Hon Hai Precision Industry Co Ltd
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Based in Taiwan, Province Of China
Company profile

Hon Hai Precision Industry Co Ltd is a Taiwan-based company mainly engaged in the provision of various connectors, housings, radiators, assembled products and related products related to the information industry, communication industry, automation equipment industry, optoelectronics industry, precision machinery industry, automotive industry, and consumer electronics industry, as well as the manufacture and sale of network cable assembly and other products. The Company's products include components, modules and system assembly products in the fields of computers, modules and consumer electronics (3C) electronic products. The components include 3C connectors, wire-mounted products and other components. The modules include mechanical modules and electronic modules. The system assembly products include assembly of finished products of 3C products. The Company operates businesses in domestic and overseas markets.

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UPDATE: Nio joins Tesla and other rivals in rush to offer more shares in electric-vehicle companies

9:36 am ET December 12, 2020 (MarketWatch)

By Jeremy C. Owens

Chinese electric-car company plans to sell up to 69 million fresh shares in U.S., after competitors Tesla, XPeng and Li Auto announced stock-sale plans

Electric-car companies may be selling more shares than cars at the end of 2020.

Amid an explosion in stock prices of electric-vehicle manufacturers, Chinese EV company Nio Inc. (NIO) announced Thursday afternoon that it plans to sell at least 60 million fresh American depositary shares, with an additional 9 million shares available to underwriters. Nio stock dropped more than 4% in after-hours trading following the announcement.

Nio's move follows similar offerings by three other public EV companies in roughly the past week. Tesla Inc. (TSLA)announced a $5 billion at-the-market offering Tuesday morning (https://www.marketwatch.com/story/tesla-stock-drops-after-5-billion-stock-offering-plan-11607427217), and completed that stock sale within roughly 24 hours (https://www.marketwatch.com/story/tesla-completes-5-billion-stock-sale-in-one-day-2020-12-10), according to a filing with the Securities and Exchange Commission. It was the second $5 billion stock offering from Elon Musk's U.S. electric-car manufacturer in three months, and third stock offering of the year.

For more: Tesla has a $20 billion 'war chest' for 2021 and beyond (https://www.marketwatch.com/story/tesla-has-a-20-billion-war-chest-for-2021-and-beyond-11607628550)

Tesla followed two of its other Chinese rivals in selling fresh shares. XPeng Inc. (XPEV)disclosed the planned sale of 40 million new shares on Monday (https://www.marketwatch.com/story/xpeng-stock-drops-to-extend-selloff-after-public-share-offering-11607341599), after Li Auto Inc. (LI) announced last Wednesday that it was selling 47 million new shares (https://www.marketwatch.com/story/li-auto-stock-falls-again-after-public-share-offering-prices-at-10-discount-11607088717). Both stocks struggled in the wake of those announcements.

Despite the momentary dips amid stock offerings, EV stocks are enjoying a 2020 stock surge. So far this year, Tesla stock has gained roughly 650%, Nio shares have increased more than 1,000%, Xpeng shares have gained more than 111%, and Li Auto stock is up more than 97%. The S&P 500 index has gained 13% so far this year, and plans to welcome Tesla into its ranks later this month.

See also: Tesla joining the S&P 500 is going to be 'the mother of all' stock-market event (https://www.marketwatch.com/story/tesla-joining-the-s-p-500-is-going-to-be-the-mother-of-all-stock-market-events-11607621184)

Nio's share sale will be led by Morgan Stanley and China International Capital Corporation Hong Kong Securities Ltd.

-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com


(END) Dow Jones Newswires

December 12, 2020 09:36 ET (14:36 GMT)

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