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's stock falls as upsized share offering prices at a discount of more than 7%

9:42 am ET December 14, 2020 (MarketWatch)

Tomi Kilgore

Nio raises $2.65 billion as offering increases to 68 million ADS from 60 million ADS

Shares of Nio Inc. fell again Monday, after the China-based electric vehicle maker's share offering, which was upsized by 13%, priced at a discount.

The company raised $2.65 billion as its offering of 68 million American depositary shares (ADS) priced at $39.00 per ADS, which is 7.1% below Friday's closing price of $41.98.

When Nio originally announced the share offering after last Thursday's closing bell, it said it was offering at least 60 million ADS.

Don't miss: Nio joins Tesla and other rivals in rush to offer more shares in electric-vehicle companies (https://www.marketwatch.com/story/nio-joins-tesla-and-other-rivals-in-rush-to-offer-more-shares-in-electric-vehicle-companies-11607641044).

Nio's stock (NIO) slumped 3.2% in premarket trading, and has now shed 10.1% since announcing the share offering after last Thursday's closing bell.

The stock's selloff bucked the strength in rival EV makers and the broader stock market. Shares of Tesla Inc. (TSLA) gained 2.2%, XPeng Inc. (XPEV) climbed 2.9% and Li Auto Inc. (LI) advanced 0.5%, while the S&P 500 index tacked on 0.8%.

XPeng's stock also got a boost from a bullish calls by Deutsche Bank analyst Edison Yu, (https://www.marketwatch.com/story/xpengs-stock-surges-after-bullish-call-from-deutsche-bank-analyst-2020-12-14) whose $58 stock price target implied a 28% rally from current levels.

Nio said it has also granted the underwriters of the offering options to buy up to an additional 10.2 million ADS. That means the company could raise up to roughly another $400 million if the options are exercised.

The underwriters were Morgan Stanley and China International Capital Corp. Hong Kong Ltd.

Nio's plan to sell shares comes after the stock rocketed 124.1% in three months through Friday, while the iShares MSCI China exchange-traded fund (MCHI) rose 7.9% and the S&P 500 gained 8.3%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com


(END) Dow Jones Newswires

December 14, 2020 09:42 ET (14:42 GMT)

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