BEIJING -- Tencent Holdings has increased its direct stake in Nio to 15.1% after acquiring more of the Chinese electric vehicle maker's New York-listed shares recently.
Tencent spent $10 million to buy 1.68 million American Depositary Shares earlier in the month, according to Nio's latest filing with the U.S. Securities and Exchange Commission. The Shenzhen-based social media and entertainment conglomerate also controls another 16% stake in Nio's ADSs through three of its units.
