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Tencent ups stake in Chinese loss-making EV maker Nio

Startup successfully raises $428m in sign of improving investor sentiment

Nio displays its ES8 electric SUVs at a Shanghai auto show in April 2019.   © Reuters

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.

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