Between June 10 and July 8, Tencent Holdings increased its stake in Chinese electric car maker Nio from 15.1 percent to 16.3 percent, according to Nio’s filing with the U.S. Securities and Exchange Commission.
Nio (NYSE: NIO) shares went up by more than 3 percent in pre-market trading on Monday.
On June 20, Tencent bought 1.68 million ADSs of Nio through its wholly-owned subsidiary, Yellow River Investment Limited.
This represents 1.68 million shares of Nio’s Class A common stock at a cost of $10 million.
