Shares of several Chinese stocks, including Nio Inc - ADR (NYSE:NIO), are trading lower as traders continue to digest the economic consequences of China’s zero Covid policy.
The COVID-19 lockdown in Shanghai and other parts of China has continued to weigh on the broader Chinese economy and Chinese stocks in April. The IMF also recently downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.
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Nio operates in China's premium EV market.
According to data from Benzinga Pro, Nio has a 52-week high of $55.13 and a 52-week low of $13.01.
