Stocks to watch: Nio, Shangri-La, Frasers Property, Thomson Medical, Micro-Mechanics

THE following companies saw new developments that may affect trading of their securities on Monday (Aug 29):

Nio : On Friday, the Chinese electric vehicle maker said in a bourse filing that it has completed its independent internal review and concluded that allegations made in a report by short-seller Grizzly Research were “not substantiated”. It said the committee had retained independent professional advisers to assist with the probe, including an international law firm and a “well-regarded” forensic accounting firm. Nio shares ended 1.3 per cent or US$0.25 higher at US$19.53 on Friday, before the announcement.

Shangri-La Asia : The hotel group on Friday reported a net loss of US$158.2 million for the first half of FY2022, marking 2 consecutive years of net losses since the Covid-19 pandemic hit the hospitality industry. Its net loss widened from US$59.8 million for the same period a year ago, despite its consolidated revenue increasing by 15 per cent to US$627.5 million. The effective share of earnings before interest, taxes, depreciation and amortisation (Ebitda) declined 15.2 per cent to US$169.2 million from US$199.6 million a year ago. Shares of Shangri-La Asia fell 0.8 per cent or 5 Hong Kong cents on Friday, closing at HK$6.23.