As AliBaba investigation results in ADR stocks plummeting to conclude the week, Nio Inc. declines

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Last Updated on July 18, 2022 by Bitfinsider

As new crackdowns on Chinese IT businesses drove ADR stocks plunging into the weekend, NIO declined to end the week. Shares of Nio decreased 1.57 percent on Friday, ending the trading week at $20.72. On Friday, stocks rose as investors ignored the June record CPI figure and a choppy start to the Wall Street earnings season. The S&P 500 increased by 1.92 percent, the NASDAQ had a 1.79 percent gain, and the Dow Jones overall increased by 658 basis points during the session.

In both the American and Asian trading sessions on Friday, Chinese stocks were trading down. Chinese authorities were questioning officials of AliBaba (NYSE:BABA) on the largest known cyber security breach in that nation. In related news, Tencent was compelled to shut down one of its NFT Marketplace websites because it did not adhere to legal requirements. Investors should take note since regulation will continue to have an impact on these companies going forward, and ADR stocks like Nio and AliBaba may decline more before turning around.

BYD, a rival of Nio and the market leader in China for electric vehicles, witnessed a decline in its share price earlier this week. The worry stems from the notion that Warren Buffett would sell his investment in the business, which equates to around 20% of the Hong Kong market’s outstanding shares. The Hong Kong Stock Exchange clearing system has an order for 225 million shares of BYD, which is the source of the anxiety. Although neither Berkshire Hathaway nor BYD have commented on the topic, this is consistent with Buffett’s attitude.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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