Stocks to watch: Nio, Hafary Holdings, Hwa Hong, Sevens Atelier
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Elysia Tan
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THE following companies saw new developments that may affect trading of their securities on Tuesday (Jul 12):
Nio : The Chinese electric vehicle maker’s board has formed a committee comprising independent directors Denny Ting Bun Lee, Hai Wu and Yu Long to oversee an independent investigation regarding the allegations made in a report by short-seller Grizzly Research. The short-seller claimed on Jun 28 that Nio has been “playing Valeant-esque accounting games” to inflate its revenue and boost net income margins. Nio’s dual-class shares closed 3.9 per cent or US$0.84 higher at US$22.23 on Thursday, before the announcement on Jul 11.
Hafary Holdings : The mainboard-listed property player announced in a board filing on Tuesday that it has exercised the option to purchase a row of 11 shophouses at 161 Lavender Street for the price of S$71.3 million. Shares of Hafary closed flat at S$0.18 on Friday before the announcement.
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