts believe that the company's stock should be able to weather out the incoming storm brought on by the trade war.
Nio, whose original name was NextCar, was founded in November 2014 and later changed to its current name in July 2017. The company was founded by William Li.
Nio is threatening to challenge the might of Tesla when it comes to the electric car industry. The Chinese electric car company promises to bring to market electric cars that are more affordable and powerful than the ones currently being sold by Tesla.
