Millennials are snapping up the 'Tesla of China' since its IPO
- Millennial investors have been pilling into Nio, the Tesla of China, shares since its US initial public offering last week.
- Nio shares have gained 46% since their IPO, and is the 29th most held stock on Robinhood.
- Watch Nio trade in real time here.
Nio - the Tencent-backed electric-car startup widely seen as the Tesla of China - has become a darling for investors on the stock-trading app Robinhood, a no-fee brokerage popular among younger traders.
Shares have gained 46% since theit US initial public offering last week, and are now held by 46,971 Robinhood investors, the site's data shows, making it the 29th most held stock.
To give some content, another popular Chinese tech stock, iQiyi, referred to as the Netflix of China and currently the 31th most popular stock on the brokerage, first appeared in the top 100 in late May - two months after it was listed on US markets.
Nio priced at $6.26 a share, the low end of its range, and failed to raise the $1.8 billion it sought. But, one day after its lackluster debut, the stock soared 75%, shrugging off an "underperform" rating by Bernstein analyst Robin Zhu.
More recently, Nio, like many Chinese tech stocks that are listed in the US markets, came under pressure amid the recent tit-and-tat tariff retaliations between the US and China .
Nio, orginally named NextCar, was founded by William Li in November 2014, and changed its name in July 2017.
According to Evercore ISI's Arndt Ellinghorst, China could have 4 million electric vehicles in 2023, with Nio likely grabbing around 13% of total market share and 42% of the mid- and premium- electric market. That'll cause its revenue to double that time, he said.
Now read:
- BANK OF AMERICA: The one-of-a-kind bull market is basically dead - here's what traders can do to protect themselves from the coming collapse
- The inside story of how an old-school Scottish firm became an early investor in many of Silicon Valley's most prized unicorns, and made a killing in the process
- A top SEC official just unloaded on the 'puzzling practices' of the major stock exchanges - here are the 4 ways he's planning to reform them
