Stocks to watch: Nio, Sheng Siong, Manulife US Reit

THE following companies saw new developments that may affect trading of their securities on Monday (Sep 30):

Nio Inc: The Chinese electric-vehicle maker’s China unit Nio Holding Co, also known as Nio China, will receive a 13.3 billion yuan (S$2.4 billion) investment from its parent and investors for newly issued shares. This cuts Nio Inc’s stake from 92 per cent to 88.3 per cent, with investors holding the remaining 11.7 per cent. Nio Inc has the right to invest an additional 20 billion yuan for more shares in Nio China, based on the same price and terms by 2025. The investment, which comprises 3.3 billion yuan from investors and an additional 10 billion yuan from Nio Inc, comes amid expansion of its charging infrastructure and battery-swapping technology, said the company on Sunday. Shares of Nio Inc closed 5.1 per cent or US$0.30 higher at US$6.22 on Friday, before the announcement.

Sheng Siong: The supermarket chain entered into a conditional sale and purchase agreement on Friday to acquire DFI Retail Group’s last two Singapore properties for a purchase price of S$50.2 million. The move will allow the group to open additional stores, receive extra rental income from a leaseback agreement and gain long-term capital appreciation from the assets. It is also in line with its strategy to operate supermarkets in areas where its potential customers reside, said Sheng Siong. The counter closed 0.7 per cent or S$0.01 lower at S$1.50, before the announcement.